Expert: Terry Leeders - 4/9/2009

Question
I have a lot of student loan debt, and am still attending college. My son was recently diagnosed with thyroid cancer, has had 2 surgeries, and will need more. With so much uncertainty in his future(4-hour trips to see the doctors, testing, treatments, and surgeries), I will never be able to pay off these student loans. Can I file bankruptcy in an extreme financial hardship such as this?

Answer
Normally the student loans are non-dischargeable.
You would have to prove 3 elements to discharge them.
1. you paid them in the past when you could.
2. You have no present ability to pay them
3. you have no future ability to pay them.
#3 is usually the hardest. This motion is rarely granted, and has to be extreme...like a permanent disability, stroke etc.  If you can work, your chances are slim to get it granted.  But who knows.  if you stack up enough things, you might be able to persuade the court that you meet #3.