Posted on Friday, February 10th, 2012 at 7:34 pm
According to a new report by the National Association of Consumer Bankruptcy Attorneys, the increasing debt of student loans could be the next bankruptcy crisis, similar to the mortgage fiasco.
Student loan debt now exceeds the total credit card debt, totaling $1 trillion compared to $798 billion. The report urges for a change in bankruptcy laws that will help former students plagued by large debts to have the same chance to have a clean start as people filing for bankruptcy.
Some bankruptcy lawyers believe that student debts should be discharged in bankruptcy proceedings and give people a chance to pay off the debts over a longer period of time.
If you have been struggling with debt and are considering filing for bankruptcy, contact the bankruptcy lawyers of Russell Van Beustring, P.C. by calling 713-973-6650 today.