Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

Why bankruptcy may be ineffective against your student loan debt - and why that doesn't matter

When you hear the two words, "student loan," do you have an emotional reaction?

Is it panic about how difficult it is to make your huge payment each month? Is it anger about your inability to refinance a loan with a high rate that feels predatory? Is it a sense of hopelessness about ever being able to pay off your loans, even if you have a good job?

If you are struggling with the burden of student loans, you are not alone -- there are literally millions of others in the same situation right now. You may have questions about whether bankruptcy can help bring relief.

The good news and bad news

The bad news is that bankruptcy probably can't help discharge your student loans. Unless you are elderly, disabled or in another situation that would prevent lenders from being able to collect from you in the long term, your creditors can usually keep you on the hook for what you owe. Maybe the law will change in this regard, but don't count on it.

The good news is that if you have other significant debts, bankruptcy may be an effective vehicle through which your student loans may prove to be manageable -- and by which your financial situation could improve dramatically. Many people wouldn't struggle with their student loans if they weren't under stress from large unsecured debts (from things like credit card balances, medical bills and personal loans) and secured debts (like huge car loans and big mortgages they can't afford any more).

What you can do to find a solution now

Owing money can be excruciatingly painful for you and your family. Many people find themselves in debt after a divorce, a job loss, an illness, a family situation or another major setback. Plus, countless Americans of all ages attended undergraduate, graduate, professional or vocational schools that turned out to be unbelievably expensive. Student loan debt is a real problem, and everyone's combination of debts is different.

If you can't get out from under your debt despite your best efforts, it is important to find a solution, which could include a strategic bankruptcy filing. An experienced bankruptcy attorney can sit down with you, evaluate your debts (including your school loans) and help you understand what options you have. In most cases, the consultation is free.

No Comments

Leave a comment
Comment Information

We Look At Your Case From Every Angle To Find The Solution That Is Right For You

Bankruptcy help for everyone, from the most simple to the most complex cases.

Call Us Now To Schedule A Free Initial Consultation

Contact our Nashville office at 615-686-2279 or our Cookeville office at 931-400-2218. You can also reach us via email to set up a time to talk to us about your debts.

Get Legal Help Now

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 615-686-2279
Fax: 615-255-4516
Nashville Law Office Map

Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 931-400-2218
Fax: 931-526-6244
Cookeville Law Office Map

Back To Top