Student loan advertisements here in Florida and across the country have intensified lately, “I got $40,000 in a week!” or “Better Rates if Your Parents Co-Sign!”This coincides, of course, with college acceptances. Many parents and students are opening letters telling them they’ve been admitted to the college of their choice, only to have that brief elation met with the harsh reality of having no clue about how the heck they’re going to afford college.One such option is applying for financial aid. Unfortunately, the “rules of the game” behind how to maximize the money you’re eligible for are complicated, to say the least. Most families (78-90% , according to some industry estimates) fill out the FAFSA and other forms incorrectly. This results in the student receiving less aid than he or she would have normally qualified for, or, sometimes, no aid at all.All too often, the student turns to alternative means of college funding: private student loans. However, you need to think twice if you’re planning on financing your college education this way.Before you sign your life away, take a deep breath and consider what you might be getting yourself into.Most parents and college-bound students […]
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Student loans are extremely difficult to have discharged when filing bankruptcy. They have to be filed as an undue hardship in which you must be incapable of working now and in the future. If you would like to discharge your student loans under the undue hardship exception, you must file a separate motion with the bankruptcy court and then appear before the judge to explain your hardship. If filing chapter 7 bankruptcy this is the case. If in fact you are filing chapter 13, you can have your student loans consolidated into payments that are set up by the court. The student loans are not discharged and you do have to pay them off out of pocket. You are given a period of time to pay off your debts. This is often a basic time frame of five years.
It is complicated and nearly impossible to discharge student loans in bankruptcy. In order to understand what may be your best option in paying off your student loan, it is suggested to speak to a bankruptcy attorney. They may have other solutions entirely, that can keep you from filing bankruptcy all together. Another option for advice is to speak to a debt […]
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Facing numerous creditors and the constant threat of losing all of your possessions can be a very scary situation for many Americans. You may feel that you will never find a way out and will end up with nothing. Fortunately with bankruptcy, that does not have to be the case. One very untrue belief is that you will lose your house and your car through the bankruptcy process. Each bankruptcy case is an individual as the person filing it, but with most cases your possessions, including your home and car, are exempt from being part of the losses. You will be able to set up a payment plan that allows you pay for your home or car, without the possibility of losing it, which can help considerably if your house is close to being foreclosed on.
If you car has already been repossessed but not sold, you have the possibility of reclaiming it with your bankruptcy. Past car payments that were not been able to pay will be consolidated through your bankruptcy, as long as you have filed for bankruptcy prior to the repossession. Your payments will not however go to the finance company but to a trustee instead. Speaking with […]
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