The term bankruptcy is oftentimes associated to a company or a business and a number of individualsmay find them to have little to nothing to do with student loans. With that said, student loan bankruptcy is indeed a viable option to consider and it can help students free themselves from the burden of their respective loan. Of course, filing a student loan bankruptcy is not automatic and is not a sure fire way to completely cancel your loan. If it was, Bruce Mesnekoff would not need to share his ideas and assistance about student loan problems anymore since people can just go file bankruptcy without any hesitation. There are different factors that need to be considered for your student loan bankruptcy application to be approved.
First off, Bruce Mesnekoff encourages students to use student loan bankruptcy as a last option or resort particularly when one has exhausted all of their means to pay off their loan. When filing student loan bankruptcy, an individual is required to show proof that the debt does indeed impose an undue hardship on him/her and their dependents. With that being said words alone is simply not enough when filing for student loan bankruptcy as there is more that needs to be done. Several tests are conducted by the court to determine if one is indeed experiencing hardship with their student loan.
The Brunner Test has 3 standards that should be met by the student in order for them to be discharged of their loan. This includes Poverty, Persistence and Good Faith.The Totality of the Circumstances Test is also being provided in some courts where they will look at all relevant factors in your case to determine if it is an undue hardship for you to repay your student loans. Bruce Mesnekoff advises students to prepare all of these in advance to ensure a smooth and fast application.
Filing for student loan bankruptcy does not happen overnight. The court needs a fair amount of time in order to effectively review and assess your case. Bruce Mesnekoff wishes students success with their endeavors in paying for their student loans.It is good to hear that the government is able to provide students who have a severe student loan the much needed relief especially with the existence of student loan bankruptcy. Learn more about the process today.
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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America
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