If you are a student and are thinking about going bankrupt it is very important to know that your student loans will probably not be included. This is particularly true for loans which have been guaranteed by the government. Student loans are a different breed from other loans, they are not even subject to statue of limitations. This is for good reason, since the government is guaranteeing them to keep cost down, they do not want abuse. This being said, if the majority of your debt is from student loans, I wouldn't even worry about pursuing bankruptcy, the benefits will not be large.

Credit card debt on the other hand can be dismissed or greatly reduced. This is probably the easiest of all debt to get rid of when declaring bankruptcy. It is unsecured and the government does not have any interest in it. If this is your main source of debt, you should look into bankruptcy as a way to start fresh.

Bankruptcy as a student will help you start over, but there are drawbacks, mainly the lowering of your credit score. This will result in fewer borrowing options and a higher cost to borrowing in the future. Coupling this with not being able to dismiss student loans, usually student bankruptcy is not the right answer. Even if it seems to be the right answer, qualifying may be a large obstacle. Since you have a large earning potential and few assets, building a case for the courts to allow bankruptcy will be difficult and will take a competent lawyer.