Student loan over-indebtedness has adverse consequences equally as devastating as the financial challenges caused by the COVID 19 pandemic. “High levels of post-secondary education debt correlates with lower earnings, lower rates of homeownership, fewer automobile purchases, higher household financial distress, and delayed marriage and family formation among other ripple effects.” (Recent statement by the American Bankruptcy Institute to Congress.)
Right now, student loans are considered a “priority debt.” A priority debt is one that the legislature considers too important to automatically zero out (a.k.a. discharge) in bankruptcy. However, our firm has been working with our clients to discharge student loan debts. It’s a more complicated process, but well worth the effort. If you have student loan debt that you want to have discharged, call the Law Offices of Adele Schneidereit!