Tag Archives: #BankruptcyLaw
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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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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There is a lot to consider if you are thinking about filing for bankruptcy. The first determination you should make is that bankruptcy is the best way for you to deal with your financial problems. Bankruptcy is an incredibly valuable tool to help you dig yourself out of a financial hole, but every case is different. As such, you will want to go through your finances with someone who is familiar with the field of bankruptcy – your attorney. Before you file, there are some things you have to do first. Within the 180 days prior to your bankruptcy filing, you must receive budget and credit counseling from an approved credit counseling agency. During this counseling, you and your counselor will go over all possible options for your finances and budgeting. Once you complete the counseling, you will receive a certificate stating that you received the counseling. You need this…
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