With new and good paying jobs in short supply, even with a college degree, it can be difficult to secure a lucrative job. Often, people are taking jobs unrelated to their field of study, just to get some income coming in. Unfortunately, your student loan lender wants their money, based on the promissory note you agreed to, regardless of whether you are employed or not and regardless of how much you may or may not be earning.
Now, it is true that student loans cannot be discharged by filing bankruptcy in Michigan (or elsewhere, for that matter), but we can still help.
How Bankruptcy Can Provide Relief
By filing bankruptcy, we can restructure your repayments to the lending institution. Our bankruptcy lawyers in Royal Oak and Southeastern Michigan work to get half of your school loan on a three to five-year payment plan, with zero interest. This will give you that time to still continue paying off your school loans and allow you to get ahead with your finances. By the time you complete this new restructured payment plan, you’ll have a leg up in getting the rest of it paid.