Oklahoma Bankruptcy HelpCan You Include Student Loans in Oklahoma Bankruptcy?
Most people are under the misconception that you never get rid of your student loans in Oklahoma bankruptcy.
However, there are a few narrow instances where you can discharge your debts from student loans in Oklahoma bankruptcy.
If you are unsure whether your student loan debt would qualify to be discharged under bankruptcy, contact a Tulsa debt relief attorney today.
FAQ: Student Loans in Oklahoma Bankruptcy
In order to have a portion of the loans you took out discharged in a Tulsa bankruptcy case, you will have to prove that the loans were not entirely used for educational expenses.
For example, if you took out $50,000 a year in loans, but the tuition and other education-related expenses only totaled $30,000, the remaining $20,000 in loans will be dischargeable.
Proving an Undue Hardship
Even if your student loans were used for educational purposes, you may be able to get them discharged if you can prove that repaying them would cause an undue hardship.
Under the law, you must prove three factors in order to discharge your student loans in Oklahoma bankruptcy:
- You and your family would not be able to maintain a minimal standard of living if you were required to repay your loans.
- Your financial status will persist for an extended period of time. This may be shown because you are ill or disabled.
- You have made a good faith effort to repay your loans. This may be established by showing that you have attempted to make minimal payments, or even some payments over the years.
Even if you present evidence that these three factors have been satisfied, it is still up to the court to determine if your student loans should be discharged.
An experienced Tulsa bankruptcy attorney can help you build your case and ensure you have the best chance of success.
Student Loan Debt Relief: Tulsa Bankruptcy Lawyer
If you believe you may be eligible to wipe out all or some of your student loan debt through bankruptcy, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa today. We can determine whether including student loans in Oklahoma bankruptcy is a viable option in your case.
To receive your free initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at (918) 786-9600.
