When the news hit about a new truncated process to determine if student loans are dischargeable in bankruptcy, hopes naturally rise. When hope rises, our phones ring from anxious people wondering if student discharge is truly a possibility for them. I get it. We get it.
Unfortunately, for many, the news is not good. The standard to have your student loans discharged in bankruptcy is still, does repayment cause you and your family an undue hardship. While the process has been truncated, the standard is the same.
Here is what we are currently seeing at LifeBack Law Firm. Not many of these requests to discharge student loans are going through despite the money people have put up money to try and do so. At LifeBack, we are taking a wait-and-see approach because we do not want to take your money if discharging your student loans is not a good possibility.
From what we are currently seeing, if you are older and sicker your chances of obtaining a student loan discharge is greater. However, if you are younger and not sick, the chances are not good. Again, at LifeBack, we do not want to take your money on a procedure that may not turn out well for you. Some firms are willing to take your money and hope to get a discharge for you; we are not one of them.
For now, LifeBack Law Firm is taking a slow, cautious approach to this “new” student loan discharge procedure in bankruptcy. We think this benefits our clients. Until we know with some certainty, the cases in which student loan discharge is possible, we refrain from accepting cases or your money.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
LifeBack Law Firm is closely monitoring student loan discharges in Minnesota. We will accept cases only when we have clarity on this new process and who will qualify. Early signs show very little success. When the time is right, or when you are ready, reach out to LifeBack Law Firm at www.lifebacklaw.com. You will be so thankful you did.
