Fort Walton Bankruptcy Lawyers Explain How Bankruptcy May Benefit Individuals with High-Interest Student Loans

Fort Walton, Fla. – Though many people were able to take a break from paying off federal student loans during the pandemic, others have continued to struggle with their private student loans. Lewis and Jurnovoy, Fort Walton Bankruptcy lawyers, want to inform these individuals that bankruptcy may be an effective option for them.

The Student Borrower Protection Center predicts that roughly $50 billion worth of private student loan debt in the United States is eligible to be taken care of through bankruptcy. In fact, Executive Director Mike Pierce states: "For folks that have lost their jobs during the pandemic that are struggling for money that are still struggling to stay afloat, bankruptcy might be the best option for them. Particularly, if they're already going to file bankruptcy because of medical debt or credit card debt, being able to escape these often very high-interest rate private student loans is a lifesaver."

A large number of the individuals dealing with student loans are aged 30 to 60 years old. Unfortunately, the amounts owed are often so high that the debtors will be paying off their student loans for the rest of their life. This can be a difficult concept to swallow. However, only a small portion of these struggling individuals realize that bankruptcy is an option.

When it comes to making any financial decision, it is always important that a person knows and understands each of their options. Paying for school is no different; it is important that student loan debtees are aware of each of their options, rather than settling to make payments for the rest of their lives. Other than refinancing or filing for bankruptcy, there is a solution out there.

For those who are looking to receive debt relief through bankruptcy, Lewis and Jurnovoy are here to help. They offer free appointments, during which they will assess the financial situation of the individual. As no two cases are the same, Lewis and Jurnovoy work hard to ensure a bright outcome for each and every client. For more information on bankruptcy assistance in Fort Walton or the surrounding areas, call Lewis and Jurnovoy at (850) 863-9110 or visit them online at https://LewisandJurnovoy.com/.