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Bankruptcy may not provide relief for law school graduates Atlanta, GA

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Bankruptcy may not provide relief for law school graduates

Judge Gavel, Scales of Justice and legal books on the desk

For many decades, students who sought a law school degree and the significant debt that it entailed could take comfort in the knowledge that, after graduation, they would be able to secure a job with a paycheck near or above six figures. With the onset of the economic recession, however, all that changed.

In recent years, law school tuition has steadily increased, while the legal job market has plummeted. This has left law school graduates in Atlanta and throughout the country in deep debt and with very few, if any, prospects for employment or a salary with which to pay off their loans. As a result, many law grads have sought bankruptcy protection as a way to relieve some of the financial pressure. But because student loan debt is generally not dischargeable in bankruptcy, it has not been a significant source of relief for cash-strapped graduates.

Currently, law students borrow an average of $70,000 for public law schools and $106,000 for private schools. The average law school debt increased by a staggering 50 percent from 2001 to 2010, and will likely only continue to grow.

At the same time, the legal job market has steadily tumbled. One legal job tracker estimates that major law firms alone have laid off nearly 6,000 attorneys since 2008. And the law grads who are able to find jobs are earning less than in previous years, leaving them unable to make their sky-high student loan payments.

While a Chapter 7 or Chapter 13 bankruptcy may provide relief by discharging credit card and other personal debt, it will not discharge student loans. Clearly, some reform is needed, either in bankruptcy, student loans or legal education, to ensure that law school students do not end up in this dismal predicament after graduation.

Source: Reuters, “Law grads to go court for bankruptcy protection,” Leigh Jones and Moira Herbst, Feb. 3, 2012

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

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    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

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    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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