As the cost of a college education escalates each year, students are starting to take a long look at whether they want to be responsible for paying back such a large debt. And unfortunately, there are very few options left for the student who realizes they cannot afford to pay back their student loan after graduation.
Towards the end of a student's college days, many find that they have taken on thousands of dollars in student loan money, that will be next to impossible to pay back. It is at that time that they begin to realize that they are on the verge of bankruptcy. They realize that even if they had several different jobs, it would be difficult to even make the minimum payments. And it is only after many sleepless nights that they consider bankruptcy.
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.
Filing 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.
Although things can seem very scary at first, once you start to read up on bankruptcy and find out more about it, you will begin to start getting in control of your thoughts and feelings, and to come up with a plan for yourself. Self education on bankruptcy will also prepare you for interviewing lawyers, and finding one that you will be comfortable with. Among other things, they can advise you on how your property and assets may be affected.
Probably one of the biggest fears is not knowing how your property and assets may be exposed to the bankruptcy process. In your reading, you will discover that certain property that you personally own may be exempt from garnishment. You will want to read up on these laws on bankruptcy very carefully, and very thoroughly. Your lawyer or someone from the courts should be able to explain things to you, as well as to answer your burning questions.
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.
Once you've spent some time learning about bankruptcy, and you have formulated your questions, you will be well prepared to start shopping for the right attorney for you. They know how to either all, or most of your student loans forgiven. And many attorneys are available at very affordable prices. They realize that the recent college graduate is not swimming in cash, and they will try to work with you and your limited budget.
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