The debt limits of a Chapter 13 bankruptcy are dropping considerably tomorrow, June 21, 2024. The Bankruptcy Courts are reverting back to a two part test that limits eligibility to a maximum of $465,275 for unsecured debt and $1,395,875 for secured debt. Importantly, there is no talk of an extension…
The Biden administration’s overhaul of the Department of Education has put a lot of things on hold during the pandemic, but has created a number of good programs and fixed existing programs that should be taken advantage of now. If your student loans are in default for instance, while rehabs…
We will be speaking at the Orlando Student Loan and Bankruptcy Workshop on June 7, 2024 along with Laurie K. Weatherford, Chapter 13 Trustee, Orlando Division, and Robert and Tammy Branson. For our fellow attorneys who practice bankruptcy, this is not one to miss. The cost to attend is only…
We’ve confirmed through the NCLC that the new regulation allowing credit for IDR for anyone in bankruptcy will NOT apply to FFEL loans. Or Perkins loans, or unconsolidated Parent Plus loans. So it’s best to consolidate to Direct Loans before filing, but now that the 4/30 deadline has passed, it’s…
While we try to get the most information out there through our blogs, monthly newsletters and You Tube Channel Student Loan Sidebar please remember that the information in our videos and this blog does not and is not intended to constitute legal advice. Instead, all information and content are for…
Bankruptcy is finally working for people with student loans — I expect to have a series up shortly about all the ways a bankruptcy can help now with both federal and private student loans. This didn’t used to be true, and you may find people out there who follow those…
Don’t forget, next Tues the 30th, is the consolidation application deadline for the IDR account adjustment – often referred to as the IDR Audit. It’s also the last day before the PSLF processing pause goes into effect, so you may wish to download your payment tracking data from MOHELA before…
As we race toward the 4/30/24 deadline for submitting a consolidation application for the IDR Audit deadline, please know that Nelnet has the following phone and email. They will accept a consolidation application by email. We recommend calling them a few days after to verify receipt of the application. There…
Many questions surround the possibility and even probability of discharging student loans in bankruptcy. The law around student loan dischargeability hasn’t changed in many years, the way I understand it – it’s just that newer theories on applying that law to private student loans have come to the forefront in…
We’ve received some repeat questions lately by parents whose children are still in college. Basically, they are worried that there isn’t enough time to get a double consolidation done to get into SAVE. Here’s the rules: The loan does have to be fully disbursed. You don’t have to wait for…