Many people who we help have one thing in common: they are struggling repaying their student loans. If you are scouring the Internet looking for solutions, you have probably realized that it is very difficult to get rid of your student loans in bankruptcy. If you are young, able to work, and have only been repaying your loans for a relatively short period of time, bankruptcy will not get rid of your loans.
Nevertheless, we try to help people come up with solutions to their student loan problems. Although loan consolidation won’t reduce the amount you owe, it can simplify things by creating one bill for you to pay every month. It can also reduce your monthly payment as you can opt to repay the loan over 30 years. Of course, if you increase the repayment period, you’ll increase the amount you repay in interest.
Another thing to consider is consolidating may mean you’ll lose any benefits you might have gotten from the original lender, such as interest rate discounts, principal rebates, or loan cancellation.
Other options to consider are to take care of short-term problems in repaying your student loans include deferment and forbearance, which will suspend payments temporarily.
If you are struggling to repay your student loans, bankruptcy can eliminate other debts, allowing you to focus on your student loans.
The “defender of the little guy,” DeLadurantey Law Office. LLC. handles bankruptcy matters (Chapter 7 and Chapter 13) in Milwaukee, South Milwaukee, West Milwaukee, and Milwaukee County, including the municipalities of Bayside, Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Oak Creek, River Hills, Shorewood, St. Francis, Wauwatosa, West Allis, and Whitefish Bay. The firm also can handle your debt negotiations, debt relief, and mortgage loan modifications. Contact DeLadurantey Law Office, LLC by phone: (414) 377-0518. Like us on Facebook.