How Student Loans Can Lead to Financial Distress

The cost of higher education has increased at a rate much faster than average income in recent decades. As a result, many students must obtain educational loans to help them meet the various expenses that they will be faced with if they pursue a degree. While these loans are initially helpful in assisting a student to get through college, these loans can cause significant financial strain once a student graduates. When an individual is unable to make payments as required, they may quickly find themselves struggling to adjust to post-college life.

If you are out of school and your student loan debt is currently too great for you to bear, contact the experienced Chicago bankruptcy lawyers at the Law Offices of Stuart B. Handelman by calling 312-360-0500 to learn more about the legal options which are available to help you regain control of this situation.

Difficulties Associated with Student Loans

College students are often able to justify taking on loans because they reason that they will obtain a higher paying job when they graduate which will in turn enable them to make payments. Unfortunately, there are no guarantees with regard to employment, and wages have been depressed, meaning that even if one secures a job, the pay may be inadequate to allow for full and timely payment of loans.

While student loans are not dischargeable through bankruptcy, a successful bankruptcy filing can help to eliminate or restructure other debts. This may be enough to help you make your student loan payments, or it can allow you to temporarily delay repayment so that you can get your finances in order.

Contact Us

If you have been struggling to overcome student loan debt and would like to learn how bankruptcy may offer some relief, contact the experienced Chicago bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 312-360-0500 today.