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Bankruptcy

Donnerstag, März 26th, 2020

Bankruptcy

Student education loans are hard, yet not impossible, to discharge in bankruptcy. To take action, you have to show that payment of this financial obligation “will impose a hardship that is undue both you and your dependents. ”

Courts utilize various tests to judge whether a specific debtor indicates a hardship that is undue.

The absolute most typical test is the Brunner test which calls for a showing that 1) the debtor cannot maintain, centered on present income and costs, a “minimal” quality lifestyle when it comes to debtor together with debtor’s dependents if forced to settle the figuratively speaking; 2) extra circumstances occur showing that this situation probably will continue for an important part of the payment period of the student education loans; and 3) the debtor has made good faith efforts to settle the loans. (Brunner v. (mehr …)