Do you feel worried about the growing mountain of student loan debt and interest you have? Are you behind on your payments, and are you being harassed regularly by a collection agency? Dealing with debt can be a stressful situation. Let us help. At the Liviakis Law Firm, we offer legal aid to individuals with student loan debt.
Dealing with Debt CollectorsIt can feel like you’re swimming in a shark tank when you have debt collectors hounding you day and night. It is perfectly legal for a collection agency to make vigorous efforts to collect money. It is not legal, however, for debt collectors to practice abusive and unethical methods of debt collection. To have your legal rights protected, it is important to understand what they are. If you are being illegally harassed, or are being sued by a collection agency, we can provide you with excellent legal representation. We’ll give your case the justice it deserves.
Debt Relief ProgramsThere are many debt relief programs available if you are not making enough money to pay back the debt. One option is a loan discharge. If you qualify, you are no longer legally obligated to pay back the student loans you owe. This option is only available in certain situations. An attorney can help you see if you qualify.
Another option includes a deferment program. This is a great option if you are not yet behind on your payments. A deferment is a period of time in which any repayment of the principal and interest of your loan is temporarily delayed. If you don’t qualify for a deferment, but still can’t meet your payments, forbearance is another option. With forbearance, you can stop making your payments, or have the payments reduced for up to 12 months. Interest will still accrue during this time.
The last option available is bankruptcy. It is difficult to have all student loans erased with bankruptcy, but not impossible. If your financial situation is extremely drastic, this may be a good option. Chapter 13 bankruptcy benefits those with student loans because it reduces monthly payments down to an affordable level based on the debtor's income. It is recommended to seek legal advice before proceeding.