Consumers now owe more than $1 Trillion dollars in student loan debt. This debt now surpasses the amount of credit card debt owed by individuals. Many times the required monthly payment on student loan debt is so high that individuals must make a choice of whether to pay their student loans or make their car payment or buy food or medicine.
Student loan collectors are ruthless. They do not care what you have to do to pay the debt. They simply want the money. Your wages can be garnished by student loan creditors without a court order. So, one day your pay check may be 25% less if you do not take care of the debt. Also, your tax refund can be intercepted by student loan creditors.
While student loans cannot be discharged in a bankruptcy, payments on your student loans can be reduced through a Chapter 13 bankruptcy plan. Chapter 13 plan payments can reduce the amount of monthly payments that you are making on your student loans, car payments, credit cards and other unsecured debt. This often frees up income for the necessities that are often neglected when you try to handle all of your debt on your own.
If you would like to know more about lowering your monthly payments on student loans through a Chapter 13 bankruptcy plan, call us today at (706) 872-7117. An experienced bankruptcy attorney will be happy to discuss your options at a free bankruptcy consultation. We even offer Saturday appointments to better serve you.