Legal Question in Credit and Debt Law in Louisiana

Unless there is some VERY new law that I have never heard of, the law has always been and remains to be that you cannot declare bankruptcy on student loans. Nevertheless, if you can show that the loans are an undue burden, you can declare bankruptcy on them. That standard, however, is VERY hard to reach. You can't just show that the payments are hard to make, you must show that you simply cannot do it mathematically. I have never seen anyone meet that standard, but it exists. Any good bankruptcy lawyer can tell you if you meet that standard.

If a bankruptcy lawyer has already reviewed your case and already told you that you do not meet this standard, you are stuck with student loans. There is no other way to make them disappear except to pay them off. Moreover, you should know that you can run into some very serious problems down the road if you do not pay them back. Many banks will not even CONSIDER you for a home or car loan if you have ever defaulted on a student loan.

If you are seriously having trouble paying the notes on the loans, you may be eligible to consolidate your loans and get a longer term on them. Sometimes, you can stretch the payments out over as many as 30 years, making the notes lower (but the payoff higher). That is what most attorneys and doctors do. Know that you generally can only consolidate once, but now is a good time to do it, as rates are very low. Call your loan providers and ask them about it.