Tennessee Lawyer Takes on Concerns Involving Student Loan Debt

Knoxville attorney advises on loan forgiveness and other solutions

Higher education is a worthwhile investment, but it is often also a very costly endeavor. Millions of young Americans use student loans to help pay their tuition, but after graduation, circumstances can make repayment very tough. Though these obligations cannot be discharged during a standard Chapter 7 bankruptcy, my Knoxville firm, William E. Maddox, Jr. LLC, Attorney at Law, offers knowledgeable counsel on ways to relieve the financial burden posed by education debt. Drawing on more than 25 years of legal experience, I can work with your lenders and help you avoid the additional fees and other penalties associated with default.

Firm uses a variety of methods to relieve the burden of education debt

As an educational hub, Knoxville offers tremendous opportunities to young people throughout Tennessee and from all over the world. Whether you’re just out of college or are still dealing with a commitment you made long ago, my firm will give you the information you need on subjects such as:

• Bankruptcy and the “undue” standard — Though bankruptcy is an effective means of discharging some types of debt, student loan obligations are typically excluded from this type of relief. To eliminate educational debt, someone who files for bankruptcy must demonstrate that repayment would cause them undue hardship. This is a difficult standard to meet and requires much more than mere financial inconvenience. Someone who seeks to qualify under this provision has to show that they would not be able to maintain a “minimal standard of living” for a significant period of time. If you have made good-faith efforts to pay back your student loan and believe you might be eligible to cancel your debt in this way, I will review your circumstances and advise you if this is feasible.
• Forgiveness programs offered by federal government — Teachers, military veterans and individuals working in public service might be able to have their loan amounts reduced or forgiven. My firm can analyze if applying for a federal government program is a worthwhile way to reduce what you owe.
• Negotiation with your lending institution — Many people pay back their student loans over many years, or even decades. In that time, job changes and other events can affect a borrower’s ability to fulfill their obligation. Accordingly, many financial institutions are flexible when it comes to revising loan terms and offering forbearance during tough times. When you reach out to my firm, I will outline your options and can negotiate with your provider to adjust your loan so that the terms are more compatible with your present circumstances.

No matter what your balance or income might be, my firm offers compassionate, effective guidance so that you can manage your education debt and avoid harassing messages from your servicer.

Contact a Knoxville lawyer to set up a free consultation about your student loan debt

William E. Maddox, Jr. LLC, Attorney at Law advises Tennessee clients about strategies to manage student loan obligations and other debt relief matters. You can set up a free initial consultation by calling 865-672-8496 or contacting me online. My office is located in Knoxville.