Mortgage debt, medical debt, student loan debt -- these are the kinds of debt that people are willing to talk about. These debts hit Tennesseans from almost every walk of life. But there is another and more common example -- credit card debt. Yet a recent survey suggests that Americans are less likely to mention their credit card debt woes in casual conversation. Why?
People from all walks of life end up needing debt relief, but a recent article focuses on women whose debt problems have spiraled out of control for a variety of reasons, not the least of which is student loan debt.
For many Tennessee residents with overwhelming debt, student loans may be a contributing factor. As college tuition continues to rise, an increasing number of people are faced with the challenge of paying off overwhelming amounts of student loans. In addition, with the job market still in a state of recovery, securing a job with an income that can make student loan payments can be difficult.
Generally, whether you are filing Chapter 7 or Chapter 13 bankruptcy, you are unable to discharge debts to the government, including taxes, court judgments and student loans. In a rare case, a bankruptcy judge wiped out $56,299 of student loan debt. The debt was an accumulation of interest and penalties on an original $16,900 loan a woman took out for an education she never completed.