A Schaumburg Bankruptcy Lawyer Can Help You Understand the Effects of Bankruptcy on Your Student Loan

Many people considering bankruptcy wonder: Will I still have to pay my student loan?

In almost every case, you will have to pay your student loan. Bankruptcy, however, can give you an opportunity to discharge other debts and renegotiate payment on student loans and other non-dischargeable debts.

The Benefits of Bankruptcy for People with Student Loan Debt

Bankruptcy does not get rid of, or discharge, every debt — and student loan debt is an example of non-dischargeable debt. Congress decided that these loans should be paid. It is a good idea to talk to an experienced Schaumburg bankruptcy lawyer to understand what debt obligations you will still have after filing for bankruptcy.

But there is good news! Student loans can be restructured, so that you can stop the past-due credit reporting and make the monthly payments. For this treatment, you will need legal advice.

At U.S. Law Attorneys, Ltd. in Schaumburg, Illinois, and Camp Springs, Maryland, we will explain the debt relief effects that filing for bankruptcy will have on your situation. With the debt help that comes from bankruptcy, you will have fewer bills to deal with, and paying your student loan should be more manageable.

If you are considering bankruptcy, it is important to understand:

• Generally speaking, a student loan debt cannot be discharged through bankruptcy. The debt must be paid.
• In a very rare set of circumstances, student loan debts can be discharged, but that is, indeed, rare. A qualified Schaumburg bankruptcy lawyer can tell you if a student loan discharge may be available in your situation.

Understand What Filing for Bankruptcy Can Mean in Your Specific Case

The best way to find out how bankruptcy will affect you is to talk with a knowledgeable Schaumburg bankruptcy attorney. At our law firm, the first consultation is free.

Contact us to set up a consultation. Make that call today.