Discharge Student Loans?

Word is that Senator Richard Durbin, a Democrat from Illinois has been pushing to change the Bankruptcy Laws so that student loans are discharged.

Here is the exact wording from his website:

"The Durbin bill restores the bankruptcy law, as it pertains to private student loans, to the language that was in place before 2005, so that privately issued student loans will once again be dischargeable in bankruptcy, placing student loan companies in the same position as virtually all other private creditors. The bill also clarifies that existing protections are specific to loans that were issued by or are guaranteed by state or federal governments."

We take several calls every day wondering if they can discharge their student loans. Time will tell if Sen. Durbin and his team are successful.

There are certain debts that are discharged in Bank and certain ones that are not. Call or stop by Chang & Diamond today to discuss if bankruptcy is the right step for you.