Attorneys: A History of Helpfulness

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Attorneys: A History of Helpfulness

Attorneys in our day are often called bottom feeders, ambulance chasers or worse. I am an attorney in private practice, and it is my mission to show you that the law is a calling filled with noble and enthusiastic people who are doing the job to help others. The law can be incredibly confusion, and it seems to change drastically day by day. Attorneys are there to help clients navigate the murky waters of legal issues and find the most appropriate solution to problems they face. So don't think of a lawyer as the bad guys. Lawyers help people, and this blog will teach you how.

Bankruptcy And The Crushing Weight Of Student Loans

Most people sign up for student loans fully understanding the weight of the debt they're taking on, but with the hope and desire to graduate college with a degree that can fully provide the money needed to pay the loan back in a timely manner. Unfortunately, negative surprises and adverse situations can arise throughout the course of your life-- and when they do, you could find yourself on the wrong end of the monetary stick.

Even more unfortunately, loan companies will expect you to begin paying back your loan several months after you graduate (or leave school, whichever comes first). Even if you haven't landed a stable job with income to fully pay your rent, utilities, and other bills, you'll still be expected to contribute monthly installments on your loan repayment. If your money situation becomes unbearable, you always have the option of declaring bankruptcy-- just keep in mind that it may not alter your loan:

Undue Hardships

While many of your personal debts can disappear when successfully completing the bankruptcy process, school loans are very hard to erase, alter, or even diminish at all within the process. More likely than not, you will still be required to repay your loan-- but there is one possible chink in the armor of this reality known as an "undue hardship." If you're filing for bankruptcy, it's obvious that you're dealing with hard and trying times in your life.

In order for a judge to consider erasing your student loan, you'll need to prove that you're suffering undue hardships within your life, the kind of living that only creates enough cash flow to provide for your essential living needs. If you're able to prove that it's unlikely that your financial circumstances will change (such as may be the case in conditions that prevent work), you'll have an even better chance at getting your debt erased.

Chapter 13 Repayment

Even if you're not able to get rid of your loan amount, it may be smart for you to attempt repayment via a Chapter 13 bankruptcy filing. While it won't delete the record altogether, you'll likely get your loan put on hold for a period of time (called an automatic stay) that can help you to get back on your feet without being expected to send in the monthly payment. Additionally, any money that you do decide to pay is not a set amount-- you can pay anything that you're able while you're within the bankruptcy period. (For additional questions on what to do in bankruptcy, contact Brown Beattie O'Donovan or another law firm)