Money Wise Law

[https://www.moneywiselaw.com/wp-content/uploads/tiktok-live-240716-1024x574.png] [https://www.moneywiselaw.com/wp-content/uploads/tiktok-live-240716-300x168.png] In this TikTok Live, we discuss various aspects of student loans, bankruptcy, and debt collectionin a lively Q&A format, providing insights into navigating these complex financial issues. KEY TOPICS COVERED BORROWER DEFENSE TO REPAYMENT * Definition: A federal forgiveness program allowing borrowers to have their student loans forgiven if they can prove their school misrepresented the quality of their education. * Eligibility: Must prove that the school’s misrepresentation caused you to take out the federal student loans. * Process: Submit a claim to the Department of Education with supporting evidence. The review process can take years. * Resources: Numerous online groups and resources can provide documents to strengthen your claim. CHALLENGES IN STUDENT LOAN FORGIVENESS * Lawyer Assistance: Not all lawyers claiming to assist with student loans are truly specialized in that area. Many are primarily bankruptcy lawyers. * Limitations: There is no universal solution for all student loan problems, but various programs can provide relief, such as income-driven repayment plans, public service loan forgiveness, and borrower defense to repayment. CO-SIGNING STUDENT LOANS * Impact on Credit: Co-signing a loan means the debt will appear on your credit report. If the primary borrower defaults, you are responsible for the payments. * Advice: Have a serious conversation with the borrower if they are not making payments. FAFSA AND FEDERAL STUDENT AID * Importance: Submitting the FAFSA (Free Application for Federal Student Aid) is crucial for determining eligibility for federal aid. BANKRUPTCY CONSIDERATIONS * Chapter 7 and Chapter 13: Different rules apply depending on the type of bankruptcy. For instance, Chapter 13 may require court permission to take on new debt. * Asset Exemptions: Each state has different exemption levels for assets you can keep during bankruptcy. * Professional Advice: Consulting a bankruptcy lawyer can help ensure a smooth process and prevent potential issues. INCOME-DRIVEN REPAYMENT (IDR) PLANS * Choosing the Right Plan: IDR plans can lower monthly payments and lead to forgiveness after 20-25 years. * Flexibility: If you choose the wrong plan, you can change it later. DEALING WITH DEBT COLLECTORS * Payment Allocation: If a debt collector refuses to show where your payments went, you may need to sue for an accounting. * Defensive Approach: Stand your ground if you believe you do not owe the debt, and let a judge decide if sued. SPECIAL CASES AND QUESTIONS * Medical Debts: Discuss specific situations with a bankruptcy attorney to explore possible solutions. * PSLF (Public Service Loan Forgiveness): Concerns about program elimination are common, but current guidelines should be followed. LISTENER QUESTIONS * Borrower Defense: Can file claims if defrauded by the school. * Bankruptcy and Car Loans: Can keep the car if payments continue. * Credit Report Issues: Obtain free credit reports from annualcreditreport.com to check for creditors and judgments. Join me on TIkTok every Monday and Wednesday for more advice on handling your debt problems. The post There Isn’t a Solution to Every Student Loan Problem [https://www.moneywiselaw.com/tiktok-live-240716/] appeared first on MoneyWise Law [https://www.moneywiselaw.com].

Avoiding Bankruptcy - The Ultimate Guide [Podcast] [https://www.moneywiselaw.com/wp-content/uploads/mwl002avoidbk-1024x538.jpg] Avoiding Bankruptcy - The Ultimate Guide [Podcast] [https://www.moneywiselaw.com/wp-content/uploads/mwl002avoidbk-300x158.jpg] Listen to The Ultimate Guide to Avoiding Bankruptcy: https://www.moneywiselaw.com/wp-content/uploads/mwl002.mp3 [https://www.moneywiselaw.com/wp-content/uploads/mwl002.mp3] There’s a way to be 100% certain you’ll never need to file for bankruptcy. I’ve been a bankruptcy lawyer for over 25 years. Gene Melchionne has been representing people in bankruptcy court for longer than that. Between us, we had both played armchair quarterback enough times to know the exact point in a client’s life when financial distress was all but certain. Using that knowledge, we figured we could put together a roadmap to help people avoid bankruptcy. We sat down and prepared the ultimate checklist of ways to be 100% certain you’ll never have to see the inside of a bankruptcy court. And in this episode of Money Wise Law, we reveal the secrets to you. Our list is meant to be a farce, but under it all there is a simple truth: there is no way to be absolutely certain you’ll never need the protection of the bankruptcy court. Life is unpredictable, and your fortunes can change in an instant. Marital upheaval, an illness, job loss, or minor rent increase can throw even the most carefully planned household budget into disarray. Bankruptcy exists as a hedge against the risks inherent in modern life. Enjoy the shenanigans, and consider whether there’s ever been a time in your life that you were close to needing bankruptcy. The post The Ultimate Guide to Avoiding Bankruptcy [https://www.moneywiselaw.com/avoidbankruptcyguide/] appeared first on MoneyWise Law [https://www.moneywiselaw.com].