Of all the debts that just plain, well – sucks , it’s student loan debt. I had it, some of my friends still have it, and other just conveniently “forget about it.” At the end of the day, like death and taxes, your student loan debt is like a “bad penny” – it keeps turning up! I paid off my small fortune of debt – $125,000 worth of student loans about year ago, after 23 years of hell and interest. There is a lot of debate on what to do. I mean what good does it do for a society when a student leaves college and ends up paying down massive debt rather than building equity in his or her life. There has got to be some compromise. In bankruptcy, you cannot get rid of your student debt – except in the cases of “undue hardship.” So that means that you better be dying before you ask a judge to discharge your student loan debt obligation. Here is a great article on the problems facing a college student and why Congress needs to fix this – now.
Bennett Cunningham is a Bankruptcy Attorney licensed in Texas and is a former Investigative Reporter for the CBS Television Station in Dallas. Mr. Cunningham has garnered 7 Regional Emmy Awards, including the Best Investigative Reporter in Texas 2 years in a row, as well as several National Awards for his exposés into the mismanagement of taxpayer dollars and government waste. Mr. Cunningham is also admitted to practice in the US Bankruptcy Court for the Northern District of Texas and the US Bankruptcy Court for the Eastern District of Texas. He is a member of the National Association of Consumer Bankruptcy Attorney’s, American Bar Association, American Bankruptcy Institute and the Dallas Bar Association.
This blog is not meant to give you legal advice. If you need to seek legal advice, you should consult a licensed attorney in your jurisdiction.