Have you seen recent articles about getting rid of student loan debt?

Recently, we have had numerous guests point to an article highlighting the supposed ability to cancel student loan debt in bankruptcy. Unfortunately, the article fails to mention that in order to do so, debtor has to “invest” in a lawyer to sue the student loan company and then risk they might lose. The only way to get rid of student loan debt in bankruptcy is to sue the student loan company and convince a bankruptcy judge to issue an order that discharges the student loan debt because the judge finds that repaying it would cause you and your family hardship. Even if you have a stronger case, you still must “gamble” a bit by ponying up the money to hire a lawyer and take the chance you win. I find our national student debt problem to be an enormous problem that must be dealt with by Congressman and Women and US Senators too. For instance, in bankruptcy, while student loan debt is not dischargeable (except see above) the debt is also not considered priority. This means that if you have 100k in credit card debt and 100k in student loan debt, and 100k going toward your debt in bk, the credit cards get 50k and your student loans get 50k. This is not right. Your student loan debt should get 100k. The trouble, most representatives do not 1) understand the problem and 2) they don’t care because they are owned by banks. Call your representatives today and demand action! Wes

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