Monthly Archives: January 2019

Struggling to Pay Your Student Loans? Read this.

It’s true: Most student loan debt cannot be discharged in bankruptcy.  That does not mean that bankruptcy cannot help you if you’re struggling to repay student loans.

In our office, we often see folks struggling to pay their student loans because of other debt (like credit cards or medical bills), because they were out of work for a bit and are also working to catch up mortgage payments, or simply because their student loan payments are too high.

In many cases, we can use bankruptcy to wipe out as much debt as we can, allowing you to focus on paying your student loans or, in some cases, even manage the amount of your monthly student loan payments.

Would you like to explore whether a bankruptcy might help you manage your student loan repayment?  We would be happy to meet with you to discuss your individual case.

Call today to set up your free consultation!

Roanoke: 540-981-9000

Blacksburg: 540-961-2000

Martinsville:  276-632-7000

Why Bankruptcy and not Debt Consolidation or Debt Settlement?

Did you know that debt consolidation and debt settlement programs generally appear the same on your credit report as a bankruptcy?   It is very tempting to sign up for a debt consolidation or debt settlement program over the phone or internet to avoid having to meet with an attorney or file a bankruptcy.  We get that and understand the fear and often, embarrassment, of coming to see us. There is no judgment in this office. Our goal daily is to help folks in SW Virginia recover from debt.

In evaluating whether to consider bankruptcy or a voluntarily program, you need to understand that creditors don’t have to participate in the consolidation/settlement program you choose over the internet. We see folks almost every day who have tried debt consolidation/settlement programs, but one or two creditors continue to collect and eventually sue them.  These folks have wasted thousands of dollars on a program, and are then still having to file bankruptcy.  Our laws provide a SAFE, LEGAL option to 100% stop collections with the filing of a bankruptcy.  In a bankruptcy, the creditor cannot “opt out” just because it wants to do so.  A law called the automatic stay means creditors legally MUST cease collections or they will be sanctioned by the court. Did you know that a number of historical figures such as Abraham Lincoln, Ulysses Grant, and Thomas Jefferson filed bankruptcy?  Our founding fathers knew that Americans sometimes need a second chance and made certain to pass laws to provide that.

There are folks for whom a debt consolidation or settlement may be best, but please evaluate your options (including a consultation with us for bankruptcy) to make sure you are getting the clear facts on the benefits and risks of the different options. If bankruptcy is not best for you, we will absolutely advise you of that.

Call today to set up your free consultation!

Roanoke: 540-981-9000

Blacksburg: 540-961-2000

Martinsville:  276-632-7000