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Debt relief could save you from terrible consequences

Student loan debt is one of the most popular talking points in modern society, and for good reason. Many people view our country's cumulative student loan debt as a genuine crisis, on the same level as poverty or unemployment, and with very few ways to escape from or reduce student loans, paying back this massive debt is often the only option. You may consider simply failing to pay your loans and defaulting, but such action would lead to significant penalties.

Student loan debt is notoriously difficult to escape from, and simply failing to pay is often not an option. If you default on your student loans, you could find that the government will:

  • Withhold your tax refund
  • Garnish your wages
  • Eliminate benefits such as Social Security
  • Revoke licenses required for your profession

In some extreme cases, the Department of Education may even take legal action against you in the form of a lawsuit. Each of these consequences could put you in an even greater financial hole than the one you were trying to escape from, which is why it is always important to stay current on student loan debts, no matter how tight your finances might be. Fortunately, there are ways to devote more money to these serious loans.

Bankruptcy is a legal form of debt relief that can discharge or reduce many different debts. Unfortunately, it cannot reduce your student loan payments, but a bankruptcy filing could remove some of your other financial obligations, such as credit card debts, allowing you to focus more of your finances on the student loan debts that you cannot escape from. Texas residents are encouraged to consider bankruptcy if they find themselves struggling with debt of any kind, even student loan debts. You may not be able to avoid paying student loan debts, but that does not mean you can't prioritize them.

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