Canceling Bar Loans Through Consumer Bankruptcy
If you borrowed student loans to finance your law school education, it is likely that you also sought out loans to pay for your bar review courses and other study materials. It can be very costly to study for the bar in Illinois and other states throughout the country, and as a result, law school graduates often borrow between $10,000 and $20,000 to pay for the costs associated with studying for and taking the bar alone. That figure does not include the average cost of a law school education, which tends to be in the hundreds-of-thousands-of-dollars range. Yet according to a recent article in The Wall Street Journal , a federal judge ruled that bar-exam loan debt is different from other student loan debt and thus should be dischargeable through consumer bankruptcy . If you have thousands of dollars in bar-exam loan debt and you do not have adequate income to pay your monthly bills, could filing for Chapter 7 bankruptcy help you with your financial situation? Bar-Exam Lo...