Student Loans
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Larence Hubert
May 6, 2013, 11:15:03 AM5/6/13
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Please consider this free-reprint article written by:
Larence Hubert
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Article Title: Student Loans
Author: Larence Hubert
Word Count: 782
Article URL: http://www.isnare.com/?aid=219775&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219775
Easy Publish Tool: http://www.isnare.com/html.php?aid=219775
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Student loans are extremely difficult to have discharged when filing bankruptcy. They have to be filed as an undue hardship in which you must be incapable of working now and in the future. If you would like to discharge your student loans under the undue hardship exception, you must file a separate motion with the bankruptcy court and then appear before the judge to explain your hardship. If filing chapter 7 bankruptcy this is the case. If in fact you are filing chapter 13, you can have your student loans consolidated into payments that are set up by the court. The student loans are not discharged and you do have to pay them off out of pocket. You are given a period of time to pay off your debts. This is often a basic time frame of five years.
It is complicated and nearly impossible to discharge student loans in bankruptcy. In order to understand what may be your best option in paying off your student loan, it is suggested to speak to a bankruptcy attorney. They may have other solutions entirely, that can keep you from filing bankruptcy all together. Another option for advice is to speak to a debt consolidation representative. They are trained and experienced in student loans and other forms of debt assistance. Once you do find the route in which you choose to pay off your loans you will be thankful to be free from the payments and debt.
Former students often wonder, when considering filing for bankruptcy, about their student loans. They want to know if their loans will be included in the bankruptcy or not. In 1998 there was a law passed that makes almost no student loans fall under a bankruptcy claim. So, ultimately even if you file for bankruptcy you�ll be stuck with your student loans still.
The law was established because many students were taking out student loans for amounts much higher than what they actually needed. Then they�d graduate and file for bankruptcy to get their loans nullified. Today filing bankruptcy will not eliminate the need for repayment of college loans. However, the reduction of debt might make it easier and allow the former student to pay their loans without financial stress.
There are a few areas where student�s loans can be forgotten in a bankruptcy. If the person filing for bankruptcy can show that paying their student loan would create an undue hardship, they can often include it in the bankruptcy. In addition, if the repayment would stretch over a long period of time, it may be included. Lastly, if it seems to the court that the student has really tried to pay off the loan over an extended period of time (usually between 3-5 years), and still can�t make the payments without financial stress, the student loan may be included in the bankruptcy.
While some believe that Chapter 7 is the answer to all of their problems, the sad reality shows otherwise. Impaired credit, high interest credit cards, years of battling negative credit notations, and of course the temptation to run up all the credit one has just shed are but a few of the pitfalls bankruptcy discharges may unleash on the unwary debtor.
Bankruptcy advice that might scare you straight hopes to prevent you from filing for Chapter 7 if there is even the remotest chance of effecting debt repayment in any other way. It is painful, but it might just help you!
First and foremost, know what you are up against. Too many are lured into contemplating bankruptcy because they do not know exactly how much they owe to whom and when confronted with the actual numbers might realize that their situation is not nearly as dire as they thought.
If your debts are as bad as you thought � or worse � cut out of your budget anything and everything that is not vital to survival; this refers to your gym membership, cable TV, membership at the YMCA, and so forth. Once you trim the fat from your budget, see how much you have to allocate toward debt payments.
No bit of bankruptcy advice would be complete by suggesting that prior to even thinking of filing for bankruptcy you should liquidate whatever assets you can and then use the money to pay off or at least lessen your outstanding financial obligations. Even if it only makes a small dent in your overall debts, the fact that having gotten rid of some outstanding balances and thus allowed you to forego a bankruptcy filing altogether is perhaps the best bankruptcy advice of all
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219775
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Larence Hubert
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=219775
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=219775
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Student Loans
Author: Larence Hubert
Word Count: 782
Article URL: http://www.isnare.com/?aid=219775&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219775
Easy Publish Tool: http://www.isnare.com/html.php?aid=219775
*********************** ARTICLE START ***********************
Student loans are extremely difficult to have discharged when filing bankruptcy. They have to be filed as an undue hardship in which you must be incapable of working now and in the future. If you would like to discharge your student loans under the undue hardship exception, you must file a separate motion with the bankruptcy court and then appear before the judge to explain your hardship. If filing chapter 7 bankruptcy this is the case. If in fact you are filing chapter 13, you can have your student loans consolidated into payments that are set up by the court. The student loans are not discharged and you do have to pay them off out of pocket. You are given a period of time to pay off your debts. This is often a basic time frame of five years.
It is complicated and nearly impossible to discharge student loans in bankruptcy. In order to understand what may be your best option in paying off your student loan, it is suggested to speak to a bankruptcy attorney. They may have other solutions entirely, that can keep you from filing bankruptcy all together. Another option for advice is to speak to a debt consolidation representative. They are trained and experienced in student loans and other forms of debt assistance. Once you do find the route in which you choose to pay off your loans you will be thankful to be free from the payments and debt.
Former students often wonder, when considering filing for bankruptcy, about their student loans. They want to know if their loans will be included in the bankruptcy or not. In 1998 there was a law passed that makes almost no student loans fall under a bankruptcy claim. So, ultimately even if you file for bankruptcy you�ll be stuck with your student loans still.
The law was established because many students were taking out student loans for amounts much higher than what they actually needed. Then they�d graduate and file for bankruptcy to get their loans nullified. Today filing bankruptcy will not eliminate the need for repayment of college loans. However, the reduction of debt might make it easier and allow the former student to pay their loans without financial stress.
There are a few areas where student�s loans can be forgotten in a bankruptcy. If the person filing for bankruptcy can show that paying their student loan would create an undue hardship, they can often include it in the bankruptcy. In addition, if the repayment would stretch over a long period of time, it may be included. Lastly, if it seems to the court that the student has really tried to pay off the loan over an extended period of time (usually between 3-5 years), and still can�t make the payments without financial stress, the student loan may be included in the bankruptcy.
While some believe that Chapter 7 is the answer to all of their problems, the sad reality shows otherwise. Impaired credit, high interest credit cards, years of battling negative credit notations, and of course the temptation to run up all the credit one has just shed are but a few of the pitfalls bankruptcy discharges may unleash on the unwary debtor.
Bankruptcy advice that might scare you straight hopes to prevent you from filing for Chapter 7 if there is even the remotest chance of effecting debt repayment in any other way. It is painful, but it might just help you!
First and foremost, know what you are up against. Too many are lured into contemplating bankruptcy because they do not know exactly how much they owe to whom and when confronted with the actual numbers might realize that their situation is not nearly as dire as they thought.
If your debts are as bad as you thought � or worse � cut out of your budget anything and everything that is not vital to survival; this refers to your gym membership, cable TV, membership at the YMCA, and so forth. Once you trim the fat from your budget, see how much you have to allocate toward debt payments.
No bit of bankruptcy advice would be complete by suggesting that prior to even thinking of filing for bankruptcy you should liquidate whatever assets you can and then use the money to pay off or at least lessen your outstanding financial obligations. Even if it only makes a small dent in your overall debts, the fact that having gotten rid of some outstanding balances and thus allowed you to forego a bankruptcy filing altogether is perhaps the best bankruptcy advice of all
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219775
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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