If you are currently struggling under the weight of enormous debt, you are certainly not alone. In cases where debt becomes overwhelming and cannot be repaid, bankruptcy is a reasonable option to consider. Unfortunately, many people don’t realize that some debts are not dischargeable in bankruptcy – including student loans.
Millions of Americans take out student loans as a sound investment in their future. But despite our best laid plans, the difference between paying back a student loan and defaulting sometimes comes down to luck. When the economy crashed in 2008, recent graduates discovered that their expensive education could not yield a good-paying job in such a tight recession. This means that those who eventually needed to turn to bankruptcy for relief were unable to discharge perhaps their largest source of debt.
