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South Carolina bankruptcy lawyers see more student debt problems

For decades, Columbia residents have been told that going to college will make it easier to find a better-paying job, but the economic recession and growing costs of higher education are making some people question that. With the average South Carolinian graduating from college with $23,623 and 55 percent of graduates with some form of student debt, many bankruptcy lawyers in South Carolina and across the United States are seeing more people filing for bankruptcy because of student debt.

While bankruptcy provides a necessary way to discharge insurmountable debt, student loans are not typically forgiven when a person files for bankruptcy. Even if college debt can't be forgiven, those people who are struggling to pay all of their outstanding bills may wish to consult a bankruptcy attorney because other forms of debt can and will be discharged. South Carolina residents that owe money on their homes, cars or credit cards may be able to get some relief through bankruptcy.

Recent college graduates are also finding it difficult to find work with the current economic downturn. There are still many people who are unemployed or are underemployed, making it difficult to pay back the tens of thousands of dollars they owe in student loans. And, over the past few years, the unemployment rates for college graduates aged 20 to 24 has grown to 9.1 percent. This is the highest unemployment rate ever recorded for this group.

Sadly, as tuition rates climb, more and more college students will borrow more and more money.

Source: Greenville News, "College debt burden driving more toward bankruptcy," Anna Simon, Feb. 12, 2012

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Reed Law Firm, P.A.
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Florence, SC 29501

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