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Student loan debt is becoming more and more common as the cost of higher education continues to skyrocket. Student loans, however, are fairly unique in the loan world, and they may get out of control quickly. Unfortunately, some common loan debt relief options may not apply to student loans, including bankruptcy.
However, if your time in college resulted in a variety of debt including student loans, credit card bills, or a car loan, then filing bankruptcy may help you get your finances under control.
In this video, a bankruptcy lawyer talks about your options, and how bankruptcy is designed to help you regain control of your debt. If you need to get control of your debt, you may want to speak with a local bankruptcy lawyer in person.
DISTRESSED COLLEGE GRAD: Well, college was the best four years of my life. And getting my diploma is something I will always be so proud of.
I'm really paying for it right now. I had no idea my student loans would be this high. Or out of my financial control. What am I going to do? It's not like bankruptcy can help with my student loan debt.
BANKRUPTCY ATTORNEY: It is true that most student loans cannot be discharged through the bankruptcy case. But it doesn't mean bankruptcy cannot help you in a student loan situation.
First of all, once a bankruptcy case is filed, the automatic stay goes into effect which essentially freezes any collection action by the student loan agency who's trying to collect from you.
In addition, chapter thirteen may help you consolidate your student loans with the rest of your outstanding bills.
And finally, when you eliminate all the other outstanding unsecured debts through your bankruptcy case it may actually free up some expendable income for you to be able to devote to your student loan payments. And who knows, shortly after your bankruptcy case you may actually be able to consolidate your student loans into a new loan with possibly lower payments.
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