In today’s world, one of the main debts that many people face is a student loan. The nation owes approximately $1.34 trillion in student loan debt, causing generations of people to face economic crisis. Since people are paying on their student loan debt, many have to put off vacations, buying homes and cars, and in extreme cases even basic necessities. Other people default on these loans and end up putting their lives in jeopardy by being unable to rent an apartment or even being ineligible for certain jobs.
For this reason, the Law Office of John K. Turner in Bradenton will review clients’ circumstances to see if they are eligible to have their student loan debt dismissed through a bankruptcy. While this is an option for some, there are some rules governing how a person can dismiss this type of debt. First, the borrower must have extenuating circumstances which are creating the hardship (long-term illness, inability to find a job, etc.). Then the borrower must show that those circumstances are likely to continue for the duration of the loan. A loan can also be dismissed if the borrower has made good faith attempts to pay on the loan, including trying to find a practical payment plan.
Would you like to learn more about dismissing a student loan through bankruptcy? Contact the Law Office of John K. Turner and ask for your free case evaluation today. We proudly provide Sarasota and Manatee counties with top quality professional legal services.