Thanks to our still-sluggish economy, many students graduate and quickly find themselves overwhelmed by the financial demands of servicing their student loans.
In other cases, people who have been out of school for awhile are laid off and encounter a significant unplanned expense (like medical debt) and become unable to make payments on their student loans as they had done previously.
The problem is that most federal student loans cannot be discharged in bankruptcy. People are often surprised at how little they can do to address problematic student loan debt on their own.
Even though bankruptcy is not an option in most student-loan situation, student loan debt help may be available if you work with an experienced attorney.
Lawyers who regularly work with clients in financial straits may be able to address your situation by assisting with some or all of the following:
- Working with lenders to clearly express your situation and negotiate a more manageable payment schedule
- Address other expenses (i.e. mortgage, medical debt) to provide you with more breathing room so that you can work on your student loans.
- Explore the limited options available for discharging student loans, like undue hardship.
The proper way to help you overcome your student loan-induced situation greatly depends on your personal financial picture, so it isn't possible to explain in a blog post exactly what we will do. Just know that options are definitely available to you.
In order to find out more, you can always contact us.
