Student loan debts are at all time highs in the Unites States. Many students that were about to graduate when the economy crashed decided to go back to school for an advanced degree after they couldn't find a job. Now, many of them owe $10,000 or even $100,000.
Students in Houston may be experiencing creditor harassment for their federal loans, like others across the United States, leading them to seek out options for personal bankruptcy. Unfortunately, most student loan debt cannot be discharged in bankruptcy, but other kinds of debt that students may have accumulated might be able to be discharged.
According to a report, there are approximately $67 billion worth of student loans in default. This means people who graduate from college aren't able to find work that allows them to make their student loan payments.
With many people being unable to pay back their high student loan debt, the federal government is hiring creditors that are aggressively pressing people to pay back loans that they can't afford. Some people have gone so far in default on their loans that there default amount is their yearly income.
Those who are being harassed to pay back loans might have to default on other payments such as credit card payments or other loans. Sometimes these other loans might be able to be discharged in a Houston personal bankruptcy. Speaking with an experienced bankruptcy attorney can help you determine what route is best for your financial situation and help you through the legal process.