I am simply linking to an excellent post written by James Michel of the San Francisco Bankruptcy Blog. He makes very strong arguments that Congress and President Obama should amend the Code to make student loans easier to discharge. HERE
is the post.
You know it is very interesting how students’ loans have gotten out of hand. I recently saw an interview with an attorney who suggested that attending college these days is not a financially wise decision due to the fact that the loans can now exceed $200,000. I must say, I don't agree with that statement but I can certainly see how one could make the argument.
Many people who invested in so much money to put up a business is just as hard as them thinking of the fact that someday, if the business fails, they might end up being bankrupt. Just like some businesses now a days, such as Kodak, a long time maker of films in still and motion, has announced that they borrowed millions and billions of dollars to try staying in the spotlight. The world is in the process change and to be able to have ourselves and our businesses adjust with this process is a financial planner who can balance everything in hand.
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I agree that people who have obtained student loans in the past are having difficulties paying them. This is slowly becoming a burden that affects the entire family. Filing a bankruptcy is helpful but you need to ask a help from a lawyer to ensure that everything's valid. By the way, Obama just proposed a law to lower the interest rates from 15% to 10 %. That's a big saving.
You can hire a lawyer to help you out with the possible case. However, Obama just recently rolled out the discounts to be given to citizens who have obtained student loans. So if you think that you can already pay your debts, then it's better to pay it. After all, you have used the money for schooling.
Student loans can help a lot of people who want to study college. However, this kind of loan may lead to excessive debts. If you think this debt is giving you more burdens, then you can file for bankruptcy to aid you with your finances.
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One of the major aspects to consider in choosing a college major is budget. However, student loans may not be the best choice to make for both parents and students. Some graduates tend to suffer from paying their prolonged debt.
I am also wondering why student loans are not yet dischargeable during bankruptcy. It is one of the biggest debts that a person incurs in a lifetime.
Student loans are helpful but may also put an individual in the quicksand of debts. So, if the parents have the job and stable income, they may opt to apply for Online Payday Loans. It's faster and more convenient.
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