Can Bankruptcy Help Me With My Student Loans?

Approximately 19% of American households have student loan debt, 10% of which are over $62,000!!! – Pew Research Center .  With nearly 1 in 5 households with this debt many think that there’s nothing they can do as they drown in this and other debt.  Fortunately that’s not the case, bankruptcy can actually help!

 

But I thought student loans aren’t dischargeable in bankruptcy? Well you’re right on that however many other debts are.  According to the Federal Reserve, the average household has approximately $7,000 in credit card debt.  Most of my clients have significantly more than $7,000 in credit card debt, but let’s use that number.  Couple this with unexpected tax, medical, vehicle or other expenses and we can quickly find ourselves in troubling waters, drowning in debt.  Replace that starter on your car for $500?  Spouse has a brief, but very expensive, overnight hospital stay that 3 different places bill for?

 

These expenses build up all by themselves, however you still have to pay on that student loan so how can bankruptcy help???  Well a Chapter 7 or Chapter 13 Bankruptcy can help by getting rid of all those other debts!   Get rid of those $7,000 worth of credit card bill!  Get rid of that $500 bill to the auto repair! Get rid of that overpriced hospital bill!  Now you can focus on paying on your student loan.

 

Bankruptcy can help you free up money to pay the student loan and help get you back on your feet in a hurry!

Let Eric Blaine and the Attorneys at Wright & Schulte LLC determine whether Bankruptcy is right for your with a free consult!  Simply fill out the form on this page or call and schedule your free initial consult today!

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