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.
Public Service Loan Forgiveness can be a lifeline for student loan borrowers that 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.
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.
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 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.
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.
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.
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.
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.
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.
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.”
Read Full Article
Read for later
Articles marked as Favorite are saved for later viewing.
Scroll to Top
Separate tags by commas
To access this feature, please upgrade your account.