There are some alternatives for private student loans that aren’t available for federal student loans. Private student loans aren’t eligible for forgiveness programs. However, negotiation on a lump sum settlement, reduction of principal and affordable payments, or bankruptcy may be one’s only options for private student loan default options. Undue hardship can be filed for under a Chapter 7 or Chapter 13 bankruptcy, which may allow private student loan debt to be discharged. Also, in bankruptcy some student loans are not “true” student loans and can be discharged just like credit card debt. This is a unique situation, though. Our student loan attorneys at Hoverson Law Offices, P.A., can give you more information.
Resolving Private Student Loan Trouble
It’s easier to resolve these issues after a creditor brings forth a lawsuit because you now have access to legal rights under the law. This also means that the creditors have the burden of proving your debt, which takes time. In many private student loan lawsuits, the statute of limitations has expired, the creditor can’t prove the debt or merely doesn’t have enough evidence to support the balance. All of these defenses can be used by our experienced private student loan default attorney to help you.
Schedule a Free Legal Consultation to Discuss Private Student Loan Default Relief Options
To determine if you’re eligible for debt-relief options, contact our legal team at Hoverson Law Offices, P.A., today. Our team of legal experts can review your case thoroughly and can answer your questions about your finances. We have over 30 years of experience helping individuals to solve their financial problems. To learn more about debt relief options and to schedule a free debt evaluation and consultation at our Minneapolis law office today, call 612-349-2728.