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Private student loans - Any options available to deal with these
I had a consult in Idaho with a potential BK client with about $40K in
private student loans. A chapter 13 won't really work because she won't be
able to pay enough monthly in a plan to pay down the loans. In other words,
when she emerges from the Ch 13 in five years, she'd probably owe more on
the loans than when she filed. She only has about $10K in credit card debt.
Navient is threatening to sue and garnish. Client didn't like my suggestion
to let them sue and then challenge the 25% garnish in state court. She
doesn't like the idea of being garnished some percent the rest of her life.
Are there currently any good options for people with private student loans,
like the IBR for federal loans?
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
I had a consult in Idaho with a potential BK client with about $40K in private student loans. A chapter 13 won't really work because she won't be able to pay enough monthly in a plan to pay down the loans. In other words, when she emerges from the Ch 13 in five years, she'd probably owe more on the loans than when she filed. She only has about $10K in credit card debt. Navient is threatening to sue and garnish. Client didn't like my suggestion to let them sue and then challenge the 25% garnish in state court. She doesn't like the idea of being garnished some percent the rest of her life.Are there currently any good options for people with private student loans, like the IBR for federal loans?Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601
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