Tulsa Student Loan Debt Lawyer

PRIVATE STUDENT LOANS MAY NOW BE DISCHARGEABLE IN BANKRUPTCY

On August 31, 2020 the Tenth Circuit Court issued an opinion in McDaniel v. Navient Solutions, LLC, concluding that not only are private student loans not exempted from the discharge in bankruptcy, but they never were.

If you owe private student loans or know someone that owes private student loans, now may be the time to act.

Understanding Private Student Loans

Private student loans are loans that are not insured by the federal government. Private student loans do not originate with the Department of Education, but instead originate with a bank, credit union, or online lender. Many times, you will see private student loans as the sole source of financing for trade schools and unaccredited schools.

Since 2005, the prevalence of private student loans mushroomed due to the belief that such loans were not dischargeable in bankruptcy. The belief that private loans could not be discharged in bankruptcy led many lenders to extend student loans to individuals that otherwise would not qualify for a non-student loan. Couple the student loans with schools that make misleading promises about employability or schools that simply do not deliver the education and many borrowers were left owing tens of thousands of dollars that they cannot afford to pay.

Private student loan lenders are some of the most ruthless debt collectors that, in many cases, prey upon individuals that cannot afford to pay. The crushing private student loan debt leaves many individuals living with a constant threat of debt collection.

Shed Your Student Loan Debt - Contact Us Today!

If you owe private student loans that you cannot afford to pay, now is the time to consider filing bankruptcy. Contact The Colpitts Law Firm and schedule an appointment to see if bankruptcy will help you shed your private student loan debt.

If you have filed bankruptcy since 2005 and if you have paid on your private student loans, contact The Colpitts Law Firm about recovering those payments. In most cases to recover funds, we will represent you with no out of pocket expense to you.

Local Resources for Student Debt Relief in Tulsa, OK

Living in Tulsa, OK, you have access to a variety of local resources and government entities that can assist with student debt relief. The Tulsa County Courthouse and the Tulsa City-County Library are excellent starting points for gathering information on legal aid and financial counseling services. Additionally, the Oklahoma State Regents for Higher Education provide valuable resources for understanding your student loan options and rights.

One of the significant pain points for Tulsa residents is the overwhelming burden of private student loan debt, especially for those who attended local trade schools or unaccredited institutions. Many borrowers find themselves struggling to make ends meet while facing aggressive debt collection practices. This financial strain can be particularly challenging in a city like Tulsa, where the cost of living is rising, and job opportunities may not always match the promises made by educational institutions.

At The Colpitts Law Firm, we understand the unique challenges faced by Tulsa residents. Our team is well-versed in the local legal landscape and can guide you through the process of exploring bankruptcy as a viable option for shedding your private student loan debt. We are committed to helping you navigate this complex issue, providing personalized advice tailored to your specific situation.

Don't let private student loan debt control your life. Reach out to us today to discuss your options and take the first step towards financial freedom. With our deep understanding of the Tulsa area and its resources, we are here to support you every step of the way.