Why file for Chapter 13?
Acker Warren, P.C., represents individuals who need to file Chapter 13 bankruptcy for student loan relief in the Dallas Fort-Worth community. A chapter 13 bankruptcy can get you back on track repaying your student loan obligations. A chapter 13 bankruptcy can stop a student loan creditor from garnishing your wages, levying your bank accounts, and any other collections actions that are being undertaken outside of the bankruptcy.
Many people believe it’s impossible to file for bankruptcy to get relief from their student loans. Most student loans in our circuit are non-dischargeable, which means the debt(s) will survive after your bankruptcy to the extent that the student loans were not repaid in full over the life of your plan. In very limited circumstances, it can be possible to discharge federal student loans. Certain private student loans, however, are dischargeable. In order to decipher which student loans are dischargeable and what relief a bankruptcy can provide, it’s crucial you get the right bankruptcy attorney to properly analyze your financial situation.
Student Loan Debt
Student debt is a form of debt that is owed by an attending, formerly withdrawn, or graduated student to a lending or financial institution. The owed amount may be either owed to the school or bank. As student loan debt increases yearly, it’s becoming a real burden on our economy and it’s even stopping some students from getting a higher education.
A college education is a requirement for many higher-earning jobs and professions. Naturally, private institutions usually end in higher loan debts than public universities. How much you borrowed for your higher education has a direct impact on your credit score and budget. If you or someone you know is struggling with student loan debt, call Acker Warren, P.C. to learn about student loan debt relief.
Why file for Chapter 13?
Medical bills and the majority of consumer debt can be discharged when filing for Chapter 7 Bankruptcy, which means the bankruptcy court wipes out the debt. However, obtaining student loan debt relief tends to be more difficult because it is amongst the types of debt that can’t be discharged, except in rare circumstances. That’s the reason why filing for Chapter 13 is an option. The aforementioned circumstances are severe medical problems, economic circumstances, and age-related issues. Those are some of the instances where it’s possible to discharge student debt.
Consult with the experts to determine your next step
At Acker Warren, P.C. you’ll find expert legal advice for bankruptcy-related situations. Wipe out student loan debt and start over.