There are many people who find themselves in thousands of dollars of debt in the form of student loans. These high monthly payments can make it seem impossible to pay for your other bills and living expenses, not even to mention if you ever want to go out with friends. If you find yourself buried with student loan debt and unable to pay your bills, bankruptcy may be an option for you. While filing for bankruptcy doesn’t eliminate your student loan debt, it can help lower or eliminate other debts you may have allowing you to be able to afford your monthly student loan payments. If you’re wondering whether bankruptcy might be an option for you, contact The Law Offices of John E. Mufson today.
How we can help you with student loan harassment
You may ask yourself if there’s any solution when you’re struggling with management student debt. Student loans are not forgivable through bankruptcy, but that doesn’t mean it isn’t an option for you. There are two types of bankruptcy that are most common for individuals looking to file. The first is chapter 7 bankruptcy, which is the liquidation form of bankruptcy. In this form of bankruptcy you will sell your assets to help back the debts you have. This allows you to start fresh and have a better financial future.
The second form of bankruptcy that is available to individuals is chapter 13 bankruptcy. In this form of bankruptcy you don’t have to liquidate your assets. Rather, you start a payment plan that will allow you to pay back your debts over time. This can stop the threat of foreclosure and end harassing calls from debt collectors.
At The Law Offices of John E. Mufson we help those who are struggling with debt. Student loans can cause a lot of financial stress and finding a solution can be a huge relief. When you file for bankruptcy, while your student loan debt remains, you may be able to reduce or even eliminate your other debts. This will give you a better financial outlook and make your student loan payments more affordable. Some of the unsecured debts that you could reduce or eliminate through bankruptcy include credit card debt, medical bills, and personal loans. To learn more about your options when it comes to filing for bankruptcy and ending student loan harassment contact John Mufson and his team today.