Vance P. Truman, Attorney at Law
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What can you do when your student debt is too much to handle?

If you are buried under a lot of student debt, it is easy to think that a bankruptcy might be your way out of it. However, it is important to understand that bankruptcy filings can't fix everything. And in this case, bankruptcies are nearly impossible to utilize as a way to address your student debt. There have to be extreme circumstances for a student loan to be forgiven, and they usually involve the death of the debtor or a disability that dramatically affects their ability to work.

In other words, you shouldn't count on a bankruptcy to clear your student debt. It could happen, mind you -- but it is very rare. Instead, there are other ways to address your student debt and help you get back on the right financial track.

You can use debt repayment options to address your student loans. For example, forbearance or deferment programs could be utilized to help you delay paying for awhile. You could also discuss a repayment plan or structure your loan with your loan company.

But it is important to remember that these are tricky, murky waters that you will tread. These deals, restructuring plans and debt consolidation tactics aren't always the best option for you -- just as bankruptcy isn't always the best option.

Before you make any major financial move, you will want to talk to trusted advisers and legal representatives to ensure you are going about the process in the right way, as well as to learn if whatever options is on the table is the right one for you.

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