Gingold & Gingold LLC - Atlanta Bankruptcy Attorneys
Getting a Fresh Start
Local: (404) 685-8800 First Free Appointment
Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Atlanta Office Gingold & Gingold LLC 1718 Peachtree St NW #385
Atlanta, GA 30309

Phone: (404) 685-8800
Click here for our
Atlanta location

Cumming Office Gingold & Gingold LLC 327 Dahlonega Street
Suite 1901A
Cumming, GA 30040

Phone: (770) 887-2979
Click here for our
Cumming location

Dallas Office Gingold & Gingold LLC 201 W Memorial Dr
Dallas, GA 30132

Phone: (770) 443-1864
Click here for our
Dallas location

Douglasville Office Gingold & Gingold LLC 12451 Veterans Memorial
Highway (formerly W. Broad
St. and Bankhead Hwy.)

Douglasville, GA 30134

Phone: (770) 920-1939
Click here for our
Douglasville location

Many Georgia residents struggle with student loan payments

If you are among the Georgia residents who are cash-strapped due to high monthly student loan payments, you are not alone. Student loan debt accounts for more consumer debt in this country than any other type of debt other than mortgages.

Not only do a very significant number of Georgia residents have student loan debt, but many are carrying much more than they can bear. While there are options available to those who are struggling with overwhelming student loan bills, they are complex and difficult to navigate alone.

In some cases, it is possible to arrange a more affordable payment plan with a student loan provider. In other cases, it may be wise to pursue bankruptcy protection in order to get a better grasp on student loan debt.

Generally, student loans, like taxes, cannot be discharged in bankruptcy. However, by filing Chapter 7 bankruptcy, many other debts are discharged and this can allow a consumer to better afford student loan obligations.

Another option is Chapter 13 bankruptcy, which may allow a consumer to consolidate multiple student loan payments into one lower monthly payment. 

There are some risks, however, associated with filing Chapter 13 bankruptcy to cope with student loan debt. Due to intricacies within the federal bankruptcy code, student loan balances may incur fees and interest penalties during the bankruptcy period in some cases.

Student loan debtors should not despair, but they should ensure that they understand the potential implications of filing Chapter 7 or Chapter 13 bankruptcy in order to make an informed decision. Those who are struggling to make student loan payments should consider talking to a reputable bankruptcy attorney about their options.

Source: Wall Street Journal, "Student-Loan Straitjacket," Katy Stech, Sept. 30, 2013