Explore the benefits of Chapter 13 bankruptcy
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While Chapter 7 is the most common and least complicated type of Greensboro bankruptcy, it’s not for everyone. Even though Chapter 7 offers more sweeping debt relief, for many consumers, Chapter 13 bankruptcy is preferable.
A conversation about PSLF rejections
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Public Service Loan Forgiveness can be a lifeline for student loan borrowers who can’t afford their college debt. It lets you pay on a more affordable plan for 10 years while working at a qualified government, military, or charitable organization and then sees the remainder of your loan balance forgiven with no income tax consequences. It sounds great, but many problems have plagued the plan and rejections have run rampant, leaving many borrowers frustrated.
How to choose the best bankruptcy path
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Debt is a necessary evil in life. It lets you buy a home, car, and live a better life than you could if you had to pay cash for everything. But when debt spirals out of control, and you can’t pay what you owe, it can turn into a nightmare. One option to consider for unmanageable debt is Wilmington bankruptcy, but there are two types to choose from – Chapter 13 and Chapter 7. Today we look at why Chapter 7 could be the better option for your debt dilemma.
Retiring with student loans is not a good idea!
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As you head into your golden years, your prime years of earning big bucks are behind you, and your income usually settles into a fixed situation and is not nearly as high as it once was. If you can’t afford student loans now, being stuck with them while in retirement is an even worse prospect. Already too few Americans have enough in the bank for retirement and don’t need lingering college debt.
Got tax trouble?
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Owing Uncle Sam without the means to pay is a terrifying prospect. If you’re considering Greensboro bankruptcy to help dig out of debt, you should know that back income taxes might be eligible for relief in Chapter 7 or 13.
Student loan payments can be cheaper
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Outstanding student loan debt in the U.S currently stands at almost $1.5 trillion. Repaying this debt is a burden for many. If you’re struggling to make your student loan payments, deferment or forbearance can give you a respite from payments, but after that, you need a long-term solution.
Get prepared for debt relief
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Filing for Wilmington bankruptcy may be strategic if you're living paycheck to paycheck, dealing with debt collectors, and can’t service your debts. It’s best to go into the process prepared, and that starts with a free consultation with a reputable local North Carolina bankruptcy lawyer. In the meantime, here are some things to examine as you consider bankruptcy.
Looking for student loan forgiveness?
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Got a pile of student loans you can’t afford (or would love to avoid)? If so, there are several student loan forgiveness programs to consider. There are some run by the federal government, some by state and local government, and others by employers. Today we take a look at five programs that can lessen or eliminate your college debt.
Avoid using credit cards to pay medical bills
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Even with health coverage from your employer or through the Affordable Care Act exchange, Greensboro consumers might find medical bills overwhelming. Hefty deductibles, coinsurance, and copays can add up, and if you don’t have health insurance, even a minor medical issue can result in severe financial hardship. When the medical provider or debt collector comes calling, it may be tempting to settle your debt with plastic, but here is why that’s the last thing you should do.
Undue hardship standards may change
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When your student loans are unaffordable, one life-changing option to consider is bankruptcy. Private student loans are easier to discharge in bankruptcy than federal loans, but even federal loans are dischargeable under certain circumstances. To achieve discharge of federal school debt, you must demonstrate “undue hardship.”
Yes, the bankruptcy court could take your guns
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The Second Amendment is a hot button issue these days. Those that have guns wish to keep them while others want stiffer gun control laws. As it stands, North Carolina law allows open carry throughout the state and is generally permissive in its standards on gun ownership. But what happens to your guns if you file Wilmington bankruptcy? Can the court take your guns? Maybe!
Drowning in student loan debt?
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Can you imagine owing a million dollars or more in student loans? For more than 100 people in the US, it’s a terrible reality as their college debt has mushroomed out of control. Just five years ago, it was less than 15 borrowers who had racked up that much in school debt. So what do you do with more than a million dollars in student loans and not enough money to vanquish your debt?
Be careful with your debit card!
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Greensboro consumers should be aware that some locations are hot spots for debit and credit card fraud. Of the two, debit card theft and fraud is the more financially troublesome. For fraudulent charges on your credit card bill, you alert the card issuer as soon as you notice, and they decline the charges and reverse them. You usually have 30-60 days to do so, depending on applicable terms and conditions.
What most people don't know about student loans
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Current estimates show 44 million student loan borrowers now owe a whopping $1.48 trillion. That’s a lot of debt, particularly when many have no idea the terms under which they are borrowing, the sum of their debt that’s accrued, and how much their monthly payments will be once all is said and done.
Yes, bankruptcy can help your credit score
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For Wilmington consumers overwhelmed by debt, the future can look dire. When you run late on bills, debt collection activity can get aggressive. When you’re hounded by collectors demanding payment, it can cause problems at work and in your personal relationships. As if that wasn’t enough, your credit score takes a hit month after month, so long as your debt worsens.
Think twice before you refinance
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Stuck with a pile of student loans you can’t afford to service? You’re not alone. If you’re struggling with school debt, you might be desperately looking for solutions. That’s understandable, but think twice about refinancing your student loans. Lenders advertise aggressively and push the benefits of lower interest rates and monthly payments, but there is a flip side to the allure. When you refinance federal loans into a private re-fi, there are some downsides to seriously contemplate before you sign a deal. Consider these aspects.
Don't sign a DSA without reading this
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When you’re behind on debt and collectors are harassing you, times might be so desperate that you'll try anything, but don't ink a debt settlement agreement (DSA) thoughtlessly. With any legal document, it’s drafted to benefit the person paying the lawyer who wrote it. With a DSA, it’s done by the attorney of the creditor or debt collector.
Drowning in student loan debt?
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In the last ten years alone, outstanding student loan debts in the US have exploded and currently stand at nearly $1.5 trillion. Costs of higher education are rising unreasonably. The average loan balance of graduates is higher and increasingly, more grads emerge from college in debt.
Put an end to harassing debt collector calls
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There’s nothing quite so persistent and relentless as a debt collector chasing dollars. When your creditors are after late or missed payments, they may get increasingly aggressive to get what they’re owed, but they typically play by the rules. It’s when an agency takes on the debt on behalf of a creditor or, even worse, when a debt collection agency buys the debt, that things can get out of hand for Wilmington consumers.
Get help with student loans when you're unemployed
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No one wants to be laid off from their job, but unemployment can be doubly frustrating when you owe student loans. Losing a job can throw your finances into a perilous situation unless you are well-armed with an emergency fund and lots of savings to see you through the crisis. Most people aren’t prepared to lose a job and even less so when they’re dealing with costly student loan debt.
