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Law Office of J. Thomas Black, P.C.

Is Your Student Loan Debt Preventing You From Moving Forward?

J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization

Young people today are taught that if they want to get anywhere in life, they need a college degree. Unfortunately, the cost of a college education continues to rise every year and the amount of student loan debt that children and parents take on can be completely outrageous.

The average student has over $25,000 in student loan debt by the time she graduates from college. When the grace period ends and she receives that first bill, the amount she is going to owe monthly can be quite shocking.

If you have student loans and you're just not able to pay the monthly minimum, a Houston student loan lawyer may be able to help. Student loan debt is nearly impossible to erase, but you do have options.

Bankruptcy and Proving Undue Hardship

Student loans are not generally discharged in bankruptcy cases, but if your student loan debt attorney can prove that you are suffering an undue hardship, there's a chance your debt will be discharged.

Undue hardship can be tough to prove because you are basically telling the court that your financial situation is hopeless and will most likely remain that way for all or most of your repayment period. It can be a blow to a person's ego, but it is important if you truly cannot afford to pay your student loans off.

Many judges will rely on something called the Brunner test to help them decide if you are suffering an undue hardship. The points examined include:

  • Whether if forced to repay the loans, you could maintain a minimal standard of living
  • Whether this situation is going to continue for the rest of the repayment term.
  • .Whether or not you made a good faith effort to repay your loans.
  • Also, some courts consider if there is a "certainty of hopelessness"—which is really the judge predicting whether your efforts to repay your loans would be doomed to fail.

Filing for bankruptcy and proving undue hardship may not be realistic for your student loan debt, depending on your circumstances. But if it is not available to you, there are other options. One common way of easing the burden of student loan debt is to negotiate some kind of payment plan that works with your current income. It is best to consult an experienced Texas student loan debt lawyer who can help you make the right decision.

Contact a Houston Student Loan Debt Lawyer

Texas debt attorney J. Thomas Black has worked for many years to represent clients who are suffering financial hardships. In addition to helping minimize student loan issues, Mr. Black also has many, many years of experience in bankruptcy law and debt settlement.

If you are ready to get your student loan payments under control and take control of your financial future, call Mr. Black at 888-707-1233 today for a free consultation.