Hi, I’m St. Louis bankruptcy attorney Frank
Ledbetter. I’ve been a St. Louis bankruptcy lawyer since 2003, and I’ve helped thousands
of clients obtain debt relief through bankruptcy. Many Americans are painfully aware of how
much college tuition rates have skyrocketed in recent years. Tuition rates continue to
increase to a degree far in excess of the inflation rate. A professional degree such as a law degree,
medical degree, or dental degree is often still an excellent investment., Other degrees,
however, are sometimes not a good investment. The job markets are flooded with college graduates
and some high paying jobs such as sales jobs may require no college degree. Also, many small business people succeed very
well without a college degree. My advice for those contemplating incurring student loan
debt is to carefully evaluate the expected return on investment before signing for student
loan debt. Why? Well… since October 17, 2005 no student
loan debt may be discharged in bankruptcy unless the client shows he or she would suffer
“undue hardship” if not granted a discharge of the student loan debt. The bankruptcy client would need to file a
separate proceeding within the bankruptcy case to have any chance at discharging the
debt. The courts have generally determined that
the Undue Hardship Test is not met unless the person has developed a disability after
the student loan debt was incurred which completely prevents the client from practicing the trade
or profession the client took out the student loans to prepare for… or the client is of
advanced age, that is beyond the normal retirement age, and owes a substantial amount of student
loan debt. A Chapter 7 client of mine a few years ago
was able to discharge over $100,000 in student loan debt taken out for a professional degree
program she had entered after she had retired from her first career while in her mid-50s.
This client was able to meet the undue hardship test although she wasn’t disabled and to
obtain a discharge of her student loan debt, but she was over 65 years old, owed over $100,000
in student loan debt, and had been unable to obtain professional licensure related to
the educational program she had taken out the student loan debt for. I see many clients who took out student loan
debt, which I would not have advised them to take out, who will be unable to discharge
these debts in bankruptcy even though they can’t reasonably afford to repay them. Education
is great, but there are often less expensive alternatives than the most highly ranked program
a person is able to attend. As an attorney who has had clients saddled
with enormous student loan debts, I would advise you to choose an economical option
for obtaining necessary education, and be very careful about signing for student loan
debt because it’s very unlikely you would be able to discharge any student loan debts
in bankruptcy. If you live in Missouri… like Jefferson
County, Franklin County, St. Charles County, or anywhere near St. Louis and are considering
filing for Chapter 7 or Chapter 13 bankruptcy, I want you to have my FREE SPECIAL REPORT
at no charge. It reveals tips and strategies good people who’ve suffered through tough
times can use to turn things around. Just visit StLouisBankruptcyAttorneyHelp.com to
get your own copy sent to you right away. As an additional bonus, I would be glad to
meet with you for a no cost, no commitment consultation to help you explore your options
so that you may determine which debt relief options are best for you.