Millions of Americans continue to face financial difficulties. Although there have been some bright signs in the economy, student-loan debt is on the rise, and some believe it could weaken the U.S. economy.

The National Association of Consumer Bankruptcy Attorneys is a group that represents consumers and their attorneys. The group completed a survey of close to 900 bankruptcy attorneys from across the country. Of those 900, about half reported that more people filing for personal bankruptcy are doing so because of student-loan debt.

"Take it from those of us on the frontline of economic distress in America," the president of the group said. "This could very well be the next debt bomb for the U.S. economy."

In 2010, student-loan debt exceeded credit-card debt for the first time. According to one source, student-loan debt is at an all-time high at close to $1 trillion. Some believe this amount of debt could cripple the U.S. economy just as the mortgage crisis did.

Although bankruptcy is often a good option for those with large amounts of credit-card debt or mortgage-loan debt, student-loan debt is often not eliminated through bankruptcy.

Despite that, anyone in New York who is faced with mounting debt may benefit from consulting with an experienced bankruptcy attorney. An attorney will be able to evaluate an individual's situation and help them determine what the best course of action is. With the right help, an individual may be able to get a fresh start and begin down a path of financial security.

Source: Bloomberg, "Student Debt Could Be Next 'Bomb,' U.S. Bankruptcy Lawyers Say," Janet Lorin, Feb. 7, 2012