In conclusion to our three-part blog Student Loan Debt: 6 Steps for Paying it Off, here is some more info regarding what you can do when you are ready to focus on paying off your student loan debt as soon as possible.
Step 5 – Try to generate extra income to put towards paying off student loan debt.
Having extra income to put towards your monthly student loan debt payments can be extremely helpful to getting this debt paid off as soon as possible. Some of the ways you may be able to generate some extra money to put towards your student loan debt payments (or any debt payments, for that matter) include by:
- Getting a part-time or second job
- Finding ways to cut back on your monthly expenses (such as by canceling your cable services, carpooling to work a few days every week, eating at home instead of out, limiting your unnecessary purchases, etc.)
- Selling some of your possessions.
Step 6 – Consider filing for bankruptcy if you have too much other debt and you can’t pay your student loan debt.
If you find yourself so overwhelmed by debt that you are struggling to make your student loan payments (and/or other debt payments), it may be time to consider your options for debt relief – including possibly filing for bankruptcy. Although a bankruptcy won’t discharge your student loan debt, it can be a powerful solution when it comes to:
- Discharging other substantial debts, including credit card debt, medical bill-related debt, mortgage and car loan debt, etc.
- Freeing up income so that you are once again able to make your student loan debt payments
- Preventing creditors from possibly foreclosing on your home, repossessing your assets, garnishing your wages and/or filing lawsuits against you.
For more information regarding whether filing for bankruptcy or pursuing an alternative debt relief solution is the best option for you, don’t hesitate to contact Colorado Bankruptcy Lawyer Jon B. Clarke.
Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.
If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. are ready to meet with and talk to you.
For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our clients’ cases are resolved as favorably and efficiently as possible.
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For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.