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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Hands down I’ll definitely recommend everybody here if they are filing for bankruptcy. I just wanna thank y’all for everything yall did for me.
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Jeff and Chase were great to work with. I was able to get answers to financial questions that I had. Service was quick and stress free! I would recommend them to anyone that needs help with their financial situation.
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What can I say??? This process was smooth as ever. I spoke with an attorney in December just to get information on how the process works he explained and went over every question I could think of. We spoke again in March and got the process started a...
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**Real review** I was extremely nervous filing a chapter 7 and going the bankruptcy route. You hear so many negative stories regarding following bankruptcy. However, I can honestly say this was the best decision I've made for my financial situation. ...
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