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.
Seven reasons to consider Greensboro bankruptcy
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No one wants to be stuck with debt they can’t afford. If you find yourself overwhelmed by bills, living paycheck to paycheck, and dealing with debt collectors, Greensboro bankruptcy may be the best answer for you. There are numerous advantages to choosing bankruptcy for debt relief - here are seven of them for your consideration.
Considering marriage? Student loans could impact your future!
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When contemplating marriage, you usually think about the compatibility of lifestyle, preferences, perhaps religion, and, of course, chemical attraction. But one thing that doesn’t often make the roster of top considerations (but should) is student loan debt. The realities of skyrocketing school debt are that it impacts not only the future of the borrower but anyone to whom they hitch their wagon. Here’s what you need to know.
Don't try Wilmington bankruptcy without a lawyer
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So, you are considering Wilmington bankruptcy and thinking of doing it without a lawyer. The letter of the law allows you to represent yourself in any civil or criminal matter in the courts. It’s okay if you go it alone in small claims or traffic court, but diving into the waters of federal bankruptcy law without a lawyer is akin to repping yourself for a murder charge or trying to perform heart surgery on yourself.
How to get rid of student loans
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Student loan forgiveness, discharge, and cancellation all mean one thing: you can finally see an end to debt that’s been weighing you down for years, possibly even a decade or more. If you’re one of the 44 million Americans currently struggling with student loans or one of the five million now in default, it’s worth exploring what these terms mean and how you might be able to ditch your debt.
Top reasons for Greensboro bankruptcy
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Greensboro bankruptcy offers a second chance for individuals who are drowning in debt. It can often provide needed breathing space and a path towards financial stability. But what makes people file bankruptcy? What kind of financial troubles lead to filing? Here are five of the most common reasons people choose this legal path to federal debt relief and protection from aggressive collectors.
Is PSLF broken?
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Student loan debt can be a good thing because it lets many people go to college who otherwise might not be able to. When it spirals out of control, though, it can be devastating. Programs to help graduates conquer their student loan debt are few and far between. One of them that’s currently at risk is Public Service Loan Forgiveness (PSLF). There are several problems with the program and an uncertain fate. If you qualify, you should make sure you’re on track to get the full benefit.
Don't let your credit cards make you sick
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Debt is a fact of life in the modern era and, to a certain extent, some debt can be healthy. It’s what allows you to buy a home or new car and have a buffer line of credit in case of a cash crunch or emergency. However, too much debt can quickly turn into a financial crisis. Not only that, but did you know that excessive debt can make you physically sick according to research? Learn more, and then see how Wilmington bankruptcy can help.
Can you afford your student loan payments?
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Student loan debt continues to soar. According to data from Experian, student loan balances have jumped nearly 150% over the last decade to a record high of $1.4 trillion. With average individual loan balances climbing past more than $34,000, student loan repayment has become problematic for many North Carolina consumers.
Consider these three things before bankruptcy
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For some Greensboro consumers struggling with debt, the idea of filing bankruptcy is stressful – the notion may scare or embarrass them because they feel like it’s giving up or makes them a failure. In fact, bankruptcy is not an end, but the opportunity for a fresh start like you can’t get with any other debt relief option short of winning the lottery and having all your problems solved instantly. Since the odds are against that, if you’re drowning in debt, bankruptcy is a practical option.
Can you prove undue hardship and shed your student loans?
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Many people wrongly believe that student loans are not dischargeable in bankruptcy. In fact, they are, but you must meet certain circumstances to earn the discharge. Private student loans are easier to dismiss in bankruptcy while federal loans present more of a challenge. The primary barrier to student loan debt relief in bankruptcy is that so few people seek it.
How are personal loans treated in Wilmington bankruptcy?
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Bankruptcy can be the perfect way to climb out of unmanageable debt. A discharge in Chapter 7 means ditching unsecured debt while Chapter 13 leaves you paying pennies on the dollar on unsecured debt in many instances. However, if you have personal loans owed to friends and family when you go into Wilmington bankruptcy, you may be torn about how to proceed.
New class action suit promises hope for student loans in bankruptcy
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You may have heard the prevailing misconception that student loans are not dischargeable in bankruptcy. This is misinformation and, in fact, among those who request relief, roughly 40% get a partial or total discharge of school debt in bankruptcy. The issue is that less than one-half of one-percent of bankruptcy filers ask for help with student loans. Now, a recent class action suit against student loan lender Navient could make it even easier to discharge student loans in bankruptcy.
Don't stress about the 341 Meeting of Creditors
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In the majority of Greensboro bankruptcy cases, the petitioner rarely appears in court. Your North Carolina bankruptcy lawyer will take care of pretty much all the court appearances. That is why most people who file bankruptcy rarely (if ever) see a bankruptcy judge and may never step inside a courtroom. If one of your apprehensions about filing bankruptcy is going to court, rest assured. For most standard bankruptcies, you are required to appear just once - for the 341 Meeting of Creditors.
