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Many struggling with student loans and mounting debt seek help

It is a terrible feeling when you have to ignore another phone call because you assume that the unfamiliar number on your phone screen is a debt collector. Some individuals may let their voice mailbox fill up just so that the collectors cannot continue leaving new voicemails. The individual might avoid the mailbox for weeks at a time because the mounting stacks of bills feel overwhelming, and defeating.

This scenario is not uncommon for scores of residents across the state of New Jersey. Unfortunately, feelings of shame and embarrassment are not uncommon for individuals struggling with mounting burdens of debt. First of all, it is crucial to remember that crippling debt can happen to anyone. In fact, it is happening to people all across the country. The good news is there is help, and there is a way out.

There are thousands and thousands of people across the country that cannot get out from under their student loans. While student loans typically cannot be discharged through bankruptcy, the overwhelming payments can mean that an individual is unable to pay other bills, increasing their amount of credit card debt -- and then suddenly the individual is facing debt that seems insurmountable.

Stemming from the significant portion of the population defaulting on student loans, the Consumer Financial Protection Bureau wants more oversight on lenders. Reportedly, they are looking to ensure that nonbank student loan collection companies are treating consumers looking to deal with burdening loans fairly.

For some individuals in New Jersey that cannot get on top of their debt, bankruptcy is a viable option. The word bankruptcy feels very scary for a lot of people, but people do not realize that bankruptcy is a chance at a new beginning. Many individuals will qualify for Chapter 7 bankruptcy. In filing with the assistance of an attorney, an individual can end creditor harassment and foreclosure. Then in just four to five months after filing, an individual can have all of their unsecured debt discharged so that they can proceed confidently in their future free of many of the overwhelming financial burdens of the past.

Source: The Washington Post, "Govt consumer watchdog wants stricter oversight of student lenders as more borrowers default," The Associated Press, March 14, 2013

  • Our firm has experience assisting individuals in New Jersey struggling with circumstances similar to those detailed above. For more information, please refer to our Chapter 7 bankruptcy page.

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