William H. Oliver, Jr. & Associates

Se Habla Espanol

Free Initial Consultation

Local 732-988-1500
Menu / Navigate View Our Practice Areas

Fewer bankruptcies aren't necessarily sign of good times

After about a decade of bad news regarding the economy, it is tempting to grab onto pieces of information that might mean there is good news for a change. One bit of information that sounds promising at first listen is that personal bankruptcy filings are down.

Yay for the U.S.A, right? Maybe. But that isn't necessarily the whole story. A law professor looks at the bankruptcy report and warns that fewer bankruptcy filings could simply be a sign that it is a different kind of debt that is getting people in trouble these days -- debt that can't be discharged through bankruptcy.

The dilemma of student loan debt has become a hot topic of economic conversation in the past several years. With a tough job market, men and women have tended to see going back to college as a wise professional and financial decision, even if it means borrowing money to do so.

When the right-paying job doesn't appear after graduation, the reality of student loan debt creeps up on the unemployed or underemployed. For some of those graduates, their degrees don't save them from financial struggle. And the help that they might think to turn to -- filing for bankruptcy -- often can't save them either. Unlike credit card debt, medical bills, mortgage loans and some other kinds of debts, school debt is generally not forgiven through bankruptcy.

It is a complicated and sensitive legal matter. Seeking debt relief through bankruptcy isn't just a legal process for the consumers going through it; it is a matter of being able to move on with their lives, protect their families and pave the way for a more secure future. Student loan debt can complicate that fresh start, but a bankruptcy lawyer can discuss someone's specific situation to evaluate whether there might be some form of relief to work toward.

Marketplace, "Bankruptcy filings are plummeting," Annie Baxter, Nov. 5, 2013

No Comments

Leave a comment
Comment Information

Get Help Now

Bold labels are required.

Please note that First AND/OR Last Name, and Email AND/OR Phone are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

FindLaw Network

At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.