Can Your Student Loan Be Forgiven

With the cost of education escalating each year, more and more students are beginning to question whether they want to put themselves under the pressure of having to repay a huge student loan after graduation, or leaving college. And for those students who have graduated, and suddenly realized they can’t afford to pay for their student loan, there are very few alternatives that would offer relief.

The thought of paying back thousands of dollars for a student loan, can give a college student many sleepless nights. Once they realize that they will not be able to pay the student loan back, they begin to look for alternatives. The bad news is that there are very few options left for the student after graduation from college. Often, bankruptcy is the only way out.

Yes, filling for bankruptcy a few months after graduating from college looks bad but it may be your only way out of the mountain of student loans that you have accumulated during your college days. Obviously this is something you would need to think long and hard about. Educating yourself about the bankruptcy process would clearly be the first step.

When You File For Bankruptcy

Filing for bankruptcy can be quite tricky at times. Note that there is more to bankruptcy proceedings than filling up forms and signing a few documents. As part of the bankruptcy procedure, you will need to appear before a judge who will determine whether or not you are qualified for bankruptcy and what are the things that you are entitled to in connection with your status.

You would obviously want to do some research to educate yourself properly, in order to understand the bankruptcy process, and what to expect. It is at that point where you will begin to reduce the uncertainty and fear associated with bankruptcy. You will also want to take advantage of the free consultations that lawyers provide to new potential clients. After talking to several lawyers, you will probably find the lawyer that you feel most comfortable with. They will help you to understand things like how your assets and property may or may not be involved in the bankruptcy process.

You will be pleased to know that some property you personally own, may be exempt from garnishment. As you are researching on bankruptcy, you really should pay careful attention to the properties that are exempt from garnishment. You will want to read the laws and consumer information on bankruptcy. Careful reading is a must. You should be able to get your questions answered from an attorney during your free consultation, or from someone from the courts.

Personally, I wouldn’t suggest trying to do the bankruptcy procedure yourself. would suggest you take advantage of the many experienced attorneys that may be waiting for your call. In most cases, you should easily be able to find an attorney that fits within your budget. Normally, the first 10 to 20 minutes are free. You should be prepared to ask your most important questions. These lawyers can help you decide what can or cannot be done about your student loans.

So now you have educated yourself, and I would say that it is the perfect preparation for starting to shop for a lawyer. Interview them. Have your questions ready, and ask them. Hire the lawyer you feel the most comfortable with. They can help you determine the student loans that can and cannot be forgiven. They will help you present your case in the best possible way.