Many American students are struggling with student loan debt. Some have switched to an income-driven repayment plan in order to reduce their monthly payment. Others are forced to pause making payments. If you are one of these struggling students, there may be another option. Working with a bankruptcy attorney may allow you to shed off your loan obligations.
How can an attorney help with student loan debts?
A student loan attorney has advanced knowledge regarding all aspects of student loans and will help you deal with complex situations. A student loan attorney will guide you
- When you are facing a dispute with a loan service
- When the loan issued is fraudulent
- When a debt collection agency is harassing you
- When you have been sued in court
- When you are on the verge of bankruptcy
Hiring the services of an attorney when you aren’t aware of your legal options is enormously helpful. Only an attorney will be able to shed light on which solution will work best for your particular situation. In certain cases you may be able to discharge student loans in bankruptcy.
How do I confirm the proficiency of an attorney?
Look for lawyers who are listed in the National Association of Bankruptcy Attorneys. You can also check the American Bar Association. Check if the lawyer:
- Specializes in student loans: Rather than opting for a general practitioner, hire the services of an attorney who specializes in debt relief law as he/she will be more aware of the nuances involved and have experience in handling student loan cases. Even those who specialize in consumer loan debt may not be able to provide good relief options.
- Has experience solving your specific situation: Every loan issue is different and requires different course of action. The lawyer you select must have experience handling similar cases like yours. You can ask them how they dealt with a similar case and what outcome to expect in your case.
How to find affordable lawyers?
After you have shortlisted a few attorneys, inquire about their fee structure. Try to find an attorney who charges flat rates, as hourly rates tend to spiral out of control very quickly. Flat rates are preferable for services like document preparation, reviewing the case, resolving a student loan default, negotiating pre-trial settlement and for pretrial work.
The legal fees may range anywhere from $500 to $1000. Though it may sound like a lot, getting a lawyer to handle your student loan issues is worth it. The right advice can help you save thousands. You’ll also be at peace when you have legal assistance.
Before taking legal action, try to resolve the issue with your loan servicer and discuss repayment alternatives. If you aren’t able to reach an agreement, legal help will prove beneficial.