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(EMAILWIRE.COM, May 14, 2012 ) Schaumburg, Ill -- Bankruptcy attorney Jeffrey A. Collins is calling upon Illinois residents to show their support for a bill proposed by Senator Dick Durbin. While the media has focused on student loan interest rates, there is a more pressing concern affecting not only students, but everyone struggling to pay bills while being crushed by student loans long after graduation. The legislation would treat private student loans similarly to all other unsecured loans and be eligible for discharge in bankruptcy. Attorney Collins will be compiling signatures and personal stories of individuals who desperately need relief from student debts to send to Sen. Durbin to show his Illinois constituents are fully supportive of this legislation.
Attorney Collins stressed the importance of the bill: “What most people may not realize is that private student loans were eligible for discharge until former President George W. Bush led the way to amend the Bankruptcy Code in 2005 to protect private lenders and corporations at the individual’s expense. Just as unscrupulous credit card lenders attract borrowers to lock them in to high interest rates, skyrocketing fees and payments they cannot afford, many private lenders engage in the same practices for student loans. Our own Attorney General is cracking down on for-profit, unaccredited schools that lure young people into borrowing huge amounts of money with false promises of future employment. Sen. Durbin’s bill is extremely important in our state’s ongoing efforts to protect consumers.” This has become such a significant problem, that the firm even hired a specialist for student loan repayment plans and deferments.
Schaumburg bankruptcy attorney Jeffrey A. Collins is the founder of Jones & Collins, LLC, a bankruptcy and tax law firm dedicated to helping individuals get back on their feet after experiencing financial difficulties. Also formerly with the IRS, Attorney Collins is a person’s best asset when facing a tax audit, tax lien or failure to file issues. He also represents individuals and business owners for both Chapter 7 and 13 bankruptcy and foreclosure problems. Attorney Collins prides himself on giving personalized attention to individuals who feel as though they have nowhere else to turn.
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