Where to Find Help If You Can’t Pay Your Student Loans
The area of student loan forbearance and forgiveness can be confusing and misleading if you rely on the internet to research your options.
Thankfully, the Consumer Financial Protection Bureau, also known as the CFPB, in Washington, DC offers a website to begin the process of dealing with student loans that are not current.
The site, which can be accessed by clicking here, can cut through some of the confusing material and misleading information that you may find on the internet. As a government agency, the CFPB was set up with a specific mandate to help the average consumer deal with all the confusing myriad of options out there in the financial world. The CFPB was the brainchild of Senator Elizabeth Warren, who at the time was a professor at Harvard Law School, and a long time advocate of consumer rights for the public.
This site can be a starting point for research and my message would be to not give up, as most of the time the student loan lenders, be they government or private, will offer you better options and terms than you currently have if you can demonstrate a financial need.
Also, though you can not typically wipe out, or discharge, student loans in bankruptcy, often a Chapter 13 bankruptcy can allow you to put the loans in a pot and pay back a small amount to them over time. This way, you can get some breathing room for a few years to allow your income to increase and start paying them back after the end of the Chapter 13.
For bankruptcy options such as this, feel free to contact Kentucky Bankruptcy Attorney John Rogers 270-651-7777 and also find us on the web at www.bankruptcy.ky
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Read Full Post | Make a Comment ( None so far )Can you be arrested for not paying your student loans ?
Can you be arrested for not paying your student loans ?
In a recent high profile story reported here in the New York Times, one man was:
But it’s not likely to happen to you.
If you need help paying your student loans, contact an student loan or bankruptcy attorney immediately. Most will offer you a free consultation and help you look at your options to deal with your delinquent student loan debt. There are many ways to help.
The most important thing is to not ignore your student loan debt. It will not go away. While being arrested and thrown in jail is not likely, you can still face wage and bank account garnishments, and seizures of your tax refunds.
Explore your options.
Read Full Post | Make a Comment ( None so far )Will you be able to get a student loan after filing for bankruptcy ?
The Bankruptcy Code makes it illegal for government agencies to refuse student loans to those who have filed bankruptcy. 11 USC 525(c).
So if you have filed bankruptcy, you are still eligible to receive student loans that are backed by the government (Title IV loans) such as the Stafford Loan.
If you get a student loan from a private lender, that’s a different matter entirely. The Bankruptcy Code prohibits discrimination only from government agencies, not private lenders.
Private lenders, such as banks, are under NO obligation to give you a student loan if you have filed bankruptcy or have other credit problems.
This doesn’t mean that you won’t be able to obtain a student loan from a private lender or bank if you have filed bankruptcy. It just means that private lenders are allowed to consider your credit history including bankruptcy filings in evaluating your student loan application.
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Kentucky Bankruptcy Attorney - Call Toll Free Today 1-888-651-9353 or 270-651-7777 