How to Qualify for Student Loans After Bankruptcy

Filing bankruptcy is seldom the first choice for getting out of debt. The bankruptcy court system seems daunting to most people. The financial system has spent billions of dollars convincing people that bankruptcy is immoral, unethical, dishonest, and causes irreparable damage to someone’s economic prospects.

Many people worry about their ability to get a mortgage, car loan, or new credit cards after bankruptcy. However, of far greater concern is whether filing bankruptcy will negatively impact your […]

By |2022-06-24T16:18:05-07:00May 4, 2022|

Choosing a Student Loan Payment Strategy? Start With a Tax Projection

When creating a student loan repayment strategy, many borrowers gravitate to one of the Income-Driven Repayment (IDR) plans. By adjusting student loan payments based on taxable income and family size, these plans keep student loan bills more affordable than would otherwise be the case.

Keeping payments low usually involves reducing taxable income, typically by maximizing pre-tax deductions. For married couples, it may be tempting also to file separate federal income tax returns. Unfortunately, that simple step, […]

By |2022-05-29T15:36:16-07:00January 13, 2022|

How to Create a Future-Proof Student Loan Repayment Plan

Student loan repayment has become more complicated over the past 10 years. Whether you’re a borrower, a parent, or a co-signer of a student loan, you face an increasingly complex set of choices when it comes to paying off your educational debt.

The ever-increasing cost of higher education forces more people to rely on student loans. Limits on federal borrowing leave most students and families to use private student loans to bridge the financial gap. As […]

By |2021-09-11T10:19:22-07:00September 11, 2021|

Can Student Loans Garnish Wages?

QUICK ANSWER: Your wages can be garnished if you are in default on your federal student loans. The loan holder doesn’t need to file a lawsuit or get a judgment against you before starting a wage garnishment for a federal student loan. However, the loan holder needs to sue you in court for defaulted private student loans and get a judgment before starting a wage garnishment.

Millions of people default on their student loans each year, […]

By |2021-09-09T15:47:02-07:00September 9, 2021|

What Does a Judgment Mean?

QUICK ANSWER: A judgment is a court order that decides a lawsuit. A collector who wins a judgment against you is no longer required to prove the debt and can take steps to force you to pay.

If you don’t pay a debt, the creditor will try to get you to voluntarily pay. Lenders will call and send letters, hire debt collectors, and leverage your fear of poor credit as a way of convincing you to […]

By |2021-09-08T05:39:45-07:00September 8, 2021|

Can’t Pay Your Debts? Here Are Your Options

If you’re in debt, you’ve got choices. To decide your best path forward, it’s important to review all of the alternatives carefully and weigh them against your goals.

In this episode of the Money Wise Law Podcast, Jay Fleischman and Gene Melchionne talk about your debt relief options to help guide you towards your ideal solution. If you think you know where this conversation ends up – think again.

By |2021-08-05T15:18:31-07:00August 5, 2021|
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