Student Loan Bankruptcy

DURBIN LEGISLATION TO ALLOW STUDENT LOAN BANKRUPTCY

Dick Durbin has proposed legislation that will allow for the discharge of student debt in bankruptcy.For most young people, the prospect of graduating from college saddled by debt and unable to find a job is a daunting and real one. Student loan debt has grown to be greater than credit card debt. It represents a tidal wave of default that is threatening to engulf the economy. Durbin’s bill is seen as a way to deal with that impending reality.Interestingly, this legislation is seen as being a boon to senior citizens. Americans 60 and older still owe about $36 billion in student loans. More than ten percent of those loans are currently delinquent. As a result, it is not uncommon for retirement to be garnished, impoverishing those on fixed incomes. Credit collection agencies have also been known to harass borrowers in their 80’s over student loans that are decades old.The Rosenberg Law Group, PLLC is committed to assisting consumers deal with their personal debt. We offer affordable chapter 7 bankruptcy filings as well as low cost chapter 13 filings.

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