Consolidate Student Loans
Most bankruptcy attorneys know, as a general rule, student loans cannot be discharged in a Chapter 7 bankruptcy. It is possible, but very difficult. The debtor must meet certain standards of undue hardship in order to have the debt discharged in a Chapter 7. Student loans really should be dealt with by your San Diego bankruptcy attorneys in a Chapter 13 debt relief plan.
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As bankruptcy attorneys know, a Chapter 13 debt relief plan is one of reorganization. In a Chapter 13 case you propose a repayment plan to the Chapter 13 trustee on how you will be able to repay certain creditors based on your future income. The Chapter 13 debt relief plan will allow you to make-up delinquent payments on student loans, cars and other secured debts. If you cannot meet the student loan undue hardship standard under a Chapter 7 bankruptcy or Chapter 13 bankruptcy, there are other benefits of including your student loans in your debt relief plan. One benefit is that you determine the size of the payment rather than the student loan company. Another is that there are no harassing phone calls or collection actions while you are in the Chapter 13 plan. These are all things you should discuss with your bankruptcy lawyers.
Some San Diego bankruptcy lawyers like to allocate more of the debtors money to student loan debts rather than other debts because the other debts will be completely discharged after 3 to 5 years. Bankruptcy lawyers will say that the debtor will continue to pay on his or her own rather than having the Chapter 13 trustee pay it out of the plan. This has the net effect of reducing the debtors obligations under the Chapter 13 plan. Your bankruptcy lawyers will be able to structure the Chapter 13 plan for you.
The student loan companies will be very aggressive in trying to collect any student loan debt owed. You need an aggressive bankruptcy lawyer to fight back. For over 35 years the Law Office of Harold D. Thompson has helped thousands of individuals in San Diego, Southern California and California get the fresh start and student loan relief they deserve. We can file your bankruptcy case for as little as $800.00. Call our office today at 619.615.0767 or visit our other websites at San Diego Bankruptcy Lawyer Blog or My San Diego Bankruptcy for more information.