The majority of bankruptcy filers can use the laws to protect their assets from the Court and from the IRS and other creditors. But before we talk about protecting assets, let’s review the laws about eliminating IRS income tax debt through a bankruptcy filing. Here are the requirements (1) the taxes have to be at least 3 full years … Read More
Student Loan Default–3 Reasons to Get Out Of It
How do you know you’re in federal student loan default? It’s been 270 days since you last made a payment. You can determine your status and see if you’re in default by going to the National Student Loan Database. So what’s the big deal about being in default? Automatic Wage Garnishment (AWG) First, federal student loan lenders can always … Read More
Student Loans–Find Out What You’ve Got!
What Student Loans Do You Have? When I ask people what types of student loans they’ve got, many borrowers simply reply that their loans are with Sallie Mae. Okay, stop right there. That doesn’t tell me much, because Sallie Mae collects on both federal and private loans. So, let’s go deeper and really answer this question better. There are two … Read More
Student Loan Repayment Tips from a Bankruptcy Lawyer
Student Loan Repayment Tips I’m spending more and more time talking with prospective clients about their student loans. No, I’m not suggesting that they should file bankruptcy to wipe out their student loans. It’s simply getting hard to avoid talking about student loans when I see such large balances and on such a widespread basis. I’m talking more than … Read More