Palmdale Student Loan Debt Lawyers
Many students borrow to cover the high costs of secondary education in the US, with some realizing later that they are saddled with unaffordable student loan debt. Monthly payments can be overwhelming when added to your living expenses, especially when you are trying to build a career and buy a home. It may ease your stress to know that there are options to resolve student loan debt, either by reducing your balance or eliminating it. Still, you might not know where to begin with seeking relief.
You can trust the lawyers at Wadhwani & Shanfeld to advise you on various options for student loan debt, so you can understand what works best for your situation. We have in-depth knowledge about the laws, enabling us to develop a solid strategy for achieving your goals. Please contact our firm to schedule a consultation today. A Palmdale student loan debt lawyer can provide personalized details, but you may benefit from reviewing some basics.
Chapter 7 for Student Loan Debt
There was a time when there was little chance that you could eliminate your student loans through Chapter 7 bankruptcy discharge. It was allowed when someone could prove undue hardship, but under such burdensome criteria that most filers would not qualify. With establishment of a clear test for undue hardship, more people are likely to be eligible to discharge student loan debt in Chapter 7. The factors are:
- You cannot pay student loans and still maintain a minimal standard of living.
- Your financial status will not change during the repayment period.
- Despite trying in good faith to pay your student loans, you have fallen behind.
Other Options for Student Loan Debt
If you do not qualify for Chapter 7 or have other reasons to avoid this type of bankruptcy, you might consider:
- Chapter 13 debt reorganization, where your student loans can be rolled into a repayment plan;
- Income-Based Repayment (IBR);
- Income-Contingent Repayment (ICR); and
- Pay as You Earn (PAYE) Repayment.
Legal Help with Strategy
At Wadhwani & Shanfeld, the first stage of our process in representing you is to conduct a thorough consultation about your finances and goals. With the different options available to address student loan debt, we want to ensure we determine the right solution to meet your needs.
If Chapter 7 is the right fit, our Southern California student loan debt lawyers are prepared to tackle the extra adversarial proceeding you must go through to prove undue hardship. This is the most important hearing for establishing eligibility. We will also help you navigate other options, including Chapter 13 or student loan repayment plans.
Set Up a Consultation with a Palmdale Student Loan Debt Lawyer
Struggling with student loans can be stressful, and it is concerning to realize that you may never get ahead with your finances. Wadhwani & Shanfeld is dedicated to pursuing options that suit your circumstances, so please contact us to schedule a consultation. A Southern California student loan debt lawyer will counsel you on the relevant concepts that affect your interests.