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Survey: 4 out of 5 U.S. Bankruptcy Attorneys Report Major Jump in Student Loan Debtors Seeking Help, Fears Grow of Next Mortgage-Style Debt Threat to U.S.

April 20, 2012 Comments off
Source:  National Association of Consumer Bankruptcy Attorneys
The NACBA survey of 860 bankruptcy attorneys nationwide found that:
  • More than four out of five bankruptcy attorneys (81 percent) say that potential clients with student loan debt have increased “significantly” or “somewhat” in the last three-four years. Overall, about half (48 percent) of bankruptcy attorneys reported significant increases in such potential clients.
  • Nearly two out of five of bankruptcy attorneys (39 percent) have seen potential student loan client cases jump 25-50 percent in the last three-four years. An additional quarter (23 percent) of bankruptcy attorneys have seen such cases jump by 50 percent to more than 100 percent.
  • Most bankruptcy attorneys (95 percent) report that few student loan debtors are seen as having any chance of obtaining a discharge as a result of undue hardship.

+ Full Report (PDF)

Categories: business and economics, consumer issues, education, legal and law enforcement, National Association of Consumer Bankruptcy Attorneys, postsecondary
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