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The San Diego Bankruptcy Law Blog

The latest from Golden State Law Group, San Diego bankruptcy and injury attorneys.

Studies Attempt to Identify Percentage of Bankruptcy Cases Where Student Loan Debt is Reduced

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credit-scoreMost people who have burdensome student loan debt understand that they really have few if any options of getting rid of that debt other than working as hard as possible to pay it off as quickly as possible. That’s because for the most part, student loans debt cannot be discharged in a bankruptcy case, and as such many people who would otherwise be aided by the help that financial professionals provide do not take this step because they feel that it would be a waste of time.

Recently, two different studies attempted to put some type of quantifiable variable on the efforts to either eliminate or adjust downward the student loan debt that people who file for bankruptcy protection carry. While the results of these studies were somewhat different, they should shed some light on the fact that it is not completely and totally impossible to find some relief for student loan debt in court should such a step become necessary.

Specifically, one study was performed by a professor at Emory University in Georgia. His findings included the fact that 57 percent of people who had filed for bankruptcy protection were able to at least reduce their student loan payments and debts. Another study performed by a researcher at Harvard found the success rate to sit at 38 percent. These debts were not discharged, but rather the terms were renegotiated for the borrowers.

San Diego Bankruptcy Lawyers

More people than ever before are being crushed by student loan debt that they will likely never be able to repay. This leaves people in this position with a feeling of helplessness or even hopelessness as they attempt to find their way out from under a mountain of debt and actually make gains in the world. People in this position should know that there are options out there.

If you are one of the many people struggling with finances, you need to seek the help of San Diego bankruptcy lawyers who have helped thousands of consumers obtain a fresh financial start. Contact the Golden State Law Group today to schedule a free initial consultation.