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Essentially we can defer your payments for up to 5 years and help with student loans.
This is accomplished by treating your student loans in a Chapter 13 plan in much the same way we treat other unsecured debt except that student loans aren’t discharged unless you are able to prove severe hardship. More on that later.
Here is an example. Let’s say you owe $40,000 in student loans and the monthly payment is $700. We would be able to treat that amount in a Chapter 13 plan and depending on your specific financial circumstances, paying a percentage over 5 years….
We have been able to go as low as even 2%. So in this example your student loan payment would drop to $13 per month from $700, effectively deferring your loan payment for the 5 year length of the plan.
How Can I Discharge My Student Loans?
Not very easily. Because the government wants it that way. And the government usually gets what it wants. Imagine what would happen. The incentive for students to file bankruptcy would be too tempting. Young people just starting out in life and career and faced with massive loan payments would hardly be able to resist. Banks would end their student loan programs.
There is an extreme hardship exception however.
It boils down to proving to the Court that you are almost completely disabled and never likely to work in your area of education and training.
We can help you:
- Eliminate Credit Card Debt
- ELIMINATE MEDICAL BILLS
- Stop Foreclosure
- Eliminate second mortgages
- Eliminate liens & judgments
- Eliminate tax debt
- Help with student loans
- Stop Wage Garnishment
- Stop Vehicle Repos
- Stop Bank Account Attachments
- Rebuild Credit
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