Student Loans May Be Reclassified As Dischargeable in Bankruptcy
With the nation's economy struggling, and unemployment still at historic levels, it is no surprise that many former students are struggling with repaying their loans. Last year, the United States Student Association estimated that borrowers held $730 billion in student loan debt, with 60 percent ($440 billion) in deferment or default. With student loan debt outpacing revolving credit card debt, bankruptcy is becoming a consideration for more struggling with crippling student loan debt, even though current law does not allow discharge of such debt, except under limited circumstances.
There ...

