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Student Loans and Bankruptcy: Bankruptcy Attorney Manhattan Overview

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Student Loans and Bankruptcy: Bankruptcy Attorney Manhattan Overview

If you're struggling to make your student loan debt payments, you're not alone. As of January 1, 43% of Americans with student loan debt were behind on their payments or receiving a temporary hardship postponement.

You may have not considered filing for bankruptcy -- either because you never considered it an option or were too overwhelmed by the process -- but if you're struggling to make ends meet and student loan payments are taking a large chunk of your income, you may want to consider the options below.

Chapter 7 Bankruptcy

When people think of bankruptcy, they're likely thinking of chapter 7 -- repossession of properties, seizure of assets, and complete discharge of debts.

What many don't realize, however, is there are certain debts that even bankruptcy cannot touch. While this is usually the case for student loan debts, there are certain circumstances where they may be forgiven. Do you meet the 3 criteria below?

Hardship -- repaying your loans would mean you're unable to meet the minimum standards of living.
Persistence of hardship -- due to disability or some other circumstance, your income level is unlikely to change for a number of years.
Good faith repayment attempts -- you've continued to make payments to your loan servicer.

If you do meet the above three criteria, and even with the help of a Bankruptcy Attorney in Manhattan, the court may not grant a discharge on your debts. Fortunately, there is another option.

Chapter 13 Bankruptcy

In chapter 13 bankruptcy, instead of debts being forgiven and your slate wiped clean, you'll work with the courts (and a financial advisor) to make a repayment plan.

So, how will chapter 13 help you in regards to student loan repayment? Well, one large benefit of filing for chapter 13 bankruptcy is your monthly student loan payments will now be determined by the court and no longer your loan service. This can mean lower monthly payments, though you will be expected to continue making regular payments to your loan service after your chapter 13 case has ended.

How Can a Manhattan Bankruptcy Attorney Help You?

When you're unsure of which chapter to file, or you're simply overwhelmed by the process, a Bankruptcy Attorney in Manhattan can help.

Your attorney can help you to gather all necessary information, file paperwork, and offer you sound legal advice on all decisions you make along the way. With the help of a knowledgeable attorney, you'll be able to make the right decision for your situation.

When you're overwhelmed by student loan debts and feel that you have nowhere to turn, consider the help of a Bankruptcy Lawyer in Manhattan.

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Lets Explore Your Options - 800-517-4652

David Waltzer

Law Offices of David S. Waltzer PC
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Law Offices of David S. Waltzer PC

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