Student Loan Debt and Bankruptcy
Millions of students begin their collegiate careers every year in the U.S., and with this new enrollment often comes a mountain of student loans. College is expensive, and it’s very easy to allow college loans to accumulate over the course of your study. The average student has over $25,000 in student loan debt when they graduate, which can make life difficult for recent grads.
Although college loans are generally not removed through the bankruptcy process, bankruptcy may help in making your college loan payments and other debt more manageable. Contact a dedicated Chicago bankruptcy attorney of the Law Offices of Stuart B. Handelman today by calling 312-360-0500 to discuss your financial situation and options for the future.
How Bankruptcy Can Help
You are responsible for your college loans until they are repaid, even if you file for bankruptcy. However, other financial burdens can be removed through the bankruptcy process. Some of these burdens may include:
- Home / mortgage payments
- Vehicle payments
- Credit card bills
If you are considering filing for bankruptcy to eliminate these burdens, you are not alone. A knowledgeable Chicago bankruptcy lawyer can help you understand your options and guide you through the filing process.
Contact Us
Even if your student loans may not be forgiven, filing for bankruptcy can help you reduce other debts so that your finances are not overstretched. To discuss how you may be able to remove financial burdens after you’ve graduated college, contact the experienced Chicago bankruptcy attorneys of the Law Offices of Stuart B. Handelman today at 312-360-0500.
