Can I file bankruptcy for student loan debt?

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Can I file bankruptcy for student loan debt?

I have a college degree and several student loans but I have not been able to procure employment in my degree field as of yet. My debts are mostly with private lenders and my family is in pretty dire straits–food stamps children’s Medicaid, free school lunch etc. My father co-signed on my loans; now he’s being required to pay them or risk losing his house/retirement etc. Is there a possibility that I could file bankruptcy and have those student loans dismissed? My husband is a disabled veteran and currently a full-time student.

Asked on February 20, 2012 under Bankruptcy Law, Texas

Answers:

Todd Mosley / Memphis Bankruptcy Practice

Answered 9 years ago | Contributor

Under all but extroardinary hardship circumtances, you will not be able to discharge student loan debt in bankruptcy.  If you file a Chapter 13 bankruptcy, the co-debtor stay would apply and your father would not have to pay while you are in bankruptcy.  Your father would not get this protection if you file a Chapter 7 bankruptcy, though, as there is no co-debtor stay.


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