Pensacola Chapter 7 Lawyers Discuss Possibility of Bankruptcy for Those With High-Interest Student Loans
Pensacola, Florida – Although many debtors benefited from a pause in federal student loan payments during the pandemic, some people who have private student loans continued to struggle with payments throughout the pandemic. Pensacola Chapter 7 Lawyers, Lewis and Jurnovoy, want to encourage these people by reminding them that there is always a solution. For some, the best solution may be to file for bankruptcy.
The Student Borrower Protection Center estimates that approximately $50 billion in private student debt in the United States can be forgiven through bankruptcy. However, many student debtors do not realize that bankruptcy is an option.
Mike Pierce, executive director of the Student Borrower Protection Center, says, “For people who lost their jobs during the pandemic, who are struggling for money and still struggling to stay afloat, bankruptcy might be the best option for them. In particular, if they are already on the verge of bankruptcy due to medical debt or credit card debt, being able to escape these often very high interest private student loans is a lifesaver. rescue.
Since many student debtors are in their 30s and 60s, it can be easy for a debtor to look at their situation and become discouraged, assuming they will be making payments for the rest of their life. Lewis and Jurnovoy urge individuals in this circumstance to resist discouragement; it’s important to move on and explore all available options, rather than just being in debt forever. Whether the best option is to refinance, file for bankruptcy or change careers, there is always a solution!
Lewis and Jurnovoy are experienced debt relief lawyers in Pensacola, FL. For those considering filing for bankruptcy, Lewis and Jurnovoy offer free appointments, during which they will review and assess the individual’s financial situation. They strive to help each of their clients get through the bankruptcy process as quickly and easily as possible. For more information about bankruptcy assistance in or around Pensacola, call Lewis and Jurnovoy at (850) 409-3350 or visit them online atwww.LewisandJurnovoy.com.
For more information about Lewis & Jurnovoy, PA Pensacola, contact the company here:
Lewis & Jurnovoy, Pennsylvania Pensacola
1100 North Palafox Street
Pensacola, Florida 32501