student loans

Norwalk, CT Attorneys Help Students Pay Back Loans without Drowning in Debt

Pursuing an education is an integral part of the American Dream. Getting a college degree in order to seek knowledge and fulfill one’s dreams is the right of every American citizen, and people come from all over the world desiring to pursue this freedom. However, the cost of this dream can be steep. Most students have to obtain loans in order to fulfill their desire for a college degree, and, unfortunately, due to the recession, the bleak job market, and high interest rates, most of these young people are struggling to pay them back.

Bankruptcy can allow people to wipe their financial slate clean when they are facing mounting bills, overwhelming payments, or steep mortgage installments that can no longer be paid – but it doesn’t always easily provide relief for those with large amounts of student loan debt. There are two major student loans: federal loans that are backed by the federal government, or private loans that are backed by for-profit banks. Private and government-issued or -protected loans have usually been non-dischargeable in bankruptcy proceedings. However, there are options. If student loans are weighing you down, contact the Bridgeport Bankruptcy Law Firm of Mark M. Kratter, LLC to help you figure out the process and begin anew.

Credit card debt is often a common problem for Connecticut residents and others across the country. Many may have trouble saving enough money each month to build up a savings account because of other required bills that must be paid. Whether someone has a mortgage, credit card debt or even student loans to pay, many end up sacrificing their savings by the end of their pay cycle; potentially placing them into a jam if they're living paycheck to paycheck and have an unexpected circumstance occur.

Credit card debt can be a source of stress for Connecticut college students, but sometimes such debt is one of the only ways someone feels they can afford all the pressures of college. With tuition, books, dormitory and other costs, parents may find they are unable to afford everything their child needs. This is where some college students turn to using credit as a way to fund any additional expenses, often times resulting in high credit card debt.

Many Connecticut residents may know firsthand the stress associated with a large debt burden. Indeed, it may feel overwhelming, if not paralyzing. Fortunately, though, U.S. federal law allows for debtors to escape from their debt burden by filing for bankruptcy.