Lewis & Monroe, PLLC
Free One-Hour In-Office ConsultationsFree One-Hour In-Office Consultations

Orlando residents may find debt relief by living frugally

Student loans continue to be a financial burden for many individuals in Orlando and across the country. Some may turn to bankruptcy or other debt relief options in order to eliminate some of their other financial obligations. This may result in making more money available to pay off student loan debt. Under current law, student loans may not be discharged in bankruptcy except under certain hardship exceptions. However, a Chapter 7 or 13 bankruptcy may prove to be beneficial in some situations.

Typically, paying many forms of debt off more quickly saves additional interest charges. This normally means that the quicker the payoff, the less one will have to pay. Estimates indicate that those who graduated from college in 2012 have an average balance of $29,400 in student loan debt. That's a significant amount of money to pay back, but it can be done if the right steps are taken.

Many don't want to think about living frugally, but it may prove to be beneficial when it comes to paying off student debt. For example, if nonessential items are eliminated, such as cable TV or weekly visits to the spa, there's some extra money to pay toward student loans. Other possibilities to save money include moving back in with mom and dad or even getting a second job.

Many in the Orlando area continue to struggle with student loan debt. Even though this type of debt will typically survive a bankruptcy proceeding, there are still a number of debt relief options to consider. In some cases, bankruptcy may be a financially sound option to obtain financial freedom and work toward a debt-free future.

Source: U.S. News and World Report, "How to Pay Off $30,000 of Student Debt in 3 Years", Hal Bundrick, May 5, 2014

No Comments

Leave a comment
Comment Information
ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
Email Us For a Response

Contact The Firm In Orlando, Florida

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lewis & Monroe, PLLC

651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Map & Directions