CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Tips for those Drowning in Student Loan Debt

If your financial struggles are primarily caused by student loan debt, you are not alone. The student loan debt of Americans is estimated to be more than $1 trillion and about $85,000,000,000 is past due. The average borrower has about $30,000 in student loan debt. Some financial experts believe the situation is so bad it’s going to dwarf the mortgage crisis of the last decade.

So What Should You Do if You Feel You Are Drowning in Student Loan Debt?

Unfortunately, student loan debt does not get discharged in a bankruptcy, with a few exceptions. This means that even if you file for bankruptcy, you will still be obligated to pay your student loan payments. Bankruptcy can help you by freeing up other money that you are putting toward dischargeable debts, allowing you to get caught up on your student loan. However, if it’s student loan debt causing most of your problems, this does you little good.

Undue Hardship

There are instances in which student loan debt can be discharged if you are able to show it causes you undue hardship. More and more student loan debtors are facing this situation because their student loan debt is crippling and there is no way they can afford to pay it.

Proving undue hardship can be trick and requires more paperwork than a traditional bankruptcy, so it’s important to work with a bankruptcy attorney if you believe you might quality for undue hardship.

Trade or Vocational School Attendees

It’s also possible to have your student loan debt treated differently by the bankruptcy court if you attended a trade or vocational school. Tuition paid to attend these schools is handled differently by the bankruptcy court, so the same rules don’t always apply. It might also be possible to build a defense based on breach of contract or unfair business practices if you were misled by admissions coordinators at one of these private institutions.

For more information on discharging trade or vocational school tuition and other private school costs in your bankruptcy, check out this article from Yahoo Finance.

Though facing financial problems that arose because of the cost of your education can feel overwhelming, there are options available. Speaking with a bankruptcy expert can help you evaluate your options and determine what your best next step is going to be. There is no reason why anyone should feel locked into a life of misery just because he or she wanted to attend school and improve their life. We can help you get out from under the weight of student loan debt and build a brand new future.

For more information or to schedule a consultation, contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a consultation.

Source:
http://www.statisticbrain.com/student-loan-debt-statistics/

Archive

Tampa Bankruptcy Law Blog

How to Avoid Being a Victim of Scam Calls for Student Loans

Scam Calls for Student Loans Student loans are one of the biggest burdens faced by college attendees. Even students who...
Read More

Can Medical Bills Be Included in a Bankruptcy? Here’s What You Need to Know

Can medical bills be included in a bankruptcy? Medical problems are stressful enough without facing a significant debt burden after...
Read More

I’m Unemployed. Can I Still File for Bankruptcy?

Unemployed Bankruptcy Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because of...
Read More

How Will Filing for Bankruptcy Affect My Credit?

Will Bankruptcy Affect My Credit? Not paying your bills affects your credit negatively. And yet problems with credit are one...
Read More

Behind or In Default on Your Student Loan? Here’s What You Should Know

Student Loan Default If you’ve fallen behind on student loan payments or your student loans are in default, you aren’t...
Read More

Will Bankrutcy Affect My Job? Learn How Filing Affects You in the Workplace

Will Bankruptcy Affect My Job? Filing for bankruptcy raises many considerations. One of the most important is whether or not...
Read More

Can Bankruptcy Help Me If I’m Behind on Child Support?

Bankruptcy and Child Support Bankruptcy can help you with a lot of things. It can help you stop calls from...
Read More

Can You File for Bankruptcy When You’re Unemployed?

Bankruptcy and Unemployment Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because...
Read More

Bankruptcy and Eviction History

Eviction With the rate of evictions on the rise in recent months and the expectations that eviction numbers will grow,...
Read More

What to Expect Once You’ve Decided to File Bankruptcy from Home

File Bankruptcy from Home There are a few things that happen when you file bankruptcy from home. An automatic stay...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions