No, bankruptcy will not eliminate student loan debt. However, you can get rid of a lot of other types of debt via Colorado bankruptcy, and that may free up funds to pay down or to pay off your student loans.
Additionally, you may qualify for student loan forgiveness or other options, which could help you pull yourself out of debt and get the financial fresh start you need and deserve.
We’ll explain this in more detail below…
Debts that Are Dischargeable via Colorado Bankruptcy
Although student loan debts are not dischargeable via Colorado bankruptcy cases, debts that can be eliminated via this debt relief option include (but may not be limited to):
- Mortgage debt
- Vehicle loan debt
- Credit card debts
- Medical bill-related debt.
It is also important to point out Colorado bankruptcy exemptions can allow consumers to retain some of their assets while they move forward to eliminate their debt. For more in-depth information regarding Colorado bankruptcy exemptions, check this out. Or simply contact a Denver bankruptcy attorney at Garcia & Gonzales, PC today.
Debts that Are NOT Dischargeable via Colorado Bankruptcy
In addition to student loan debts, other debts that are not typically dischargeable via a Colorado bankruptcy case include (but may not be limited to):
- Certain types of tax debt
- Restitution (court-ordered fines related to criminal convictions)
- Child support and spousal support payments (court-ordered payments resulted from family law cases)
- Debts owed to government agencies or entities
- Debts related to personal injury settlements (in other words, court-ordered awards for personal injury victims).
Dischargeable versus Nondischargeable Debts in CO Bankruptcy: More Important Info
- Creditors can request that certain dischargeable debts are not discharged in bankruptcy – In fact, when there is reason to believe that a consumer has committed bankruptcy fraud (by, for instance, running up debt immediately before (s)he knows (s)he will be filing for bankruptcy), creditors can petition the court to request that the fraud-related debts are not discharged via the bankruptcy cases. Similarly, if the court suspects fraud (independent of creditors), the court can decide not to discharge some or all of a consumer’s debts.
- Nondischargeable debts from prior bankruptcies will remain nondischargeable in the future – So, if the court has decided not to discharge certain debts (due to fraud, for instance), those debts will generally not be able to be eliminated via a future bankruptcy case.
Want to Know if Bankruptcy Is Right for You? Contact a Denver Bankruptcy Attorney at Garcia & Gonzales, P.C.
Are you looking for real relief from serious debt? If so, you can trust the experienced Denver bankruptcy attorney at Garcia & Gonzales, P.C. to provide you with experienced help and honest answers about your best debt relief options.
To learn more about your best debt relief options, as well as how we can help you, contact us today by calling (303) 839-8888 or by emailing us using the drop-down contact form at the top of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.