How Will Bankruptcy Affect Someone Who Cosigned One Of My Debts?

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• Can I Get My Student Loans Discharged or Reduced for Undue Hardship In Bankruptcy?

  Discharging student loans in bankruptcy has always been more difficult than discharging other types of unsecured debt like credit cards. You have to prove “undue hardship.” But it should be a bit easier in 2023, thanks to new Department of Education guidelines telling their lawyers not to challenge debtors seeking undue hardship discharges if they meet certain criteria.

• What Debt Can Be Wiped Out In Bankruptcy?

  Bankruptcy can eliminate some kinds of debts, like credit card debt and medical debt, but not others, like child support and (in most cases) student loans. And liens associated with "purchase money secured debts", where you have pledged collateral for a loan, also are not affected by a bankruptcy, so you can still lose the collateral to the lien-holder.

• How Will Bankruptcy Affect My Child Support Obligations?

  By law, child support obligations generally cannot be avoided in a bankruptcy. They pass pretty much intact.