If you are dealing with some sort of student loan debt, you should consider getting professional legal advice from a student loan debt lawyer. Student loan debt lawyers have an in depth knowledge of student loans, and the ins and outs of the laws and regulations surrounding them. They can also offer much needed advice for hard economic times. A student loan debt lawyer can defend you in court whether you are being sued by your original loan servicer, your creditor, or an outside debt collection agency.
Student loan debt lawyers are well versed at representing people who are having difficulty paying back their student loans. Most student loans are based on a contract that is signed by the student borrowers and the college or university that they attended. This contract often states that the student borrower is liable for any amount that he or she fails to repay. In certain instances, the failure to repay can lead to severe consequences, including loss of credits. Students who find themselves unable to make payment arrangements can end up in collections agencies that will pursue all measures available under federal law to retrieve payments. As such, it is vital to seek legal counsel when dealing with student loans.
The first step to hiring a student loan debt lawyer is to determine whether or not your college or university will allow them to practice before a judge. Many schools do not permit attorneys to practice before this court, due to concerns that such representation may not be in the best interest of the students or the school itself. If you are unsure as to whether or not your school will allow attorneys to practice before this authority, contact a student loan debt lawyer instead. They will be able to tell you if your school allows legal representation before a judge. You may also want to do your research online, so that you can get an accurate assessment of your rights and what your legal options may be. This is an important step when considering any type of student loan debt help.
When considering your options after graduation, you should also keep in mind that filing for bankruptcy is not always an option. For many students, student loans are probably more important than filing for bankruptcy because these loans carry a lower interest rate and a longer repayment period. If you have become seriously entangled in student loan debt, however, you may feel that bankruptcy is the only solution. It is important, however, to understand that filing for bankruptcy can have other negative effects. Therefore, you should certainly speak with a student loan debt lawyer before making a final decision on bankruptcy.
Bankruptcy does have its positives, though. If you are no longer able to pay your student loans on time, the discharge student loans law allows you to be completely rid of your debt without paying taxes on the relief that you receive. This is a very big plus, especially if you don’t have any other legal options. The attorney will discuss all of your options with you and advise you on which may be best for you. (The attorney may even suggest that you see a bankruptcy lawyer, if that would be an advisable step.) In this way, the attorney provides legal advice, not as a means of getting you out of debt, but as a way of helping you through the process so that you can make the best financial decision.
Because bankruptcy is a legal process, the lender will likely engage the services of an attorney or collection agency to represent him. Although you will no longer be responsible for your student loan debt, the lender may wish to retain an attorney or collection agency to collect payment from you. (This is usually a requirement in the loan agreement, and you will need to know about it when you sign.) If you have a good relationship with your lender and if you have other lenders who wish to collect on your delinquent payments, it may be in your best interest to seek the counsel of a student loan debt lawyer to prevent such issues from becoming serious.
