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Could student debt tarnish the golden years? Atlanta, GA

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Could student debt tarnish the golden years?

Ira and Jamie Gingold Bankruptcy Attorneys in Atlanta GA

Imagine you are an Atlanta resident in your 80s and you’re still paying off student loans. That may not be a situation too many people are in right now, but according to the Government Accountability Office, it is a growing concern. And it’s something lawmakers in Washington are beginning to look into seriously.

What makes the scenario even darker is the GAO prediction that as the wave of baby boom generation Americans crests into retirement, many could see their Social Security benefits eroded to dangerous levels due to the government docking their benefits to collect on the past due student loan amounts.

How serious is the problem? Well, members of a Senate committee on aging got a bit of a data download on the issue this week. Included among the witnesses was a 57-year-old woman who said she anticipates she could be 81 before her student loans are cleared.  

Like many in recent years, this woman is in dire financial difficulties. She started taking out school loans in her 30s as she sought to educate herself into a higher income bracket. Then she went through a divorce, found herself saddled with an underwater home mortgage and incurred bills due to health problems.

She has taken advantage of payment deferment for the past eight years, so she’s not in default. But she owes $126,000, and the interest is mounting.

The GAO says circumstances are not that good for other aging Americans. It says that of the $1 trillion in student loan debt outstanding, $18.2 billion of it is held by American adults over age 65. In addition, about a quarter of the loans held by those 65 to 74 are in default and about 155,000 Social Security recipients saw their benefits docked in 2013 as a result. That’s up from 31,000 in 2002.

As we have noted in past posts, student loan debt can’t be discharged in bankruptcy except in extreme hardship cases. But going through the process may result in a shedding of other debt and make student loan obligations more manageable. Determining if that’s right for you is something that needs to be discussed with a skilled attorney.

The Big Story, “Senior Americans burdened with student debt,” Kimberly Hefling, Sept. 10, 2014

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

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.

Lyla B.

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.

Julie T.

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.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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