This could very well be the next debt bomb for the U.S. economy.
Oklahoma City, OK (PRWEB) February 23, 2012
The Oklahoma bankruptcy lawyers at the law firm of Atkins & Markoff, which dedicates its practice towards helping consumers and businesses seek bankruptcy protection, hereby alerts the public of the results of a recent survey of members of the National Association of Consumer Bankruptcy Attorneys, or NACBA. The survey’s results showed that the majority of the members of this professional association feel that increasing student loan debt is driving more people towards bankruptcy.
Specifically, the survey queried bankruptcy lawyers around the United States regarding the overall trends that they are noticing with their incoming bankruptcy clients. More than 80 percent of the bankruptcy attorneys who responded stated that they have seen a ‘notable jump’ in the number of new clients with student loan debt.
In addition, 25 percent of the respondents to the survey stated that the number of new clients coming to them for bankruptcy because of student loan debt had risen by a factor of between 50 and 100 percent. More than one-third of respondents to the survey saw an increase in the number of new clients with student loan debt by a factor of between 25 and 50 percent.
Unfortunately, student loan debt is generally not dischargeable in a bankruptcy case absent certain exceptions, and the Oklahoma bankruptcy lawyers at Atkins & Markoff stress that the entire financial picture of a prospective client should be analyzed before deciding whether or not to pursue bankruptcy protection.
According to the Project on Student Debt in Oakland, California, the average student loan debt of 2010 college graduates topped $25,000 for the first time since this statistic has been tracked. “Take it from those of us on the frontline of economic distress in America,” said William E. Brewer Jr., the group's president. “This could very well be the next debt bomb for the U.S. economy.”
About Atkins & Markoff
The Oklahoma bankruptcy lawyers at Atkins & Markoff, whose law firm Web site URL can be found at http://www.OklahomaBankruptcyLawCenter.com, is a law firm comprised of Oklahoma bankruptcy attorneys who have been representing consumers since 1999 in bankruptcy-related legal matters that include Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases as well as debt consolidation and credit counseling matters. The firm represents consumers in bankruptcy cases throughout the state of Oklahoma.