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Student Loan Debt Lawyer in Torrance, CA

Student Loan Debt Lawyer in Torrance, CA

Student loan debt is a major problem for graduates since many students finish their 4 year degree with close to $30,000 in student debt. Students in California carry $20,000 in debt which makes it difficult for them to get mortgages, credit cards and car loans.

Defaulting on student loans can lead to withholding of federal benefits and wage garnishment. If you've student loan debt you can't afford to repay, contact our knowledgeable student loan debt lawyer.

What to do if You're Unable to Pay Your Student Loan

If you've student loans and you know you won't be able to continue making your payments, contact your loan servicer immediately. Explain to them your situation and ask them to settle for a lump sum that's less than the total amount of your debt, lower your interest rate or extend your grace period. If you can't work out a resolution, you can declare bankruptcy.

What is Bankruptcy?

Bankruptcy helps students who can't repay their loan by making a repayment plan or eliminating their debt. After filing bankruptcy, your creditors will be restrained from calling or writing to you. Types of bankruptcies for individual filers include:• Chapter 7 bankruptcy • Chapter 13 bankruptcy

Chapter 7 is fast when done right and lasts for 5 months. However, you must allow the trustee to take property you own that is not exempt under the federal or state exemption list available to you.

You don't have to give up your property in Chapter 13 but must enter into a 3-5 year repayment plan.

What Can a Lawyer do for You? A lawyer will talk to private contractors and government entities involved in the student loan debt process. Call our lawyer on 310-626-4404 to discuss your options.

Attorney James C. Shields

Attorney James C. Shields received his J.D. from Loyola Law School in 1985 and an M.B.A. in Finance from the University of California, Los Angeles in 1975. Attorney Shields also earned a B.A in Economics from California State University Dominguez Hills in 1973. He previously worked as an attorney at the Law Offices of Robert G. Winterbotham, and in 1998, he started his own law firm to emphasize on the practice areas of bankruptcy, wills and probate, estate planning and conservatorship, and traffic cases.

James C. Shields is a member of the State Bar of California, the State Bar of Arizona, and the State Bar of Oregon. He is also a longtime member of the American Bar Association, the National Association of Consumer Bankruptcy Attorneys, and the Los Angeles County Bar Association.