Can Bankruptcy Help Me With My Student Loans?
Student loans are some of the most burdensome debts that people are dealing with today. As a college education becomes more expensive, repayment can take decades, just like a mortgage. Unfortunately, student loan debts cannot be discharged in the bankruptcy process except in rare circumstances.
If you are struggling with other debts, such as medical bills and credit card bills, in addition to student loans, a bankruptcy filing can give you options. At Gingold & Gingold LLC, our attorneys have helped countless individuals throughout the Atlanta metro area file for bankruptcy and get a handle on their student loans.
We have offices in Atlanta, Cumming, Dallas and Douglasville to better serve you. Call us at (678) 915-2634 for a free consultation today.
Which Chapter Can Help Me Better Manage My Student Loans?
If you file Chapter 13 bankruptcy, your debts can be consolidated into one monthly payment that you can afford. The monthly payment amount will be based on what you can afford to pay, not what the student loan company is demanding you pay. For example, if you owe $1,000 a month on a student loan, during your Chapter 13 bankruptcy, you may only have to pay $200 a month.
Filing bankruptcy stops your creditors from collecting or garnishing your wages, and may keep your loans in forbearance.
Filing a Chapter 7 discharges all of your other unsecured debts, giving you the resources to focus exclusively on repaying your student loans. If your monthly payment is still too high, a Chapter 13 may be a better option.
When addressing the complicated issues involved with student loan debt, you will have on your team Ira D. Gingold, a bankruptcy lawyer since 1971 and Court-Appointed Bankruptcy Trustee from 1971 to 2013, and Jamie L. Gingold, who in addition to bankruptcy has an extensive background in business, finance and real estate law.