Fargo Student Debt Relief Lawyers
Compassionate Legal Aid to Help You Navigate Your Student Debt
Education is expensive. Unfortunately, many students are left with mounting debt that they must pay off for years into the future. If you are struggling to meet your student loan commitments or are otherwise in a tight space financially, The Dakota Bankruptcy Firm can help you develop a feasible plan out of debt. We will take a compassionate approach to your case, as we understand the strict rules around student loans.
Student Loan Debt Relief Options
There are several options for resolving your student loan debt. The process is not easy, nor is it so easily straightforward, but it is an effective way to help you out of debt.
Some student debt relief options we can help you explore are:
- Filing Chapter 7 bankruptcy. This is an option for debtors who have little income and will require liquidating certain assets to pay back your creditors.
- Filing Chapter 13 bankruptcy. This is for debtors who have enough disposable income to develop a 3-5-year repayment plan, during which you will reorganize your debts and pay back your creditors on a schedule.
One key benefit of filing for bankruptcy to address your student loan debt is that both bankruptcy options above will usher in an “automatic stay,” which prohibits creditors from pursuing collection actions like wage garnishment and foreclosure.
Note that filing for bankruptcy will not resolve all your debts. If successful, bankruptcy will discharge your unsecured debts (e.g., credit card bills, medical bills, personal loans), but it cannot discharge student debt. You will shed some of your debt, but discharging your student debt will require an additional step.
Requesting Student Debt Relief After Bankruptcy
After you’ve completed your bankruptcy case, you can proceed to request student debt relief by filing an adversary proceeding with the bankruptcy court. To build a strong case for relief, however, you have the burden of proving that you are experiencing “undue hardship” due to your student loan debt.
This means demonstrating to the court that:
- Your current financial circumstances are unlikely to get better.
- You have attempted in good faith to pay back your student debt.
- Your current financial circumstances are unable to adequately support you and your dependents.
- Repaying the loan would prevent you from maintaining a minimal standard of living.
- There is evidence that this hardship will continue for a significant length of the loan repayment period.
The court may choose between several outcomes, depending on the success of your case:
- You will be required to repay your loan but with different terms, such as a lower interest rate.
- Your loan may be partially discharged, and you will only be required to repay a portion of your loan.
- Your loan may be fully discharged, and you will not have to repay any of it. All collection activity will also be halted.
Our student debt relief lawyers at The Dakota Bankruptcy Firm can help you evaluate your options and develop a plan unique to your circumstances. We will guide you through the process from beginning to end, from filing for bankruptcy to proving your case in an adversary proceeding. Student loans have a bad reputation for being unforgivable and nondischargeable, but with the right team of attorneys on your side, you can find a path out of debt.
Contact The Dakota Bankruptcy Firm by calling (701) 394-3215 for a free consultation to get started on your student debt relief plan today.
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Why Clients Continue to Choose Our Dedicated Legal Team
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Payment Plans AvailableDo not be discouraged by the costs that are associated with bankruptcy filings. We offer payment plans for your convenience.
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Free ConsultationsGet a free and confidential initial consultation to help us determine if you qualify for bankruptcy.
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One On One Legal AccessWork directly with our founding partner. Mac VerStandig. He will strategically determine which bankruptcy options are best for your unique situation.
Take advantage of a free consultation with our team.