One of the largest sources of consumer debt is federal student loans. Student loan debt is increasing in staggering numbers, and people are having a difficult time keeping up with the payments. A recent report by the Federal Reserve Board of New York estimates that the total amount of outstanding student loans in the United States is about $902 billion. That same report suggests that $85 billion of that amount is delinquent or past due. Many consumers have said that if they could just eliminate their student loan debt, they would be able to repay the rest of their debts. Unfortunately, that is not an option. Athens bankruptcy lawyers can help you discover other options.
Student loan debt is not generally dischargeable in bankruptcy. When a debt is discharged in a bankruptcy proceeding, you are no longer liable for that debt. Most debts are discharged in a bankruptcy proceeding. However, the government has identified a number of non-dischargeable debts. In addition to student loan debt, the following debts are non-dischargeable:
- Child support
- Alimony
- Most income tax debt and state taxes
- Debts caused by “willful and malicious” injury to another person or their property
- Debts arising from personal injuries caused by a DUI/DWI
- Criminal restitution orders
While these are the most common types of non-dischargeable debts, the government has identified a number of others as well, and what is dischargeable can change depending on which type of bankruptcy you file. For example, the scope of what can be discharged in a Chapter 13 bankruptcy is generally broader than that available in Chapter 7. If you are overwhelmed by your debt obligations, a Georgia bankruptcy attorney can help you evaluate your situation and determine what is in your best interests.
Please call Jeff Field and Associates at 404-381-1278 or contact us online to schedule your appointment. We are ready to provide you with the help you need today.
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5.0/5.0Chris and Laura have been amazing! The process seamless! All of my questions and needs were addressed! I highly recommend this office for your BK needs!
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This is the best Bankruptcy Lawyers ever They treat you with respect and do not judge you for the mistakes you made.Mr.Sleeper and MS.Brown are the best they answered every question I had and if I couldn't reach them they always responded to my voice...
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Jeff Fields and Laura Everett were wonderful! It was hard but they were so helpful and with me every step of the way. They answered every question and were very accessible. I hope noone has to experience this road, but if you do, try Jeff Field & Ass...
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I had my concerns about filing initially, but Jeff walked me through the process and with his calm demeanor, made this process not at all as daunting as I initially thought it would become. The process flowed effortlessly and Cassie (a BIG shout out ...
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Due to medical expenses and serious physical problems I had to file bankruptcy. I was nervous and really depressed about the whole situation. I called Jeff Field & Associates and felt at peace after talking to a lawyer. I decided to go with them and ...
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