Nashville Student Loan Debt Restructuring Lawyers
Millions of Americans took on large student loans with the hope that a college degree or other credential would increase their employment opportunities. But, with the downturn in our economy, many people cannot find gainful employment. Unfortunately, student loans must still be paid, even if you cannot find a job in your chosen field. For many people, the burden of student loan debt can become intolerable.
We are the law firm of David F. Cannon. Based in Nashville, we help people across Tennessee seek debt relief through the bankruptcy process. We routinely speak to people with major student loan obligations.
Generally speaking, student loans are not dischargeable in bankruptcy. We understand that is bad news to those who have taken out five- and even six-figure student loans and do not have the ability to pay. On the other hand, if you are earning an income and have substantial amounts of unpaid student loan debt, Chapter 13 bankruptcy will allow you to reorganize your debt and pay off your past-due loans over a period of years.
Our law firm does follow current legislation. Most years, some members of Congress will propose some legislation that makes it easier to discharge student loans in bankruptcy. To date, none of these proposals are close to being implemented into law.
When Are Student Loans Dischargeable?
Student loans are dischargeable in bankruptcy under a very limited set of circumstances. In order to discharge your student loans, you must show that repaying your student loans creates an undue hardship. In order to prove undue hardship, you must show that you have no likelihood of earning income in the future, or the amount you will earn will not allow you to pay your student loans. You must also show that you have tried to pay your student loans in the past. This is a difficult hurdle to clear. Our attorneys, however, can advise you of your options and whether it is feasible to try to discharge your loans.
Contact a Tennessee Student Loans in Bankruptcy Lawyer at the Law Firm of David F. Cannon
To schedule a confidential appointment with our law firm, please call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
