Education is a pathway to success for millions of people. Unfortunately, many students are saddled with massive student loan balances. Upon graduation, the loan payments begin. What started with a simple signature can become a financial burden later in life.
If you’ve contacted your student loan servicer for help, but you’re still struggling to make payments, a Palm Beach student loan attorney may be able to help. Stiberman Law has helped individuals in Palm Beach County create a realistic payment plan to help resolve their student loan debt.
Generally speaking, you cannot discharge your student loan debt through bankruptcy. This is one perk that the federal government gives student loan companies to encourage them to lend money to 18-year-olds with limited creditworthiness.
There is an undue hardship exception. If, during bankruptcy, you can show the court that paying your student loan payments would cause severe hardship, you may be allowed to include your student loan debt in your bankruptcy.
The Palm Beach bankruptcy cases where we’ve seen this work have involved large debts incurred at for-profit trade schools. If it can be shown that the school you attended has a history of predatory student lending, your case will be more sympathetic.
You should contact a qualified Florida student loan attorney if you want to explore these options.
Federal bankruptcy courts in Florida recognize that they need to offer some sort of relief for bankruptcy filers that are struggling to repay their student loans. Different courts have decided to handle this differently.
For example, the US Bankruptcy Court in the Middle District of Florida has launched their own Student Loan Modification (SLM) program. While you will still find it difficult to discharge your student loan debt as part of a bankruptcy, there is a new forum where debtors and student loan lenders can communicate. This allows the court to play a facilitating role, without placing your student loan debt into your bankruptcy filing. The hope is that lenders will be more willing to lower student loan payments as part of this program, in cases where there is genuine need for relief.
Stiberman Law is an experienced student loan law firm in Palm Beach, Florida. We can help you navigate your options to create a solution that puts you back on the path to financial prosperity.
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