A study by MagnifyMoney concluded that more than 7 percent of residents in Milwaukee owe more on their student loans than their mortgages, ranking the city number thirteen.
Student loan debt continues to be a crisis now that student loans have surpassed more than $1.3 trillion, second only to mortgages nationwide which is at almost $10 trillion.
Even worse, bankruptcy doesn’t seem to be an option anytime soon and with such a high threshold to qualify student loans for bankruptcies, very few debtors qualify.
Based on my experience, none of my clients have met that standard, but I did represent one teacher that owed approximately $90,000 in student loans. She was in her early fifties. While I qualified her for a chapter 7 bankruptcy, her student loan debt remained.
However, since my client was nearing retirement age, I advised her she could revisit that issue upon retirement since she would have a substantial loss of income.
If you have any doubt concerning refinancing student loans or bankruptcies, consult with an experienced attorney. You should also research numerous states that offer student loan forgiveness programs.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
(904) 712-5565 or (305)-688-LAWS (5297).
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