Attorney Billy Brewer is warning that there’s another big economic problem lurking on horizon: student loan defaults.
Back in 2007, Brewer, who also serves as president of the National Association of Consumer Bankruptcy Attorneys (NACBA), testified before Congress that he and fellow attorneys were worried about the sharp rise in the number of homeowners seeking advice about filing for bankruptcy because they couldn’t afford to pay the rising rates on their subprime mortgages. At that time, says Brewer, “The mortgage industry said, ‘We’ve got it under control.’ They were wrong.”
Today, bankruptcy attorneys are sounding the alarm about what they see as another disturbing trend: the rising number of student loan defaults. According to an NACBA survey, half of its members have seen a significant increase in the number of individuals seeking help with crippling college debt. One in four attorneys reports the number of these cases they’re handling jumped by at least 50%.
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