If you are like many other people, you graduated from college with thousands of dollars in student loan debt. You were probably told by numerous people that you would have to pay that debt until you have a zero balance because student loans can’t be discharged in bankruptcy. Many people are surprised to learn that simply isn’t true. In many cases, private student loans can be discharged, and you can get a fresh start without ever having to make a payment on this debt. If your loans qualify, a bankruptcy lawyer in Villa Rica GA could help you file your case.
While it is true that some student loans are not eligible for discharge, private loans that meet certain criteria can be erased easily through bankruptcy. One of the most common reasons these loans are discharged is because the educational institution was not accredited. Even if the school was accredited, private loans are not protected if the school doesn’t also offer federal student loans to its students.
The way you used your loans can also be a factor in whether you can eliminate them through bankruptcy. As long as the loans met the criteria for protection, and you used them for qualified education-related expenses, you can discharge them in bankruptcy. However, if you used your student loan money to buy a car, pay your rent or purchase concert tickets, talk to a Bankruptcy Lawyer in Villa Rica GA about how you may be able to erase that debt and start your post-college life without student loan debt.
Bankruptcy can have serious consequences for your credit rating, and if you aren’t deep in debt at the time you file for relief, it can be hard to recover your previous credit score. However, if you are unable to pay your bills, an attorney may be able to help you eliminate credit card debt, medical bills and private student loans legally through the bankruptcy court. Browse our website today if you are interested in more information about how this process might help you. There’s no reason to struggle to pay the debt when you have the option to have it discharged legally.