Many students who took out loans to finance an education they expected to prepare them for decent paying jobs have found themselves saddled with tens and even hundreds of thousands of dollars in debt. Numerous former students are either unable to find a job or are working at a menial or part time job that pays very little. The high unemployment levels following the recession that began in 2008 have abated only slightly, and many of the jobs that have been added in the so-called “recovery” are low paying service jobs that do not provide enough income to cover a loan payment on top of everyday living expenses.
In most instances student loans, whether they are government backed or private loans, cannot be discharged in bankruptcy. But there are exceptions to the general rule. You could very well be one of those exceptions.
Even if you are unable to discharge the student loan through bankruptcy, there may be other repayment or debt forgiveness options available for you.
Although they are notoriously difficult to escape, there are some limited situations in which a guaranteed student loan can be forgiven. If you are unable to make your loan payments, it is a good idea to speak to an experienced debt relief attorney for advice. Your lawyer may be able to make a case for forgiveness based on one of the situations in which forgiveness is possible, for example extreme hardship or disability, among others. Some programs allow your loan to be forgiven after you’ve made 120 consecutive payments, if you work at certain public sector jobs.
If you don’t fit into any of the available categories, your Little Rock bankruptcy lawyer can advise you on some of the avenues open to you to reduce your payments to a level consistent with your income, or you may be able to put your loan into forbearance until you can find work that will allow you to make regular payments.
Beware of student loan forgiveness scams. There are those who advertise that they can help you have your loan forgiven, only to take your money and do little or nothing to help. Only use a licensed and experienced Arkansas student loan repayment attorney, or you could end up in worse financial condition than you already are.
If you are struggling to pay off your education debt in Arkansas and are falling behind, contact Dilks Law Firm in Little Rock to schedule an appointment to speak to debt relief attorney Lyndsey Dilks. Lyndsey limits her law practice to matters pertaining to debt relief, and she has extensive experience in this specialized area of the law. She has helped innumerable clients to get out from under impossible debt burdens and is committed to finding solutions for all of her clients suffering from the burden of overwhelming debt.
At Dilks Law Firm, we understand the stress you’re experiencing when you can’t handle your loan payments, and we are available to help. Don’t wait another day. Call for a free student loan debt relief consultation today, and sleep easier tonight.