What happens to student loans after bankruptcy?

It's one of the myths many people believe about bankruptcy. They think their financial slate is wiped completely clean after filing for bankruptcy. Unfortunately, that's not true. 

Student loans are one area of debt that does not disappear with bankruptcy. Although there are some exceptions, it is only in rare circumstances, such as a serious injury that does not allow you to work, that these debts are allowed to be discharged.

The student debt crisis and bankruptcy is not only a problem for those in their 20s or 30s, but their parents as well. Co-signing for a loan for your child can put your retirement at risk as collectors seek their money.

That's why it is extremely important, not only for yourself but for your family, that you consult with an experienced attorney to learn how to best utilize the debt relief that bankruptcy allows. There is light at the end of the tunnel - you just need some guidance on the best possible way to get there.

Our firm has more information about student loans and bankruptcy on our website. Please visit our site to learn more about this issue. If you are considering bankruptcy, the experienced lawyers at Prescott & Pearson are here to help. 

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Prescott Pearson & Tande, PA
443 Old Highway 8 Northwest, Suite 208
New Brighton, MN 55112

Toll Free: 888-366-0827
Phone: 651-968-8096
Fax: 651-633-7562
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