Many people begin their careers already in thousands of dollars’ worth of debt. College is expensive, and for many people they must take out a lot in loans to be able to afford to go to college. Paying back these loans can be difficult at times, especially if you don’t find work immediately after you graduate. Student loans are one type of loan that aren’t forgivable through bankruptcy in Delray Beach, but filing is still an option if you’re struggling with debt. When you talk to our attorneys at The Law Offices of John E. Mufson we can help you determine the best course of action to pay back your debts.
How would bankruptcy help me with my student loan debt?
While it’s true that bankruptcy won’t forgive your student loan debt, it can help forgive other debts you have. This will make it easier for you to make your payments on your student loans. There are a few different types of bankruptcy that can be filed for individuals, and speaking to an attorney can help determine the best option for you. Often times, Chapter 13 bankruptcy is the best option for those who have student loan debt. Chapter 13 bankruptcy can put a hold on repossession, foreclosure, and wage garnishment and also stops the accumulation of interest on your student loans. Chapter 13 bankruptcy is a three or five year plan in which you are given affordable monthly payments to pay back your unsecured debts, and once you are done with those payments the rest of your unsecured debts are forgiven. With these debts forgiven, it gives you the ability to pay back your student loans.
John Mufson and his team have been helping people get debt relief for over 25 years. A free and confidential consultation can allow his team to learn about your financial history and the debts you have, and inform you of the best option to relieve you of your debts. Everyone is in a different financial situation, and depending on the type of debt you’re in and the amount of debt you’re in can determine what path is best for you.
If you’re struggling with student loans or any other debt, call our attorneys today. We’ll set up your free consultation and give you the advice you need to finally become financially free again. While student loans aren’t dismissible through bankruptcy, there are options to help you if you’re struggling with student loan debt.