Can bankruptcy help with student loan debt? Hear insights from Amy Wilburn, bankruptcy attorney at Lincoln-Goldfinch Law.
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Austin bankruptcy attorney Amy Wilburn of Lincoln-Goldfinch Law sheds light on the pivotal role bankruptcy can play in addressing the issue of student loan debt. She answers people's most common concerns on the topic in a recent video shared on the firm's YouTube channel.
In the video, Amy Wilburn delves into the evolving landscape of student loan debt relief efforts spearheaded by the Biden Administration. Notably, these initiatives aim to simplify discharging student loan debt through bankruptcy, significantly departing from the previous requirement of proving "undue hardship."
Under the old rule, establishing an inability to repay loans with no foreseeable improvement was a daunting task, leaving many borrowers with seemingly insurmountable debt burdens. However, as Amy explains, the new rule eliminates the need to demonstrate undue hardship, offering a more accessible pathway to relief. This transformation became effective less than a year ago, following a directive in November 2022.
While individuals work towards the possibility of filing for bankruptcy, Lincoln-Goldfinch Law emphasizes the availability of Department of Education programs designed to provide immediate assistance. One such program offers a zero-dollar repayment option, granting temporary relief from monthly financial obligations. Notably, the eligibility criteria have been expanded, now encompassing those with incomes up to 225% of the federal poverty line, with the option to maintain zero-dollar repayments for a decade.
Amy Wilburn is a bankruptcy lawyer in Austin, Texas. She graduated from Seattle University School of Law, earning a degree in 2014. Working as a bankruptcy paralegal while attending law school, Amy has spent years helping people navigate the often confusing bankruptcy process. She guides clients with compassion and professionalism, believing everyone should have a chance to get a new financial start.
Amy and the dedicated team at Lincoln-Goldfinch Law remain committed to providing comprehensive legal support to individuals navigating the complexities of bankruptcy. Their collective efforts aim to empower clients with the knowledge and resources to achieve financial stability and peace of mind.
Lincoln-Goldfinch Law is an award-winning bankruptcy firm in Austin, Texas. It is home to empathetic attorneys and staff who recognize that dealing with debt can be overwhelming. They aim to help individuals find relief from insurmountable liabilities and get a fresh financial start.
The team at Lincoln-Goldfinch Law emphasizes the importance of considering the potential benefits of filing for bankruptcy as a viable solution to expedite the relief of overwhelming debt. May it be with Chapter 7 or 13 bankruptcy, they assist individuals as they navigate this process.
Visit the firm at 1005 East 40th St., Austin, TX 78751, or dial (855) 502-0555 for a complimentary evaluation.
Contact Info:
Name: Kate Lincoln-Goldfinch
Email: Send Email
Organization: Lincoln-Goldfinch Law
Address: 1005 E 40th St, Austin, Texas 78751, United States
Phone: +1-855-502-0555
Website: https://www.LincolnGoldfinch.com/
Source: PressCable
Release ID: 89109338
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