Do you know that it is possible to bankrupt your student loans? This is a library of free resources regarding student loans. Do you need help? Contact my office right away. Nick C. Thompson, Attorney: 502-625-0905
There is no statute of limitations for government student loans. Federal Student loans are exempt from the state statute of limitations because of Section 484A(a) of the Higher Education Action and 20 U.S.C. § 1091a(a). However, Private student loans are subject to the statute of limitations and all the same defenses that any other contract…
Some student loans automatically discharge if you list them correctly and file them properly. Not waiting for the proper length of time to discharge them is probably malpractice. In addition, not waiting for the proper length of time to discharge income taxes can also be fatal. This is the quick four-part checklist we use to…
We’ve all heard about colleges encouraging students to go into debt for degrees that fail to equip students to repay the debt. Government loans balloon the default, which taxpayers ultimately repay. But, you can be sure the servicers find such penalties highly profitable. The default charges include a 25% penalty when the lender first declares…
Don’t take our word for it! According to a Wall Street Journal Article by Josh Mitchell on April 7th, 2016 over 43% of student loan borrowers don’t make full repayment on their student loans. With 1.3 trillion currently owed in student loan debt, that number has serious meaning. 3.6 million borrowers are in default (12…
Yes, it is hard to bankrupt student loans. In fact, we think that some judges go beyond the standard. Also, federal bankruptcy courts sometimes grant bankruptcy student loan discharges based on section 523(a)(8)’s “undue hardship” standard. However, while some courts allow attorneys and doctors to discharge a student loan, others are harsh. Student Loan Bankruptcy…
You can stop student loan collections and garnishments with bankruptcy. Student loan collections will stop for about 4-6 months with Chapter 7 and either 3 or 5 years with Chapter 13. This article is a handout I give to my bankruptcy clients which explains how to handle your student loans. The idea is to survive…