Legal Question in Credit and Debt Law in Kentucky
can a person file bankrupcy for a student loan thats 20 years old
Asked on 12/27/10, 4:29 pm
1 Answer from Attorneys
Andrea Welker Welker Law Office
Most likely not. Unfortunately, student loans are not dischargeable through bankruptcy, except in situations of extreme hardship. Financial hardship is not enough; essentially you have to be able to prove that you will always be unable to utilize the education you obtained due to circumstances out of your control. Also, I doubt that a 20 year old student loan amounts to that much in comparison with today's average student loan debt, so you are not likely to receive sympathy from the court.
Answered on 1/02/11, 3:59 pm