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Student loans - I know they are generallynot dischargeable but I have an unusual
You have to sue the lender(s) and claim a hardship. Many of us have done it. Go to studentloanborrowerassistance.org. And read up. Brunner test is discussed. Client may have to try a 25 year consolidation first.
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On Jul 8, 2010, at 11:01 AM, "shawnswhite" wrote:
case where forcing the student loans into their plan will have very negative consequences on the debtors.
Both debtors have advanced degrees. The have respectable incomes but they have approx 170,000 in student loans. Their monthly payment on is approx 1,200.00. The interest is 6%. They are lien stipping a 2nd and have some credit cards.
My understanding is that on the student loans the 6% will continue to accrue for the 5 years. Their plan will pay off aprox 25k of the student loan but with the interest added in they will owe about 190k.
Part of the reason they filed was because they can't afford the student loan payments now. Having an even larger debt hit them as soon as the five years is up is going to pose quite a hardship.
Does anyone know of any cases in our district where at least the interest if not the loan itself has been frozen or discharged on hardship grounds?
Thank you.
You have to sue the lender(s) and claim a hardship. Many of us have done it. Go to studentloanborrowerassistance.org. And read up. Brunner test is discussed. Client may have to try a 25 year consolidation first.Sent from my iPhoneOn Jul 8, 2010, at 11:01 AM, "shawnswhite" <shawn@cabankrupt.com> wrote:
case where forcing the student loans into their plan will have very negative consequences on the debtors.
Both debtors have advanced degrees. The have respectable incomes but they have approx 170,000 in student loans. Their monthly payment on is approx 1,200.00. The interest is 6%. They are lien stipping a 2nd and have some credit cards.
My understanding is that on the student loans the 6% will continue to accrue for the 5 years. Their plan will pay off aprox 25k of the student loan but with the interest added in they will owe about 190k.
Part of the reason they filed was because they can't afford the student loan payments now. Having an even larger debt hit them as soon as the five years is up is going to pose quite a hardship.
Does anyone know of any cases in our district where at least the interest if not the loan itself has been frozen or discharged on hardship grounds?
Thank you.
The post was migrated from Yahoo.
case where forcing the student loans into their plan will have very negative consequences on the debtors.
Both debtors have advanced degrees. The have respectable incomes but they have approx 170,000 in student loans. Their monthly payment on is approx 1,200.00. The interest is 6%. They are lien stipping a 2nd and have some credit cards.
My understanding is that on the student loans the 6% will continue to accrue for the 5 years. Their plan will pay off aprox 25k of the student loan but with the interest added in they will owe about 190k.
Part of the reason they filed was because they can't afford the student loan payments now. Having an even larger debt hit them as soon as the five years is up is going to pose quite a hardship.
Does anyone know of any cases in our district where at least the interest if not the loan itself has been frozen or discharged on hardship grounds?
Thank you.
The post was migrated from Yahoo.