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Are you looking for an experienced and affordable attorney? Look no more, you have found him. I have over 16 years of exclusive bankruptcy experience.

I know the law, and I know the system, with personal, hands on attention, and no gimmicks, I will get you through your hard times, and be there down the road for questions.

I will meet or beat any fees you have been quoted! Call, 313-343-9930 or email at debtfreedetroit@gmail.com

Student Loans and Bankruptcy

Student Loans, Bankruptcy, and Alternatives

There are a wide variety of reasons why you could be considering filing bankruptcy to eliminate student loans as a solution to your student loan debts. Even though this should be your last resort to paying off your student loans, you might find yourself in a situation that could require you to file for bankruptcy to try and eliminate your student loans.

Can You Declare Bankruptcy For Student Loans?

You can, but there are certain laws, rules and policies that you must follow. There are also certain qualifications that you must be able to prove in order to even qualify for a student loan bankruptcy. As far as qualifying to declare bankruptcy, this could be different for almost everyone and very difficult to prove.

Undue Hardship Under Chapter 7: You must be able to show that you have an undue hardship in order to qualify for this type of bankruptcy. The only way you can prove an undue hardship to declare bankruptcy for your student loans is if you are physically unable to work and you will not be able to work for the rest of your life. This is a rare occurrence, and difficult to prove to a court. You should choose this method of applying for bankruptcy if you meet the qualifications for it.

Chapter 13 Bankruptcy: You shouldn't expect to be able to get rid of all of your student loan debts by filing under a chapter 13 bankruptcy, but you could get rid of some or most of it. The best way to apply for this one will be to expect to have your student loan debt consolidated, because that is likely what the court will do (as well as eliminate some of it). To qualify for chapter 13 you will need to prove that you have the disposable income available to pay back at least most of your student loan debt.

Are There Any Alternatives To Bankruptcy?

There are many alternatives available to you instead of filing for bankruptcy. Here is an outline of those alternatives:

Repayment Plan: Work out a payment plan with your current lender that will help lower your monthly payments now and increase as your income does. Your lender wants to work with you and would be happy to help you find a repayment plan that will work for both of you.

Payment Deferment: Contact your lender to ask for an application to apply for payment deferment. If you qualify this will put off any payments you would otherwise have to make and keep you out of collections until you are able to make the monthly payments.

Student Loan Consolidation: Work with another lender to get all of your student loans put into one loan with one monthly payment to make. This will decrease your monthly payments and your interest rate, saving you money now and later.

As mentioned before, filing bankruptcy to eliminate your student loans should be considered as a last resort if you can't simply find anything else that will work for you and your financial situation. There are many alternatives to filing for bankruptcy and your lenders can help you with this as they do want you to pay back the loan even if they have to make some adjustments.

Call Charles L Basch II at 313-343-9930 today.

The Automatic Stay, Section 362 of the Bankruptcy Code

Bankruptcy in General for Both Chapter 7 and 13

A federal legal proceeding in which all creditor collection activities must come to a complete stop.  Probably the most important aspect of either chapter is the Automatic Stay of all proceedings against the Debtor under 11 U.S.C. § 362 of the Bankruptcy Code.  Think of the automatic stay as a giant shield that protects you from all of your creditors and stops all collection activities such as foreclosure, garnishment, repossession, tax levy, utility shutoff’s, and lawsuits that are pending, or complete.  It stops the creditors from calling your home or business or your friends and family.  It goes so far as to stop them from sending you those monthly bills in the mail!

Repossession

Repossession is when the bank that loaned you money wants to obtain possession of the vehicle that you drive.  A bank or finance company does NOT need a court order to repossess your vehicle, and there is no minimum amount of payments that you have to be behind before your vehicle can be repossessed.   The vehicle will usually be taken at night from your house, or while you are at work, and even when you are out shopping!  The “repo” guy is good at his job and will get the vehicle one way or another.  Once your vehicle is repossessed you have a time period determined by state law to redeem the vehicle from the creditor but that time is very limited.  After the vehicle is repossessed, the finance company will auction off the vehicle after the redemption period is over, for pennies on the dollar.  You will still be responsible for the balance of the contract though.  After they sell the car they will sue you and try to garnish your wages.  One way to redeem your vehicle is to file a Chapter 13 Bankruptcy Case.

For a Free Consultation Call Charles L. Basch II at 877-343-9930

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$1,000.00 filing fee included.