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Bankruptcy protection or loan forgiveness?

Many Maryland consumers are faced with high levels of debt. Some of this debt comes from credit card or other forms of borrowing, but many also struggle with high levels of student loan debt. Loan forgiveness is one debt relief option for a select few, but bankruptcy protection can sometimes offer a better fit. In addition, it is possible to fall victim to a range of loan forgiveness scams.

Loan forgiveness involves an exchange of services for the elimination of student loan debt. These are programs in which an individual agrees to use his or her education and training to promote the good of others. In exchange, one's loans are partially forgiven, which can greatly reduce financial strain. Unfortunately, there are a wide range of scams associated with loan forgiveness, and consumers must use care when seeking this type of debt relief.

Bankruptcy protection will not lead to the elimination of student loan debt. However, bankruptcy can result in the discharge of many types of unsecured debt, including credit card and other debt. This can give an individual the budgetary freedom to pay down his or her student loans.

For some, a combination of bankruptcy protection and student loan forgiveness programs can lead to a significant reduction in overall debt levels. This is true for those within the teaching industry, as well as for firefighters, law enforcement officers and others whose job serves the greater community. Those in Maryland who would like to learn more should research loan forgiveness through the Department of Education.

Source: DailyFinance, "Student Loan Forgiveness: Is That Deal Smart or a Scam?", Dan Caplinger, Oct. 15, 2014

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