Student loans Archives - Page 7 of 7 - Bankruptcy Attorney in Brooklyn, New York

Income-Sensitive Repayment Plans Might Not Bar Student Loan Debtors From Bankruptcy

Bankruptcy, Chapter 7 Bankruptcy, Debt / By Matt Leichter

People paying attention to bankruptcy news throughout the country may have heard about two debtors who successfully discharged their student loans in chapter 7 this year. Typically, seeking a discharge of education debt is difficult to accomplish because debtors must prove that without a discharge they would suffer an “undue hardship.” This requirement came into …

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Income-Based Repayment Plans for Student Loans in 10 Points (Part 2 of 2)

Leave a Comment / Bankruptcy, Debt / By Matt Leichter

This is the second post in a two-part series on the Department of Education’s Income-Based Repayment (IBR) program for federally backed student loans. Under an IBR plan New Yorkers and other Americans with eligible loans can make lower monthly payments to the government based on their disposable income if their income is too low to …

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Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2)

Leave a Comment / Bankruptcy, Debt / By Matt Leichter

Aside from mortgage debt, one of the more common problems New York debtors face is student loans. These debts can be challenging for debtors to deal with because in 1998 the federal government subjected all federally backed student debt to the undue hardship test for bankruptcy dichargeability. In 2005, it extended it to private student …

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Bankruptcy and Student Loans: Do they go together?

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy / By Matt Leichter

Can New Yorkers get their student loans discharged in bankruptcy? You can certainly get most other debts discharged. So why not student loans? Because the student loan industry lobbied hard to make sure that student loans were listed as “non-dischargeable” when the 1978 Bankruptcy Code was written. As a result, the only exception for getting …

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The Reality of Student Loans

Leave a Comment / Debt / By Matt Leichter

Having second thoughts about taking out a student loan for yourself or your offspring? There’s a great piece on Huffington Post by Zac Bissonnette titled, “The Student Loan Disclosure Document That Every Borrower Should Read.” It does a really nice job of making clear all of the risks involved with student loans and pointing out …

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What are the consequences if I default on my student loan?

Leave a Comment / Loan modification / By Matt Leichter

You may have recently heard that student loan debt now exceeds credit card debt. And that there’s a proposal in Congress that would make student loan debt dischargeable in bankruptcy just like any other debts. (This is not the first time such a proposal has been bandied about. Read my post from a year ago …

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Will Congress soon let New Yorkers discharge their student loans in bankruptcy?

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Creditors, Debt / By Matt Leichter

If you have student loan debt in New York or anywhere else in the U.S., it’s extremely difficult to discharge your debt through a bankruptcy filing. The standard for being able to discharge student loan debt is “undue hardship.” This means you have to prove that you are physically unable to work and/or you’re unable …

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