There is an old saying that goes “Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime.” It is a great saying, and it makes great sense. Invest in education and reap the benefits later. But most likely, the man referred to in the saying didn’t have to take out a student loan to learn how to fish. And if he did, what would he have done if he suddenly lost his job as a fisherman or if there were suddenly no more fish to catch?
If you found our website because you have recently been served with a Texas student loan lawsuit, the first thing you should do is realize that you are among many others who have found themselves in the same position. Recent studies have shown that student loan debt has actually topped $1 trillion. In fact, the same studies show that the amount of student loan debt now actually exceeds the amount of credit card debt and auto loans combined. Students are taking on more debt, and almost a quarter of all student loan recipients are behind on their payments.
What the student loan lenders will not tell you and do not want you to know is that student loans are routinely packaged and sold as securities on Wall Street – just like the mortgage backed securities that were responsible for our Country’s most recent and most severe financial recession ever. This trend, coupled with rising tuition and a surge in “for profit” colleges and trade schools, have made students a huge target for large financial institutions. As a result, student loan lawsuits are now being filed in record numbers to pursue those who have defaulted on these loans.
Having a large student loan is hard enough to deal with. If that loan goes into default and a Texas student loan lawsuit attorney sues you on behalf of the creditor, the situation becomes even more stressful – we understand that. The good news is that these lawsuits can be dealt with. Sometimes there are legal defenses that can be raised. In the event that there are no legitimate legal defenses, we have found that in the majority of the cases that we have handled, we are able to work out a settlement that our client is happy with.
But you must act and address the lawsuit quickly. If you have been served with a student loan lawsuit and you ignore it, it is very likely that the Court that you were sued in will ultimately enter what is called a “default judgment” against you. If the lender that sued you is eager to try to collect the money, they can then use the judgment to make your life even more difficult with post-judgment collection techniques such as bank account garnishment and non-exempt property seizure.
If you have recently been served with such a lawsuit, we would be happy to visit with you about the possibility of our firm defending you. You can review some of our results here and read a little more about us here.