Student Loans Delaying Financial Security
Student Credit Loans
For 44 years, we have properly educated children who have gone to college and are now in college. For the last 44 years, we also provided student loans that have delayed financial security for so many. The only problem with student loans is that they typically take 5 to 8 years to pay off.
When my daughter graduated from bend, we will pay the loan off from savings. However, as the payments were delayed due to the lack of ability to earn an income, we do not have the savings to pay the loans off early. As a result, we will be years behind where the needs for our children are concerned.
As parents have become more informed about mortgages, land seizing has increased. Even with the recent reduction of student loan limits to $10,500, students are able to purchase homes that are now valued at upwards of $600,000. Without the income of the parents, payments for mortgages would be too hard to handle.
Recently, the picks among new college graduates have been alarming. More and more young adults are dropping out of college and selling noticed their college towns. In Gaines County, just east of Houston, there are at least 7 new houses being foreclosed every week.
With the high price of real estate, these individuals have had to sell their homes and move all over the country in order to find work. Additionally, since they did not qualify for the new amnesty program, they are receiving negative marks on their credit reports. There are two ways student loan debt can play out. The first is through home equity loans. However, if the young adult has put up collateral, a bankruptcy judge may place that home over any debts that would be carried on a new home loan.
This means that the bankruptcy judge will decide who gets to keep their future home. If you are reading this, you need to take immediate action and contact a Houston bankruptcy attorney as soon as possible. There is nothing that will be easier to handle than hiring an attorney to help you with your financial difficulties. An attorney will also have the experience to help stop any sheriff sale and protect your home.
Additionally, tuition for health care costs when they become due is not covered by most private student loans. Therefore, it becomes extremely frustrating when you keep paying your student loans and your education continues to suffer. creditloankr.com
Certainly, anything you do to be involved in a bankruptcy case will be recorded and it will stay with you for the rest of your life. If your house was repossessed, your credit report will show the repossession, and if you were terminated from a job, an employer will be alerted to this and this will show up on your credit report. culmination of these circumstances may prevent you from obtaining credit and even renting a home with a large apartment. It should be noted that the recent recession was the worst in the past 40 years, and has created the lowest savings rate in 80 years. Therefore, it is difficult to acquire the financial knowledge necessary to rebuild a secure financial future after being heavily damaged by the poor economy.
As you can see, this is not a time to worry about your student debts. You should take immediate action and file for bankruptcy if necessary. The sooner you file for bankruptcy, the sooner you can gain the financial knowledge that is so desperately needed to prosper after a slice of this Direct Student Loans luck. If you don’t do so, you may have to start working part time at McDonald’s while you wait for your bankruptcy to be dismissed.
For students who owe $10,000 or less in tuition, the student loan debt is not dischargeable in a Chapter 7 bankruptcy case. Thus, one of two things must happen. Either, the student must file for bankruptcy (which means he/she has no property or assets) OR, the student must show special circumstances which justify special circumstances in a bankruptcy case (i.e. the student must have a disability which prevents him/her to work). Therefore, the student must incur either a temporary ” succeeds” condition in which he/she cannot work and still pay the loans at the same time. Otherwise, the student will be forced by law to pay the loans in addition to his/her full legal aid for the same number of years. The vocational equipment loan is dischargeable in a Chapter 13 bankruptcy, however the student must also be unable to work that may include the student loan debt.
Without any exceptions, student loans are always dischargeable in a Chapter 7 bankruptcy. If additional tax is assessed during the year of filing, that tax must be paid by the student in addition to his/her legal aid. Other non-dischargeable debts may include such things as debt owed for nondischargeable loans (i.e.