Calling all student loan borrowers – SANTA IS REAL! While the recent US Supreme Court decision wiped away President Biden’s student loan forgiveness plan, relief is available through the US Bankruptcy Court for many folks in financial distress due to federally held student loans. In the past it was nearly impossible to discharge student loans, but now circumstances have changed and many loans can be discharged. The US Department of Education has announced a new program to discharge student loans through bankruptcy, which we have already used to provide relief to a lot of folks.
Malissa Giles is one of the first attorneys nationwide to aggressively implement this new program and was recently interviewed by the New York Times for her work in this area. Read the article here: https://www.nytimes.com/2023/08/09/your-money/student-loan-bankruptcy-discharge.html
If Chapter 7 or 13 clients qualify based on their current income and a few other factors, then the US Department of Education and US Department of Justice will agree that your student loans can be discharged. Giles & Lambert has already achieved multiple discharges for clients since the guidance was announced. Lots of folks qualify based on income.
The change does only applies to federal loans (not private loans) and the qualified debtors will have loans that are usually a) more than 10 years old, OR b) for a degree which they were unable to complete, OR c) for a school that closed, OR d) have other extenuating factors that demonstrate why the loan should be discharged at this time.
If resuming your student loan payments will make life tough financially, contact Giles & Lambert PC for your free consultation to determine if we can help you discharge the student loans and live a more stress free life.
Calling all student loan borrowers – SANTA IS REAL! While the recent US Supreme Court decision wiped away President Biden’s student loan forgiveness plan, relief is available through the US Bankruptcy Court for many folks in financial distress due to federally held student loans.Click to View Linked Article