Can Bankruptcy Help with My Student Loan Debt?
The Federal Reserve Bank of New York has cited American student loan debts totaling $1 trillion nationwide. With the cost of tuition steadily increasing, many students are faced with the proposition of either taking out more debt to pay for school or not receiving a college education. For those students wanting a higher-paying, higher-responsibility job, a college education is not optional.
If you have been pushed beyond your financial means by student loan debts, there may be some solutions available to help you deal with these loans. To discuss your situation with a skilled, experienced, and compassionate attorney, contact the Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201.
Will Bankruptcy Help?
In short: yes and no.
Bankruptcy can help a student who is in need of help with overwhelming debts. By filing for bankruptcy, a student can have many of their major consumer debts wiped clean. This allows them to focus more intently on their student loan debts.
However, student loan debt is not considered dischargeable under bankruptcy law.
What Are My Options?
Although student loan debt cannot be eliminated through a bankruptcy filing, a student may still benefit from filing. Often, student loan debts are not the only financial burden a student faces. Credit card debt is still a major issue for many students, as the cost of living outpaces their earning capacity.
In addition to bankruptcy, there may be some special government programs and debt negotiation strategies available to combat debt and work to consolidate debts.
If you are having a difficult time staying in control of your finances because of overwhelming debts, we may be able to help you. For more information regarding your rights and options as a debtor in distress, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.