Chicago Bankruptcy Attorneys: Student Loan Debt
Chicago Area Bankruptcy Attorneys
Many of the people who contact our firm have questions about particular types of debts. One frequent subject that arises in our discussions with clients is student loan debts. If you have large student loan debts, you may have been given conflicting information about the impact of bankruptcy on such debts.
Unfortunately, student loans are treated differently from most other forms of debt. Generally, student loans may not be discharged in bankruptcy. This does not mean, however, that relief is not available for people who struggle with student loan debt. A Chapter 7 bankruptcy or Chapter 13 bankruptcy may provide relief in a variety of ways:
- If your wages are being garnished due to past-due student loan debts, bankruptcy will stop the wage garnishment.
- Chapter 7 allows you to discharge (wipe out) your other unsecured debts, including credit card debts, medical bills and most other forms of consumer debt. The money you save by discharging these debts may enable you to pay your student loans in an expedited fashion.
- A Chapter 13 plan can include payments of your student loans within the term limits of your plan.
- A Chapter 13 may also allow you to continue making your regular student loans payments directly, while your other debts are consolidated through the plan.
To learn more, speak with an experienced bankruptcy lawyer at Edwin L Feld & Associates. Our firm has helped thousands of clients find solutions to difficult debt challenges.
Contact Our Chicago Bankruptcy Lawyers
We offer eight office locations to provide local representation to clients throughout the Greater Chicagoland area and surrounding suburbs. To schedule a free consultation with an experienced bankruptcy lawyer at our firm, contact us toll free at 888-645-4357. You may also contact us by e-mail.