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Discharging Student Loans in Bankruptcy

Many people know when they come into the office that they won’t be able to discharge their student loans. In New Jersey, in order to discharge your student loans, you have to be able to prove an “undue hardship.” Of course, you’re thinking I have an “undue hardship” because I can’t make the payments on my loans. However, “undue hardship” is a legal term or art. In order to make your case for an “undue hardship” you have to pass what is known as the Brunner Test. The Brunner Test is a … [Read more...]

Bankruptcy, Co-Signers & Private Student Loans

Many people believe that private student loans are treated the same as Federal student loans. This is not true. Unlike Federal loans, which are regulated by the Federal Government, Private loans are based entirely on the terms and conditions included with the Promissory Note you signed. Many private student loan promissory notes contain an acceleration clause. An acceleration clause means that the entire loan defaults, and becomes completely due and payable when certain conditions are … [Read more...]

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