A high-quality college education is vital for a person's overall career success. As a result, many parents are finding themselves getting stuck in difficult financial situations paying for their child's education. In many scenarios, these parents may have no choice but to declare bankruptcy as a way of protecting themselves and their children.
College Costs Can Be Heavy
College costs are rapidly rising and show no signs of slowing down. For example, a typical year at a state-run college will cost nearly $26,000 for a student, including tuition fees, housing, and books. Many parents are kicking in to help their children by taking out personal loans to either avoid the student loan trap or to increase a child's available funds.
These parents often take out these loans on the agreement that their children contribute to the loan payments and eventually take them over once they find a new career. However nice this setup seems in theory, many parents find themselves staring at huge payment bills when their children just can't afford to help with loan payments.
Many Graduates Just Can't Find Work
News outlets across the country are reporting that job growth throughout the nation is at the highest its been in years. However, many college graduates are struggling to find work for a multitude of reasons. As a result, these struggling graduates may have to take low-paying jobs just to get by and may have to live with their parents for awhile.
This situation puts a very heavy burden on the parent, especially one who took out loans to pay for their child's education. With the child unable to contribute much – if any – cash to these loan payments, parents may find themselves struggling to stay afloat. Thankfully, they can declare bankruptcy on personal loans to help themselves and their child succeed.
When Bankruptcy Helps
Parents who took out heavy personal loans to finance their child's college education may want to seriously consider bankruptcy if they cannot pay their bills. Bankruptcy allows a parent to settle these heavy financial duties without struggle and helps to give them the extra money that they need to help their child succeed.
For example, a parent who isn't making $1,000 in payments to a loan company can use that extra money to help their child move to a bigger city, rent an apartment, and find a job that suits their skills and training. In this way, parents can provide their children with the biggest chance of success while helping themselves at the same time.
Therefore, any parent struggling with heavy loan payments due to financing their child's college education should contact a professional bankruptcy attorney, like those at O'Connor Mikita & Davidson LLC, right away. These professionals will provide the high-quality legal help necessary for these individuals to stay financially solvent.Share