Are you drowning in student debt? A large portion of Americans who attended college are. They proudly headed off to school and applied for student loans, knowing that an education would sustain them financially in life.
The reality for many, however, is that while their education might get them jobs, the cost of loan debt also gets them in financial straits. In some cases, an education can feel far from a sound investment. What can people — perhaps you — do when the cost of student debt leaves you with little freedom?
When consumers visit bankruptcy lawyers, a common first question is whether they can discharge their student loan debt. When the average student loan debt for an individual is more than $35,000, the desire to tackle that debt legally is understandable. Still, legally, addressing school loan debt through bankruptcy is not a general option.
What bankruptcy can do for you is to help you by clearing away the other debts that weigh you down. By discharging credit card debts, for example, you may free up some money per month to better address student loan debt. This might not be total relief, but it can relieve some stress at least.
Every bankruptcy case is unique, and there are some special circumstances wherein a consumer can address student loan debt specifically through bankruptcy. In an upcoming post we will discuss those situations.