I’m sure you’ve seen this topic all over the news regarding how bad student loan debt is and how the debt level for new college grads has climbed. The total debt is now over 1 trillion dollars – yes – TRILLION – as in: $1,000,000,000,000.00+!
There is a lot of debate over how to fix this issue – and I’ll leave that to the politicians – but I what I do know is that bankruptcy CAN provide relief to those who are overwhelmed with student loan debt. True, bankruptcy is not for every situation – but if you have staggering student loan debt – it is an option! You need to protect yourself – your property – and your paycheck. Chapter 13 bankruptcy allows YOU to decide how much you can afford to pay back monthly or if you cannot afford to pay anything right now – you can decide to pay $0 during your Chapter 13 bankruptcy plan while remaining under the protection of the court (you cannot be garnished, etc).
Bankruptcy law is the strongest set of consumer protections laws we have in this country. They were created to ensure that we, the consumer, have the ability to recover and sustain an adequate standard of living after experiencing financial difficulty. Life throws us all a curve ball (sometimes more than one) at times – job loss, illness, loss of a loved one. If you are experiencing difficulty – take advantage of a free consultation to get the information you need to decide what’s best for you.
**Image courtesy of renjith krishnan/FreeDigitalPhotos.net**
Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.