West Palm Beach Student Loan Forgiveness Attorney
Student loan debt often follows a person for decades after they have completed their degree program. Many people find they owe more money now than when they first took out their loan due to crippling interest charges. At the same time, getting rid of student loan debt is no easy task, even if you file for bankruptcy.
But that does not mean there are no options when it comes to dealing with seemingly insurmountable student loan debt. A qualified West Palm Beach student loan forgiveness attorney can review your case and advise you of your options. At Kelley Kaplan & Eller, our team has helped many Florida debtors come up with a plan for dealing with a situation where they are unable to continue repaying their student loans.
Knowing Your Options for Seeking Loan Forgiveness
Contrary to what you may have heard elsewhere, it is possible to discharge a student loan in bankruptcy. A discharge does not actually eliminate the debt. Rather, it simply releases you from your legal obligation to repay the creditor. The creditor also cannot take any further action to collect or enforce a debt that has been properly discharged.
With something like credit card debt, obtaining a discharge is fairly simple. But student loan debt is a different beast altogether. Generally speaking, you must prove to the bankruptcy court that requiring you to continue making payments on a federally backed student loan will create an “undue hardship.” Most bankruptcy courts rely on what is known as the Brunner test to make that determination. The Brunner test looks at three factors:
- Can the debtor maintain a minimum standard of living for themselves and their family if the student loan debt is not forgiven?
- Is the debtor’s current financial situation likely to change during the period of repayment for the student loan?
- Has the debtor tried to get out of paying their student loans and have they made a good-faith effort to repay them up to this point?
The Brunner test is not easy to “pass” with many judges. That is why it is important to work with a student loan forgiveness attorney who has experience in handling these cases. While there is no guarantee of success, your odds can improve substantially if you know what the court is looking for.
Beyond seeking forgiveness of student loans through bankruptcy, it may also be possible to obtain relief from other sources. Indeed, there are a number of state and federal programs designed to help people in certain professions. For example, the national Teacher Loan Forgiveness Program can provide up to $17,500 in loan forgiveness if you teach full-time for five complete and consecutive academic years. And the State of Florida offers loan repayments of up to $4,000 for four years for individuals who work full-time as a licensed nurse in Florida.
Contact Kelley Kaplan & Eller Today
So as you can see, there are many potential legal options for addressing your unpaid student loan debt. It is therefore in your best interest to speak with a West Palm Beach student loan forgiveness attorney who can review your situation and help you decide what steps to take next. Contact Kelley Kaplan & Eller today to schedule a consultation.