CANBANKRUPTCY
DISCHARGEYOUR
STUDENTLOANSIN
MASSACHUSETTS?
CHAPTER7BANKRUPTCY
Chapter 7 bankruptcy generally makes it difficult to pay off student loans. It must meet the "undue hardship" standard, which requires evidence that the loan causes undue hardship that prevents the borrower from maintaining a minimum standard of living.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy allows you to create a debt restructuring payment plan. Student loans are usually non-repayable, but they can be built into your repayment schedule, making it easier to pay off your debt over the long term.
Massachusetts follows the Brunner Test to determine if you can pay off your student loans in bankruptcy. This test requires evidence of three conditions: (a) the debtor is unable to maintain a minimum standard of living;
(b) there are additional circumstances that indicate that this situation is likely to continue for a significant portion of the maturity period; (c) the debtor has made good faith efforts to repay the loan;
WHOCOVERSWHAT: Conclusion
Paying off student loans through bankruptcy can be tough, but Massachusetts has a potential solution.
Understanding specific requirements such as the Brunner test and managing complex legal proceedings is critical. RNG Bankruptcy provides professional advice to individuals seeking Bankruptcy Solution in Massachusetts. Our experienced attorneys can assess your situation, explain the options available to you, and help you determine the most appropriate course for your financial future.
NOTE
Please note that this PDF is intended as a general guide and is not considered legal advice. Each individual situation is different and it is important to consult an experienced bankruptcy lawyer to determine the best course of action. Contact RNG Bankruptcy today for personalized advice and assistance in finding the right bankruptcy solution for your situation.
