Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
image description
Giving You Hope For a Debt-Free Future

SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Bankruptcy still a potential support for students in debt

According to the latest statistics, students are in the process of slashing their outstanding debts. However, in South Carolina and elsewhere, many students are still defaulting on their student loans. Given the precarious nature of most students' finances, it may be helpful to look at bankruptcy as a potential way of keeping up on student loan payments: although bankruptcy won't excuse a student debt, it can help to mitigate other forms of debt and free up money to ensure delinquency isn't an issue in loan payments.

In the last twelve years, student loan balances have leapt an incredible 55 percent, forcing many students to take a closer look at their finances. According to a recent study, non-school debt has actually fallen 4 percent as students work to mitigate their additional debts in order to pay off their student loans. However, they aren't as successful in this as they could be, since 34.9 percent of students are more than 90 days behind on their loan payments as of this year.

As cost of living across the nation increases, students are finding it more and more difficult to keep up with day-to-day finances in addition to heavy debt incurred by schooling. Also, many college graduates hoping to enter a job after graduation have seen their hopes let down by a still-struggling job market. And many students are considering increasing those debts further by returning to school for post-graduate degrees.

The solution for many students may inevitably be bankruptcy. While some South Carolina residents may be concerned about the stigma associated with declaring bankruptcy, the benefits for students struggling under accrued debt may outweigh the associated challenges. By eliminating other forms of debt, a bankruptcy filing could allow students to focus their finances and pay down their student debt without defaulting.

Source: Investors.com, "Total Debt Falls, But Student Loan Delinquencies Soar," Jason Ma, May 7, 2013

No Comments

Leave a comment
Comment Information

Contact Us

For more information or to schedule an appointment with an experienced lawyer regarding a bankruptcy filing, please contact us.

image description

COLUMBIA OFFICE
220 Stoneridge Drive,
Suite 301
Columbia, SC 29210
Phone: 803-807-2565
Fax: 803-726-4887
Email | Map & Directions

FLORENCE OFFICE
1807 West Evans Street,
Suite B
Florence, SC 29501
Phone: 843-679-0077
Fax: 843-679-0667
Email | Map & Directions

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

image description

Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
Columbia Law Office Map

Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

Reed office

‚Äč