Possible Relief From Student Loans on the Horizon
As of February 2018, the Trump administration revealed that they are considering the option for more Americans to remove college debt when they file for bankruptcy. This is still a toss-up at the moment, but things do look promising since the administration has expressed that it is open to the idea after student advocates have lobbied for years.
As most people know, many Americans have been struggling a great deal with debt for decades, and student loans can often be the most daunting. Studentloanhero.com reports that “11% of Americans with student loans have defaulted on their debt.” Unfortunately, a large amount of Americans have not typically been able to free themselves of college debt, even through bankruptcy. Despite the fact that a significant amount of people have been able to sort this out with and without legal support, many others have continued to suffer in astronomical debt for decades.
Ignoring Student Loans is Dangerous!
Unfortunately, no matter how much someone might want to look away, student loans simply cannot be ignored. Anyone that chooses to look the other way, is setting oneself up for a rude awakening in the future where the government begins to garnish loan payments from your wages, collection agencies call you over and over day after day, and your credit becomes mutilated—rendering you handicapped from making certain major purchases that are essential. It is at this time that a student lawyer can significantly help you find your way out from underneath what may seem to be insurmountable debt.
Your Best Option
Hiring a lawyer is certainly a wise option in this case. Why? Because not only can their help be much cheaper in the long run, but you will get legal advice, guidance, and more from someone that is highly proficient in federal and private student loans. They are ideal negotiators to have in your corner when it is necessary to negotiate with student loan holders, servicers, debt collectors, and others.
A student loan/ bankruptcy lawyer can:
- Simplify the complexity of student loans with clear steps to move forward
- Save you a ton of time, effort, money, and frustration by helping you figure out what to do as well as fixing mistakes after trying to do things on your own
- Help you sort out your delinquencies/defaults
- Help you apply for a disability discharge
- Resolve credit disputes
- Litigate on your behalf in a collections lawsuit or if there is need to sue for legal violations
- Protect your from unscrupulous and abusive debt collectors
Otherwise, you could try for an “undue hardship”, but you will have to make your case in bankruptcy court. If you have been working hard and diligent, and if you have tried in good faith to make these payments, but are simply floundering, you might have a chance, but don’t hold your breath. This route is notorious for actually just setting you up for an income-driven repayment plan or deferment instead of ruling to eliminate your debt. Although this can help in the short-term, it is the bare minimum, and student loan forgiveness is not guaranteed. A lawyer might still be able to set you up for a better financial path.
If You Have Made Some Mistakes Already
By the way, if you are struggling simply because you made a series of problematic choices and are simply struggling to pull yourself out of it, then don’t waste your time trying for an undue hardship. A student loan/ bankruptcy lawyer is the best and surest way to get help. Go here to get on track and find a qualified lawyer near you! Many offer free consultations as well as accommodating financial plans.