Handling student loan debt

 

Student loans have been a popular topic lately, and if you, like many other graduates are wondering how you will afford the payments on that huge bill, you may have options. If you haven't landed that dream job yet, and are having trouble making payments, you may qualify for flexible payments or deferment until you are in a better financial position.

But, if you are like many who have been under water on your student loans since you graduated years ago, and thought filing bankruptcy could help, it probably will not. There are exceptions as they apply to a hardship discharge however, its safe to believe student loans will generally survive the bankruptcy. There are other options available including forbearance, forgiveness, and loan consolidation that can make paying your loans a more manageable task.

If you have questions about bankruptcy or debt relief contact the office of Attorney Erwin F. Meiers, III today

What can credit counseling do for you?

If you recently looked into filing for bankruptcy, you may have heard the term credit counseling.

Before you will be able to file for bankruptcy, you are required to take an approved credit counseling course as a way to determine if bankruptcy is your best option. Credit counseling is mandatory when applying for both Chapter 7 and Chapter 13 bankruptcy even if a payment plan will not be feasible for your situation. Once you complete the course you will be given a certificate stating you completed the course. In some instances a repayment plan is proposed; if so, you must submit this to the court as well. After your bankruptcy begins, you will be required to take another course teaching you financial management skills.

The new skills you learn during credit counseling will put you on your way to financial freedom.

Call the law office of Attorney Erwin F. Meiers, III to discuss your bankruptcy and credit counseling options.