The pursuit of a college education is a goal for many individuals in Ohio and across the nation. However, with the staggering costs of tuition, a similar endeavor has left many struggling to pay back student loans for extended periods. For those who experience substantial financial hardships due to student loans, seeking relief has previously proved challenging, but that could change if the proposed modifications to how student loans are handled in bankruptcy are passed into law.
According to recent studies, more than 40 million Americans carry student loan debts. Those who experience prolonged periods of financial difficulty due to similar debts may also find it nearly impossible to find relief, as discharging student loans in bankruptcy may seem nearly impossible. Under current law, a person must prove that continuing to carry similar financial obligations will lead to undue hardships that lower his or her standard of living substantially.
However, legislators have proposed modifications to the process of determining what is defined as an undue hardship. Substantial amounts of student loan debt can disrupt one’s finances substantially and leave a person facing a seemingly insurmountable financial obstacle. Should these changes be passed into law, more of those who are suffering a lesser quality of life may be eligible to pursue the necessary relief.
Individuals who suffer due to high amounts of student loan debt may wish to pursue financial relief, but they may feel as though their options are limited. For guidance on pursuing relief from debts, a person in Ohio could choose to consult with an attorney with experience in such matters. A bankruptcy attorney can provide a client with information on each available option and assist him or her in forming a strategy to pursue relief through the necessary methods.