This page was written, edited, reviewed & approved by Emil J. Fleysher following our comprehensive editorial guidelines. Emil J. Fleysher, the Founding Partner, has 15+ years of legal experience as a bankruptcy attorney. Our last modified date shows when this page was last reviewed.
With student loan debt now topping U.S. credit card debt and few or no options available for distressed borrowers, America faces the very real possibility of another major economic threat. The threat that is on a par with the devastating home mortgage crisis. As bankruptcy attorneys, we have seen an increase in the last three-four years. That is an increase of potential bankruptcy clients with student loan debt. Further, few student loan debtors are seen as having any chance of obtaining a discharge as a result of undue hardship.
College seniors who graduated with student loans in 2010 owed an average of five percent. This is more in comparison to graduates from the previous year. Borrowing has grown far more quickly for those in the 35-49 age group; with school debt burden increasing by 47 percent. Loans to parents for college education of children have also grown; seeing an increase of 75 percent since the 2005-2006 academic year.
With the limited availability of student loan discharge, there is a big problem barring a fresh start for clients. Student loan debt collections have also become more aggressive in the last 18 months. And, debts more than 15 years old are still in pursuit. Unless the bankruptcy code is changed to allow student loan discharge, bankruptcy attorneys will continue to be able to offer little help to these struggling borrowers.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives; please feel free to call my office at 954-484-9987. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
Emil specializes in consumer bankruptcy, debt settlement, and mortgage modification, offering a holistic approach to solving mortgage and debt problems. Emil listens to clients, understands their circumstances and goals, and helps them make the right choices by presenting all options and contingencies.
He is dedicated to helping South Floridians regain their financial freedom from overwhelming debt caused by high interest credit cards, bad mortgage loans, and uninsured medical expenses.
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