#Student Loans and Bankruptcy

[jay-weller]

Bankruptcy And Student Loans: Understanding Your Options

Bankruptcy And Student Loans: Understanding Your Options - #jayweller #bankruptcy, #Bankruptcyassistance, #Bankruptcyattorney, #BankruptcyLawyer, #Chapter13, #Chapter7, #Clearwater, #CreditCounseling, #FilingForBankruptcy, #Law, #studentloans, #Tips, #WellerLegalGroup - https://www.jayweller.com/bankruptcy-and-student-loans-understanding-your-options/

[dontmean2bepoliticalbut]

[etakeh]

I got an email today ↑↑↑

If you borrowed LESS THAN 12000 and payed for TEN YEARS and your balance is HIGHER THAN IT STARTED

Yeah, so if you haven't got student loan debt, maybe you aren't aware that this is a very common thing.

This is why I haven't paid in years. Just kept using the "sorry I'm poor" forbearance thing.

But anyway, that's great, Joe. Good job. At least you're trying right?

ok but wait. He's been in politics for a long, long time. Surely he's been fighting for student loan relief this entire time. Right?

Naw. Gaurdian,2019:

ok but surely he regrets having done this. Surely.

again, Naw. Newsweek 2021:

Jacobin, 2022:

And now, when the election season is upon us, we get a glimmer of hope.

What a coincidence.

**Disclaimer** I'm not interested in debating who to vote for, or even if you should vote. I just want to make sure people know what they are voting (or not voting) for.

[jdawg696911]

When you check the balance on your student loans;

[dontmeantobepoliticalbut]

The Biden administration announced on Thursday updated guidelines that will make it easier for those struggling with their student debt to discharge it in bankruptcy.

The new bankruptcy policy comes from the U.S. Department of Justice and the U.S. Department of Education, and allows federal student loan borrowers to prove that they’re experiencing financial distress requiring a fresh start. Under the rules, the agencies may recommend that a bankruptcy judge discharge a borrower’s student debt if they find their case warrants it.

Currently, it’s difficult, if not impossible, for someone to walk away from their federal student debt in a normal bankruptcy proceeding.

“Today’s guidance outlines a better, fairer, more transparent process for student loan borrowers in bankruptcy,” said Vanita Gupta, associate attorney general of the U.S.

The announcement comes as the White House is battling to defend its sweeping student loan forgiveness plan in the courts. The Biden administration stopped accepting applications for its program, which would cancel up to $20,000 in student debt for tens of millions of Americans, last week after Judge Mark Pittman of the U.S. District Court for the Northern District of Texas called the policy “unconstitutional” and struck it down.

The DOJ has appealed.

Before the Education Department closed its forgiveness portal, roughly 26 million people applied for the relief. Outstanding student debt exceeds $1.7 trillion, and even before the pandemic, some 10 million borrowers were in delinquency or default.

STUDENT DEBT HAS A HIGH BAR FOR BANKRUPTCY DISCHARGE

Student loans are currently treated differently than other types of debt in bankruptcy courts, and legal experts and consumer advocates have long said that the bar for being able to discharge the loans is too high.

In the 1970s, lawmakers added a stipulation that student loan borrowers had to wait at least five years after they began repayment to file for bankruptcy; the move came in response to concerns raised by policy makes and pundits that students would rack up a bunch of loans and then try to discharge them after graduation. In 1990, that waiting period was upped to seven years.

The rules changed again almost a decade later, requiring that people with federal or private student loans prove that their debt poses an “undue hardship” to discharge it in bankruptcy. Congress, however, never spelled out what that term means, and lawyers and advocates say the uncertainty leads to unfairness in the courts.

Federal Reserve chairman Jerome Powell has said that he’s “at a loss to explain” why student loans are treated differently than other types of debt in the proceedings.

Around 250,000 student loan debtors file for bankruptcy each year, but fewer than 300 walk away from their education debt in the proceeding, according to research published in the Duke Law Journal in December 2020. That’s a success rate of just 0.1%.

[lewisjurnovoyfwb]

Student loan Lawyer in Fort Walton, FL - (850) 863-9110 

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts. Lewis and Jurnovoy 151 South Mary Esther Cutoff Ste. 103 Fort Walton Beach, FL 32569 (850) 863-9110 https://www.LewisandJurnovoy.com

[lewisjurnovoypcb]

Student loan Lawyer in Panama City, FL - (850) 913-9110 

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts. Lewis & Jurnovoy, P.A. 2714 West 15th St Panama City, FL 32401 (850) 913-9110 https://www.LewisandJurnovoy.com

[lewisjurnovoypensacola]

Student loan Lawyer in Pensacola, FL - (850) 432-9110

Lewis and Jurnovoy is a local law office serving the Florida Panhandle for over 20 years. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis and Jurnovoy 1100 North Palafox St Pensacola, FL 32501 (850) 432-9110 https://www.LewisandJurnovoy.com

[millermillerlawwi]

One common concern for many with financial struggles is the burden of student loans. One should recognize that discharging student loans through bankruptcy is a complicated process. Remember, understanding your options is the first step toward financial relief. If you’re grappling with student loan debt, contact Miller & Miller Law, LLC. Don’t hesitate to ask for help from our bankruptcy attorneys.

[tejeslaw]

Avoid personal and family conflicts through open communication channels and mutual understanding. A newer, unmarried partner of a beloved parent may make adult children suspicious of their intent. For more information contact our Bankruptcy attorney in Orange or call us today at 407-734-5166.

[nwdrlf]

Student loan bankruptcy may seem like a financial lifeline. But it comes with its complexities. Bankruptcy can offer relief for various types of debts. But student loans are often the exception. There are circumstances, especially showing “undue hardship”. Individuals might seek relief through bankruptcy. We can guide you through the bankruptcy process and help present your case for discharge.

[ljcrestview]

Foreclosure And Student Loan Lawyer in Crestview, FL - (850) 409-3350

Martin Lewis and Steven Jurnovoy joined as partners in 1998 to create the law firm of Lewis & Jurnovoy, P.A. The primary emphasis of the law firm is in the representation of individuals and sole proprietors in Chapter 13 Bankruptcy (“Debt Consolidation”) and Chapter 7 Straight Bankruptcy.

Lewis and Jurnovoy 1501 S. Ferdon Blvd. Crestview, FL 32536 (850) 409-3350 https://www.LewisandJurnovoy.com/

[jeppsonlawmo]

Dealing with the complications of student loan debt can be challenging, especially when faced with financial hardships. In Kansas City, Missouri, individuals burdened by the weight of student loans may wonder about the possibility of seeking relief through bankruptcy. However, our team at Jeppson Law is focused on providing tailored solutions for individuals in Kansas City, MO, struggling with student loan debt.

[afreshstartlaw]

Are you struggling with overwhelming debt and looking for a fresh start? Look no further than A Fresh Start Law, your trusted Las Vegas bankruptcy lawyer. Our team of experienced Las Vegas bankruptcy lawyers is dedicated to helping individuals like yourself navigate through the intricacies of bankruptcy law. We will work closely with you to assess your unique situation and develop a customized strategy that best suits your needs.

A Fresh Start Law 2037 Franklin Ave, Las Vegas , NV 89104 (702) 551–3256

Official Website: https://afreshstartlaw.com/ Google Plus Listing: https://www.google.com/maps?cid=15187909726789775019

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