Tennessee residents are probably aware of the significant percentage of collage students who graduate with an overwhelming amount of debt. Many graduates now leave school with more than $100,000 in student loans, which are to be repaid even if they don't finish their degree program.
Significant loan obligations often mean years of fighting to make ends meet when there is insufficient income due to a low starting salary or hourly wage.
A life saddled by debt
Like other college students or recent graduates, you may find yourself in a sort of financial purgatory. Because of your age or lack of experience, you may not be able to secure a job that pays high enough wages to cover your loans. However, failure to pay your loans could lead to defaulting on them or issues with your credit. Consider the following facts about the student loan debt crisis:
- Students who accumulate a large amount of debt at the beginning of their college career may be more likely to drop out because of finances.
- Students working to pay off loans often have to work long and hard hours at minimum wage in order to make payments.
- Students who drop out of school due to financial reasons often find it extremely difficult to get back into the same school as before.
In many cases, student loan debt is not eligible for discharge during the bankruptcy process. However, it is still possible that bankruptcy could offer you certain advantages and benefits. Individuals struggling with any type of loan debt would be wise to consider if filing for either Chapter 7 or Chapter 13 bankruptcy could be a smart choice for their future.
Fighting for a better future
The choice to file for bankruptcy is not for everyone. However, it could be a legal and organized way by which you can achieve a stronger financial future. If you are struggling with student loan debt, you do not have to wonder about your options, but you will benefit from a thorough explanation of the options available to you.
A complete evaluation of your case can help you understand if claiming undue hardship is appropriate, which can allow you to discharge your debt through a consumer bankruptcy filing.