Discharging Student Loans in Bankruptcy: Important Legal Terms
Discharging student loans in bankruptcy is a complex and difficult process, with important legal terms that must be understood. Bankruptcy is a legal procedure when an individual or business can no longer pay their debts. It allows the debtor to either liquidate their assets or reorganize their finances by negotiating payment plans with creditors. Student loan debt has become one of the most difficult kinds of debt to discharge in bankruptcy due to changes made by Congress in
Student Loan Forgiveness Programs for Teachers
Teachers are the lifeblood of our education system and provide an invaluable service to our society. But due to their lower salaries, many teachers find themselves with large amounts of student loan debt that can take decades to pay off. Fortunately, there are special student loan forgiveness programs specifically designed for teachers that can help ease the burden of student loan debt. The National Education Association outlines several federal and state programs available f
Perkins Loan Cancellation and Discharge
Perkins Loan Cancellation and Discharge can offer much-needed relief to those struggling with financial hardship. If you have a federal Perkins Loan, there are certain circumstances in which you may be eligible for loan cancellation or discharge. This article will explain the different types of Perkins Loan Cancellation and Discharge and when they may be available to you. It is important to note that, similar to other federal student loans, there is no fixed amount of money t
Low Income Bankruptcy: Find the Option for You
Filing for bankruptcy can be an overwhelming process, especially if your income is low. Low-income debtors often have unique needs and face unique challenges when considering filing bankruptcy. If you are in this situation, there is help available to you. Here’s what you need to know about finding the right bankruptcy option for your specific financial situation. First, it’s important to recognize that there are different types of bankruptcies available depending on the type
What Can I Take From My Foreclosed Home?
The foreclosure process can be a stressful and confusing time. It is important for those going through the foreclosure process to know what items are legally allowed to take from the home before leaving. Homeowners facing foreclosure should understand their rights and actions they can take when facing this situation. Although it may vary by state, there are typically certain items of personal property that homeowners have the right to keep from their home, even if it has been
8 Tips To Help You Rent After Foreclosure
When a lender forecloses on a home, the homeowner may not be able to view or obtain the note. Even though the lender has not provided you with proof of the note, it does not mean that they cannot foreclose. It is important for homeowners to understand their rights and how foreclosure works if they are facing this situation. In order for a lender to legally foreclose a property, there must be an existing loan between the two parties. The note serves as evidence of this loan an
The Lender Won’t Show Me the Note. Can It Foreclose Anyway?
When a lender forecloses on a home, the homeowner may not be able to view or obtain the note. Even though the lender has not provided you with proof of the note, it does not mean that they cannot foreclose. It is important for homeowners to understand their rights and how foreclosure works if they are facing this situation. In order for a lender to legally foreclose a property, there must be an existing loan between the two parties. The note serves as evidence of this loan an
Life After Foreclosure: Rebuilding Your Credit and Getting Back on Track
Foreclosure can be a devastating experience, but it doesn’t have to mean the end of your financial life. With some dedication and hard work, you can rebuild your credit after foreclosure and get back on track. The first step towards rebuilding your credit is to take an honest look at what caused the foreclosure in the first place. Examine any mistakes you may have made and plan ways to avoid them in the future. If there were extenuating circumstances that contributed to the f
What Happens to Student Loan Debt When a Borrower Dies?
Student loan debt is a major financial burden for college graduates. The total amount of student loan debt in the U.S has reached an all time high of 1.5 trillion dollars, with borrowers owing an average of $37,172 per person from student loans taken out to finance their education. But what happens when a borrower dies while still owing on those loans? The answer depends on the type of loan and who cosigned it with the deceased individual, if anyone. Federal student loans are
Four Things To Know About Medical Bills And Wage Garnishment
Medical bills can be a financial burden for many Americans, and wage garnishment is one way creditors use to settle them. When a creditor obtains permission from the court, they are allowed to take part of an individual’s wages as payment towards their debt. To stay on top of your finances and protect yourself, here are four things to know about medical bills and wage garnishment: First, it’s important to understand that a creditor may proceed with legal action if payments on
