Blog about Filing Bankruptcy in Washington DC and Maryland

Student Loan Repayment Options Before Bankruptcy

Valuing your education is incredibly important, and for many Americans, going to college and getting a degree is a life goal and major milestone. However, with going to college means having to take out student loans. Sometimes, the amount of student loans is enormous, and many former students will find themselves in an incredible amount of debt after school. Usually, after a few years the debt can be repaid, but often students will find themselves running out of options on reimbursement. Students can file for bankruptcy in certain cases, but here are a couple of alternative methods of repayment before going that route. Other Repayment Options There are a few other ways that students can repay their student loans before filing for bankruptcy. One way is to defer your loans. Deferment is a federal repayment option that allows you to pause your student loan payments for up to three years….
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What are some bankruptcy exemptions?

One of the biggest fears associated with filing for bankruptcy is the fear of loss. While one is facing severe financial struggle, it can be scary to realize that there’s a chance you’ll be losing most of your property. Filing bankruptcy under Chapter 7 means that you’ll be gathering your property and assets, and you’ll be preparing to sell these items to pay off as much debt as possible before the rest of the charge is eliminated. Fortunately, bankruptcy law protects certain kinds of property from being sold during this process. These are called exemptions, and it’s vital to know what exemptions you’ll have. What Are the Exemptions? Every state has its own set of bankruptcy exemption laws, so it’s important to know which specific exemptions apply to your state laws. However, there are some common bankruptcy laws that any person interested in filing for bankruptcy should be aware of:…
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Can I Get a Loan After Filing for Bankruptcy?

After filing for bankruptcy, you may notice that it is difficult to get a loan. Bankruptcy can seriously hurt you credit score. It stays on your credit report for up to 10 years from the date you file. However, just because you have a bankruptcy on your record does not mean that you are shut out of the market for an entire decade. As a matter of fact, during those 10 years, it is possible to build a decent credit score while you wait for the bankruptcy to fall off your credit report. You may even be able to build your credit up to a respectable level within three to five years. That might, however, be easier said than done. Here are some tidbits of advice to help you repair your credit enough to obtain a loan after bankruptcy. Follow your credit score closely. Once the bankruptcy is complete, request…
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