Corona Virus Update:

Our offices are open and ready to serve. However, we are practicing social distancing by implementing easy to use video conferencing software and phone calls. Your health and your case is our firm's primary concern. Contact us we'll walk you through it.

St. Louis Chapter 13 Bankruptcy Attorney: What to Do About Student Loans?

As a St. Louis Chapter 13 bankruptcy attorney, more and more clients are coming in with student loan obligations they cannot pay back. College tuition is rising but job prospects for new graduates are very bleak causing student loan obligations to be untenable. Many people come in thinking these loans can be discharged in bankruptcy. Unfortunately, this type of debt is not dischargeable and cannot be wiped away through Chapter 7 bankruptcy. A Chapter 13 bankruptcy, however, will give a person some time to get caught up on their loans and give a person some breathing room that can help get their life back on track.

While this debt cannot be discharged like other forms of debt (credit card debt, for example), a St. Louis Chapter 13 bankruptcy attorney can still provide some help to consumers looking to make a fresh start. Some of the positives include:

  • Automatic stay, stopping student loan collectors from harassing you
  • Delay payments, which will allow you to save up money during this time
  • Reduced monthly payments, which will allow you to make more manageable payments

At the end of your Chapter 13 bankruptcy plan, you will then resume making payments as usual. But since these bankruptcies can last up to five years, you will have time to save up money and get your finances in order before making full payments again.

If you have found that student loans are becoming too much to handle, contact a St. Louis Chapter 13 bankruptcy attorney at The Westbrook Law Group. Together, we will work to give you the stress relief that a fresh start brings. We will develop a Chapter 13 plan that allows you to make good on your debts while allowing you to live freely without harassment. For a free consultation, contact our office right away.