When facing unmanageable student loan debt, you might not know what steps you can take to remedy the situation. Ian Shearer Bankruptcy Law Firm can help you create a strategic plan to ease the financial burden of your loans. I provide highly responsive and hands-on legal representation. I give each client the individualized attention that you need to get relief from student loan debt.
In most cases, student loans cannot be discharged in bankruptcy. However, there are certain situations where all or some of your loans can be discharged if you file for Chapter 7 or Chapter 13 bankruptcy. Some courts use the Brunner test, which takes poverty, persistence and good faith into consideration. Other courts use the totality of circumstances test, which determines if paying your student loans is an undue hardship. The results of these tests may lead to your loans being dischargeable.
Other reasons that your loans may be discharged include:
I use a variety of strategies to seek the discharge of student loans.
Another option to relieve the burden is having your monthly payment reduced, which may occur if:
Be aware that your student loan creditor does not have your best interest in mind and may be leading you into a repayment plan that is not in your best interest. Speak to me before you agree to monthly payment reductions.
In some specific circumstances, your loan may be forgiven. If, after ten years, you are working for the government, a religious organization, a charity, or as a teacher or nurse, you may no longer have to pay your student loans. In some cases, your loans may be forgiven after 20 or 25 years, no matter where you are employed. Loan forgiveness depends on which repayment plan you are using. An experienced attorney can explain if you are eligible for loan forgiveness.
Postponing or deferring a loan is not always a good option, as your loans continue to gain interest and it only temporarily relieves the debt. However, your loans can be deferred for the following reasons:
To learn more about your best options for student loan debt relief, get help from a compassionate attorney. I understand the stress you are dealing with, and I want to help.
If you are dealing with student loan debt, I can help you get the relief you need. Call Ian Shearer Bankruptcy Law Firm today at 503-810-0471 or contact me online to schedule a consultation. From my Lake Oswego, Oregon office, I represent clients throughout Portland OR/Lake Oswego.