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Chapter 13 Bankruptcy and Student Loans
When one files for Chapter 13 bankruptcy, various other loans get resolved, and the court sets up a fund that monitors the disbursement of the various debts that one has over the time period set up by the debtor. However, student loans are something that cannot be dealt with so easily.
There is a way of taking care of student loans during a Chapter 13 bankruptcy, and that is by proving that these loans are a hardship for the one paying the debts and that there is no way the person is capable of making the payments in accordance with the schedule laid out.
However, one needs to be honest while doing so. There should actually be reason enough for the person not to be able to earn enough to pay back the loan. It should also mean that the person is actually trying hard to work and payback the amount; however, the money is simply not forthcoming.
It will now become the responsibility of the bankruptcy judge to find out what exactly can be discharged and what needs to be paid back no matter what. If one is lucky, the judge will allow for these discharges, especially of student loans, which means that one has to pay either a part of this loan amount or nothing at all.
As far as student loans go, they are more flexible than other loans and have many more options. Hence, when one finds oneself in trouble over paying off a student loan, one should let the lender know of the exact problem. There is usually a mutual consensus that can be reached with the lender, and something can be worked out. One can even negotiate for a new plan of repayment, if it is difficult to follow the existing one.
Remember, under Chapter 13 bankruptcy a student loan has the highest chances of being worked around or being discharged completely.
Chapter 13 provides detailed information on Chapter 13, Chapter 13 Bankruptcy, Chapter 13 Trustee, Filing Chapter 13 and more. Chapter 13 is affiliated with Filing Bankruptcy.
More Useful Resource and Updates on bad credit student personal loan credit
- Student loans harder to come by (The Arizona Republic)
Some are learning a tough economics lesson.
- Credit squeeze hits college students, families (MSNBC)
With the price of some top-priced colleges and universities north of $50,000 a year and lenders cutting back on student loans, financing a college education is getting harder.
- Loans for college students harder to come by (The Arizona Republic)
Many students heading off to college or vocational schools in coming days will learn a tough, if timely, lesson in economics: The credit crunch has made some education loans harder to get.
- Student Loans Get Harder To Come By (NBC4 Washington, D.C.)
College students are feeling the effect of the credit crunch as some private companies stop issuing student loans and others raise interest rates.
- Feds, state will repay some loans for teachers (The Fayetteville Observer)
Editor?s note: Catherine Pritchard is on vacation. This column was compiled by members of the Observer staff. Q: What counties or state programs will pay back a student loan for a teacher?
- CIBC Announces Third Quarter 2008 Results (CNW Group via Yahoo! Finance)
CIBC announced net income of $71 million for the third quarter ended July 31, 2008, compared with net income of $835 million for the same period last year. Diluted earnings per share were $0.11, compared with diluted EPS of $2.31 a year ago.
- Struggling Lenders Continue to Suspend Federal and Private Student Loan Programs (Marketwire via Yahoo! Finance)
Despite federal legislation passed in May that was designed to help the struggling student loan industry, cash-strapped lenders continue to drop out of the student loan business, leaving families throughout the country scrambling to find a new student loan provider as 6.7 million undergraduates prepare to head back to school.
- Scotiabank earnings top $1 billion in solid third quarter (PR Newswire via Yahoo! Finance)
Earnings per share of $0.98 compared to $1.02 last year and
- Consider consolidating student loans (The Springfield News-Leader)
When college alumni show up for homecoming weekend and hold forth about how much better things were when they were in school, it's usually the beer talking. But graduates who boast about the great deals they got on their federal student loans probably aren't exaggerating. As recently as three years ago, savvy borrowers who consolidated their loans were able to lock in rates as low as 2.88 percent.
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