Skip to main content
(404) 685-8800 Contact Us
Student loan bankruptcy bill introduced in Congress Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Student loan bankruptcy bill introduced in Congress

lawyer in a lawyers library

Last month, we wrote a blog post about the recent efforts to make private student loans dischargeable in bankruptcy. Now, it seems that those efforts may become a reality following the introduction of federal legislation that aims to regulate the private student loan industry and, ultimately, give debtors the ability to discharge those loans in bankruptcy.

Under the bill, which was introduced into the U.S. Senate earlier this week, colleges and universities would be required to inform students about the differences between federal and private loans and their options for acquiring federal student aid. According to Senator Dick Durbin, who required the bill, two out of three students don’t understand the difference between government-offered and private student loans, and that lack of knowledge results in significant financial harm and confusion.

In addition, the bill would authorize debt forgiveness for private student loans in bankruptcy. Durbin says that private student loans are the only form of private debt that is nondischargeable, and those loans can follow students for decades, affecting their ability to buy a home and make other purchases, and simply to make ends meet.

However, a representative of the Consumer Bankers Association, which represents financial institutions that offer student and other loans, private lenders are often unfairly targeted as the cause of the mounting student debt load that affects so many students in the U.S. “When people look at the private student loan market,” he said, “they will realize it’s a great complement to some of the federal offerings out there.”

Source: WBEZ, “Durbin touts new bills to regulate private student loans,” Quinn Ford, Aug. 20, 2012

At our Atlanta law firm, we help clients who are dealing with a variety of debts. For more information on the topic discussed above, please see our student loans page.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

First Free
Appointment



Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

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.

Write a review