Pinehurst, TX Bankruptcy Law Firms & Lawyers

A chargeoff is merely a bookkeeping entry.  It has nothing to do with whether or not you still owe a debt, or whether the creditor can take collections actions on it. Student loans are generally not dischargeable in bankruptcy.   You can seek an "undue hardship" discharge of the student loans by filing a complaint in your bankruptcy case, but the criteria you need to prove for this is very difficult. There are also non-bankruptcy alternatives, such as doing income-based repayment plans, but you have to get your loans out of default first in order to take advantage of such programs. I suggest having a consultation with a bankruptcy attorney in your area who is experienced with student loan litigation, to evaluate your options more fully. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  

There is a statute of limitations of 4 years. This is a defense that you can raise in the hearing. If you lose the case you can still file bankruptcy and include the judgment. If you cannot afford an attorney there are clinics in some areas to help. You can file your own bankruptcy, however, have an attorney review the papers before filing them.

You should file for bankruptcy immediately if there is no hope that your situation will change. Even if you don't appear in court and the bank wins the lawsuit, you can still file for bankruptcy protection later on.