Bankruptcy law firm

Anyone considering bankruptcy as a solution to financial problems is obviously struggling to pay monthly bills. With this in mind, why in the world would you want to add to this burden by hiring an expensive attorney to assist in the process of filing for bankruptcy? Well, there are some good reasons to hire a lawyer. Also, you should consider specifically hiring one of the bankruptcy law firms to handle your case because they have the expertise to do so.


A bankruptcy law firm handles all manner of questions surrounding the nature of financial law. One of the most common questions people have concerns student loans. It's a piece of common wisdom that filing for bankruptcy does nothing to get rid of the burden of student loans. This is not altogether true, though. While it is much more difficult to get the loans discharged, it is not impossible. In order to determine what category you fall into, it's helpful to know the history of the law and how the changes affect your situation.

Student loans present an incredible burden for the newly graduated. So great are these burdens, that starting back in the 70s, students began trying to get them discharged immediately after graduating from college. Though this would mean a black mark on their credit for several years, it was the lesser of two evils when it came to getting a good head start in life. This method of getting rid of the burden became so popular that the laws had to be changed eventually. This happened throughout the years, but the biggest changes came in the late 90s.

As any bankruptcy law firm can tell you, the requirements for getting rid of student loans today are much different and make it much more difficult to do. The court has to be convinced that if you were to have to pay back the loan in full, it would create an undue hardship on either you or your dependents. Of course, paying back any loan is a hardship. This is why criteria were put into place to help determine if a graduate met these qualifications. A person must meet all three of the specified criteria to have a chance of discharging the loan. These include discovering if paying back the loan would prevent you from sustaining a minimal standard of living, discerning if it would be difficult to maintain this standard throughout the entire period of repayment, and finding out if you tried to repay the loan before filing for bankruptcy. As a second half of that third criteria, the court will need to know if you have been repaying the loan for the last five years.

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