For most people in California, earning a college degree is the first step on the path to a successful and rewarding career. Unfortunately for many, it is also the first step towards overwhelming debt. Although student loans usually cannot be discharged in Chapter 13 bankruptcy, the process can still provide vital debt relief that allows borrowers to better focus on their loan repayments.
Across the United States, approximately 44 million student loan borrowers owe a collective $1.5 trillion. While that figure alone is upsetting enough, the outlook is fairly grim for nearly half of those borrowers. In addition to the 250,000 borrowers who currently default every quarter, experts predict that 40 percent of student loan borrowers will default on their loans by the year 2023.