Financial distress is when you are in a financial crisis. It's when you may not be able to pay your bills and may only be barely able to keep yourself fed and clothed and with a roof over your head. If you are in a financial crisis and are unable to pay your bills, you may qualify for bankruptcy so you can get out of debt and prevent complete financial ruin.
One of the most pervasive myths in Chapter 7 bankruptcy law is that courts never discharge student loans. While there is a higher-clearing standard for the discharge of a student loan versus other types of debt, it may be possible. Let's look at what the standard is and what conditions might allow it.
One of the most pervasive myths in Chapter 7 bankruptcy law is that courts never discharge student loans. While there is a higher-clearing standard for the discharge of a student loan versus other types of debt, it may be possible. Let's look at what the standard is and what conditions might allow it.
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