One of the unfortunate realities of the U.S. bankruptcy code is that student debt cannot be discharged in bankruptcy. This is a point of much suffering for today's students who are saddled with tens of thousands of dollars in debt.

While bankruptcy can't erase student debt, there are a couple of ways that bankruptcy can ease the pain and give you back your life.

Chapter 13 bankruptcy reorganizes debt so you can pay an amount you can afford. Say your student loan requires you to pay $2,000 a month but you only make $2,500 a month. By declaring bankruptcy, you may be able to reduce your monthly payment down to an affordable $200 a month. In essence, bankruptcy forces your lender to accept what you can pay, not what they want you to pay.

That said, this strategy does not reduce your overall debt; it merely kicks your student loan down the road. Eventually you will need to pay the loan off. This strategy buys you time for your financial situation to improve.

The primary benefit of Chapter 7 bankruptcy for parents or students is its ability to completely discharge other debts, like credit card debt and medical debt. If you no longer have credit card payments every month, you can use that money to pay down student loans.


Talk with a Rhode Island bankruptcy lawyer about whether you qualify for Chapter 13 or Chapter 7 personal bankruptcy. Attorney John Simonian has helped many families and young people struggling with student debt. He can help you with a bankruptcy filing if that is in your best interest. He assists clients in both Rhode Island and Massachusetts.

Contact our Providence, RI, bankruptcy law office to schedule a free consultation. Call 401-941-4800.

The Law Office of John S. Simonian, Attorney at Law
Bankruptcy Lawyer for Rhode Island & MA.
474 Broadway Pawtucket, RI 02860 
phone: 401-941-4800 fax: 401-785-8313
We help clients throughout all of Rhode Island including Providence, Warwick, Cranston, Pawtucket, East Providence, Woonsocket, Coventry, Cumberland, North Providence, South Kingstown, West Warwick, Johnston, North Kingstown, Newport, Smithfield, Lincoln, Central Falls, Barrington, East Greenwich, Bristol, Warren, Tiverton, Burrillville and Westerly. We serve all towns in Massachusetts including Attleboro, North Attleboro, Millville, Blackstone, Bellingham, Uxbridge, Millis, Plainville, Wrentham, Franklin, Seekonk, Swansea, Mansfield, Foxboro, Mendon, Douglas and Rehoboth. The Law Office of John S. Simonian is a debt relief agency helping people to file for bankruptcy protection under the U.S. Code. The State of Rhode Island does not have a procedure for the certification of specialization of attorneys.
John Simonian Attorney at Law
474 Broadway
Pawtucket, RI 02860
Phone: 401-941-4800
Whether or not a personal bankruptcy filing is really the best solution for YOU... is something to consult RI bankruptcy Attorney John Simonian about, first.
Attorney Simonian offers a FREE, no-obligation consultation to help understand your options, and if need be, assist you through the bankruptcy process.