STUDENT DEBT FORGIVENESS ATTORNEY SERVING SAVANNAH, GA
Can Student Debt Be Forgiven?
Financing your own education is an investment in yourself. But what can you do if the cost of your education is more than you can pay? When you end up with more student loan debt than you can handle? One thing you can do is seek student debt forgiveness. There are a number of ways students can have their debt forgiven. With some guidance, you'll know which are your best options. Some options are quicker, others more thorough. They all require you to have a clear picture of your financial situation.
When faced with insurmountable student debt, one sure way you can give yourself a chance to recover is to file bankruptcy. There are two types of bankruptcy that are commonly used to discharge debt: Chapter 7 and Chapter 13. These are programs managed by a bankruptcy judge through which you are either given time to reorganize your finances or your debts are simply erased. Your ability to make consistent payments to the court often determines if Chapter 7 or Chapter 13 bankruptcy best suits your needs.
Student Debt in Chapter 7 and Chapter 13:
Filing a Chapter 7 or Chapter 13 bankruptcy will stop collection from student loan companies.
During the case, your loans will be deferred—you will not have to make payments.
John Pytte can help you consolidate your student loan debt.
In some qualifying cases, John Pytte can file an adversary proceeding vs student loan lenders and have them discharged, canceled, and forgiven.
Chapter 13 Bankruptcy
Under Chapter 13 the person with student debt would be given between three and five years to pay-off their back debt. The Court looks at the amount of the declared debt and the petitioner's ability to pay. They then calculate and assign the appropriate size payment the person filing bankruptcy must pay to the court each month. They also determine how many months it will take to fulfill their obligation to the court and their debtors.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often called liquidation. When someone files Chapter 7 bankruptcy it means their debts are too big and they don't think they'll ever be able to pay them off. If the judge rules to compel the debtors to wipe out all the debt, they may require the filer to sell any homes, car, and other assets to pay a portion of the bill. The cases don't take long. If you pass the means test you qualify for Chapter 7 protection.
The means test looks at your means of producing income. If any of the following is true you may qualify for Chapter 7 bankruptcy. The criteria for debt relief is:
You have little or no income
Can barely pay your living expenses each month
Have no equity in your home or are renting
Have no valuable assets
All of these show the person's inability to manage their finances. The bankruptcy court is then more inclined to agree they need Chapter 7 protection if they meet one or more of the criteria above. If their income is also below the state's average for families the size of theirs, it’s a near certainty they can be relieved of the burden of debt they cannot pay. It is a fresh start financially. Many people have used this to turn their lives around. Filing bankruptcy in Chatham County GA may be exactly what you need to give you the opportunity to try once again to do your best.
Being brave enough to admit you were overwhelmed with debt and facing a bleak economic future takes strength. That strength is important when facing the prospect of having to lose everything you worked to build. However, getting an experienced bankruptcy lawyer in Savannah or Hinesville, GA to guide you through the process is just as important. An experienced bankruptcy attorney can help you provide the documents needed to verify your debt, income, and expenses. They'll help you to explain to the judge your financial situation and why you know you need a fresh start.
Free Lawyer Consultation in Chatham County GA
If you are seeking student debt forgiveness, contact us today for a free lawyer consultation with John E. Pytte in Savannah or Hinesville, GA! You can set an appointment by phone or just swing by one of our offices.