A debt is written off by a creditor when that creditor determines that it can no longer expect that debt to be paid.
San Diego, CA (PRWEB) October 31, 2012
The San Diego bankruptcy lawyers at the Golden State Law Group represent consumers and businesses that need help with Chapter 7, Chapter 13 and Chapter 11 bankruptcy cases. The firm also helps clients with tax troubles and with other debt elimination solutions. The firm hereby announces that it is offering a free initial consultation to consumers and business owners in the wake of a report issued by Equifax that revealed that the amount of student loan write-offs during the first portion of 2012 has risen precipitously from the same time period during 2011.
Specifically, Equifax issued its monthly report at the end of September that is known as the National Consumer Credit Trends Report. This report breaks down several different variables and trends with regards to credit in the United States relating to businesses and to consumers. The report from last month stated that between January and August of 2012, a total of $10.6 billion in student loan debt had been written off. This represents a jump of more than 10 percent when compared to the time period between January and August of 2011, when student loan write-offs totaled $9.5 billion.
A debt is written off by a creditor when that creditor determines that it can no longer expect that debt to be paid. Student loan debt is not eligible for discharge by someone who files for bankruptcy protection. However, the San Diego bankruptcy lawyers at the Golden State Law Group have helped clients eliminate other debts that existed so that the student loan debt could be more easily paid. This is why the firm is offering a free initial consultation to those who may be struggling with this type of debt so that their entire financial picture can be properly analyzed and so that a proper course for recovery can be formulated.
About the Golden State Law Group
The Golden State Law Group is a law firm in San Diego, California that’s comprised of a team of San Diego bankruptcy attorneys who provide legal help to consumers and businesses. Specifically, the attorneys at the firm provide help to consumers in the legal areas of consumer bankruptcy, business bankruptcy, tax debt issues and personal injury cases.