The Obama administration has urged Congress to make it easier for individuals to discharge a portion of some forms of student debt by filing for bankruptcy protection. Although the bankruptcy option wouldn't affect the vast majority of student debt, which is issued by the federal government, it would apply to the $150 billion (15% of all outstanding student debt) issued by private lenders like Wells Fargo & Co. and SLM Corp.'s Sallie Mae. The recommendation came in a report by the Education Department and the Consumer Financial Protection Bureau issued on Friday. As more and more people find themselves struggling under a mountain of unpayable debt, filing for bankruptcy in Oklahoma is becoming a more attractive financial move. If you are considering filing for bankruptcy in Oklahoma, contact our qualified bankruptcy attorneys at Oklahoma Legal Center today.
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