College students, especially those at the University of Colorado at Colorado Springs, have it difficult these days because they are thrust into debt with job prospects looking bleak.
The cost of higher education in this country has continued to rise, even as more and more students are seeking education after high school than decades earlier. And because of the recession, there are fewer jobs available for students while they're in school and after they graduate.
But filing for bankruptcy in Colorado Springs may be an option worth exploring for some students. While bankruptcy laws currently don't allow for student loans to be discharged during bankruptcy proceedings -- though some lawmakers are trying to change that -- it can allow students the financial freedom to pay off those loans. Our Colorado Springs bankruptcy lawyersrecognize that bankruptcy is a big step and one that shouldn't be taken lightly, but there are some advantages.
For one, let's look at the recent program put into place by the Obama administration that allows students to make income-based payments and if income changes, they can modify the loans. After two decades, the balance of the loan can be forgiven.
As a recent USA Today article points out, this program doesn't do anything for students who have private loans, only those who have federal-backed loans. And experts say that private lenders aren't nearly as forgiving as federal lenders. Sources quoted in the article state that they are rarely able to get a loan modification or any type of help for people who are struggling with debt.
This is where bankruptcy may be a strong option. While it may be difficult to get the actual student loan debt discharged through bankruptcy, all other unsecured loan debt likely can be wiped clean. This would then allow the student, or recent graduate, to cancel making payments on other loans, which frees them up to continue making payments on their college loans.
In some rare cases, a Colorado Springs bankruptcy lawyer may be able to find a way for those student loans to be discharged, but it depends on special circumstances. Either way, this can be an option to consider, especially if finding a job proves difficult and debt stacks up.
If you are struggling with debt and need to speak with an experienced Colorado Springs bankruptcy lawyer, contact attorney Stephen H. Swift at 866-893-2440 or 719-359-8179 for a free initial consultation.
"My attorney (Matthew Hansen) is a very kind person. I felt very confident in his skills. He is very knowledgeable and efficient. He didn't make me feel embarrassed to be filing for bankruptcy. Thank you Matthew! Laura was very friendly, and everyone I interacted with was very nice and helpful as well."
– Sherry M., Colorado Springs, CO
"Steve explained things well so you know what you're doing. The staff was very helpful with everything, including the paperwork."
– Raymond & Rhonda P., Colorado Springs, CO
"From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!
I rate my overall experience a 12!! And I wouldn't change a thing on the website.
Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!! Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
– Pete, Colorado Springs, CO
"Upon my first visit to the office, I was in an unfamiliar part of town. I was also bewildered and experiencing anxiety. I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall. The first person I met in the office was the lovely receptionist. I have to say that she has the absolutely right demeanor and is extremely successful in her position. She has a slight but comforting smile and persona. She is confident but not arrogant in processing the needs of clients. I do not feel that this is a small achievement in any way. I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients. She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."
- John C., Colorado Springs, CO
"Upon entering Steve's office, one immediately knows they have entered his "zone". Steve will talk, think, contemplate, then act. He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer. Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out. There is definitely a team here that is in sync. There may be a question out of the blue suddenly or a brief conversation about something else. The whole time, Steve is on point. I felt from day one, a trustworthy confidence in placing my future in his hands. I was not wrong. I also never once felt rushed, brushed off or that my concerns were not his. I felt that Steve is in this for me and his clients. I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain."
– John C., Colorado Springs, CO
"Thank you to everyone who worked on my case. My driving priviledges are now restored and I have a fresh start. I am very grateful to the Swift Law Firm! Everyone was very kind and helpful and easy to talk to.
Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!
Matt Hansen is a good man, very helpful, gives good advice AND he is willing to go the extra mile. Steve Swift is a man of action who knows his profession. He lifted a heavy burden, and I cannot thank him enough for an excellent job!"
- Henry R., Colorado Springs, CO