| Although student loans are unsecured debts and most unsecured debts are 100% dischargeable in chapter 7 bankruptcy, the bankruptcy laws do not allow student loans to be discharged in bankruptcy. Therefore, you will continue to be required to pay your student loans even after the bankruptcy filing. If you are having trouble affording repayment of your student loans, you should contact your student loan servicer to explore the many different repayment options now available to student loan borrowers. These include income-contingent repayment, gradual or stepped repayment, interest-only repayment, and more. You may also want to inquire about a forbearance or deferment. If you are having short-term money troubles and can’t afford to pay your student loans, you may be eligible for a forbearance, which means you don’t have to make payments for a few months. Or if you are unemployed or medically unable to work, a deferment can give you relief for up to 12 months at a time from having to make your payments. |
