Strouse Law Milwaukee Bankruptcy Attorneys Will Help With
Student Loan Debt Relief
Our Experienced Bankruptcy Attorneys Will Help You with Your Student Loan Debt Relief
Student loans can be the toughest debt to deal with. Since the early 1990s, college tuition increases have greatly outpaced inflation. Subsequently, graduates across the nation are strapped massive student loans.
Student loans are the among the easiest loans to get. However, they are about the hardest type of debt to get discharged and come along with all of the standard collection tactics when you’re past due.
Some people think that student loans can never be discharged, even through a chapter 7 bankruptcy. That is not true. It is close to true but never say never. Student loans, in general, are non-dischargeable except in cases where they “impose an undue hardship on you and your dependents.” What that means is basically if you can prove that you will NOT be ever able to repay the loan, you have a chance. This could be due to a career that pays low, a permanent medical situation or some other circumstance that apparently will not get better. The final determination will be dependent on the court that is charged with the decision. Some courts are easier, others are tougher. One key factor when asking to discharge a student loan debt is that a debtor has to prove that he or she has made good faith efforts to pay.
If a student loan cannot be discharged, chapter 7 or chapter 13 bankruptcy can offer at least temporary solutions and get the collectors off of your back. Similar to unsecured debts, as soon as you file for bankruptcy the collectors need to stop at least until they given court approval to continue. Through a chapter 13 bankruptcy, attorney Paul Strouse can help negotiate a temporary restructuring of you payments.