Can You File for Bankruptcy on Student Loans?

Recent modifications to the procedure are intended to give federal debtors more clarity and are aimed at clarifying the conditions under which student loans can be canceled in bankruptcy.

Can I file for bankruptcy on student loans? may be on your mind if you're drowning in debt from student loans and struggling to make ends meet.

The truth is that it is challenging, but not impossible, to discharge federal and private student loans in bankruptcy. This is owing to the fact that you usually have to go through the extra step of starting an adversary process and establishing that repayment would present a "undue hardship."

But, new modifications to the bankruptcy discharge procedure aim to simplify the process for borrowers of federal student loans and make it more uniform. What you should know if you choose this path is provided below.

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