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Many Georgia residents struggle with student loan payments Atlanta, GA

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Many Georgia residents struggle with student loan payments

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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

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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