Articles Posted in Student loans

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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgWe recently filed a dispute for one of our clients for student loans that were not accurately reported on her credit reports following our settlement.  What a difference it made — 595 to 749!

I’ve received a letter today from Equifax stating that the 4 disputed XXXX accounts have been “Deleted from the credit file”. I checked my Equifax report through credit karma and they are indeed gone making my score jump from 595 to 749!

One giant leap for studentkind!  Over 150 points in one fell swoop.  If you need help addressing your student debt or debt that is incorrectly being reported on your credit reports, please reach out to us.

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simpson-cartoonInflation and interest rates are the two primary culprits.

Bankruptcy can actually be a fix to this problem and is something that everyone should evaluate NOW.  Does it make sense to clear the deck and start fresh?  Especially when that deck is stacked against most Americans who are not otherwise wealthy.  Especially, for anyone who has private student loans, the decision is pretty much a no brainer — bankruptcy can result in a full discharge of many private student loans or a very low payment plan, with very low interest.  Basically, a way out.

High credit card balances, underwater vehicle loans, unpaid rent — bankruptcy can easily fix this.

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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgElon bought $1.5 billion of Bitcoin.  I own Bitcoin.  This makes me happy.

What else makes me happy is a private student loan settlement offer we received on one of our adversary cases this morning.  Our client will only have to pay back $22,000 rather than the whopping $300,000 she currently owes.  That’s 7% by the way.  Whooo hoo!  Very reasonable and very affordable payments as well.  We understand the student debt crisis out there and are doing our part in helping our clients with student loans to deal — and to get out of debt!!

While I acknowledge everyone should repay their debt, the problem with much of the student loan debt out there is the lack of benefit received, and in many cases the predatory nature of the schools and many of these loans.  This settlement was for a private debt — not government.  If she had had federal student loans, there would have been income driven debt forgiveness programs to at least address the lack of income her education has provided.  Return on investment – that’s the true test of what a college student should borrow.  If no return, then bet on Bitcoin.  You’d be better off.

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reboot_your_life_after_bk-ebook-picThere are so many things that set us apart and in my opinion make us one of the best law firms in the Tampa Bay area that you can choose to file your bankruptcy.  Whoever you are looking to hire to file a Chapter 7 or Chapter 13 bankruptcy, you should ask these questions:

  • What kind of lawyer and staff turnover do you have?  (our bankruptcy paralegal and attorney have been with us for five plus years – nearly ten in fact – it helps to speak with the same person as your case progresses, who knows you and your situation)
  • Can you help me with my student loans (this is where we really stand out — we own student loans – every day, we are reducing or outright eliminating student loan debt in one form or another)
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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgDon’t let this happen to you or one of your loved ones!  Take action now!  Tell your loved ones and friends to take action now.  Don’t wait for Congress.  With the $2,000 stimulus that is now likely, it appears that President Elect Biden may have to push any meaningful student loan relief further down the road.  Also what will that relief mean:  10k reduction is my best guess – after Congress approval.  Why not reach out to us and go for the the whole tamale.  10k is usually nothing for most of our clients.

This is a review we received today from a very happy client in Tampa Florida after we got rid of ALL of his federal student loans:

Thank you so much, you have no idea how appreciated you are for your all of your time work, and effort {to eliminate 100% of my student loan debt tax free}.

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YAY — Bloomberg posted this tonight at 9:02 p.m.  I couldn’t be happier about Secretary DeVos resigning from the Department of Education.  It is well known that she has been a thorn in student loan advocates’ sides for quite some time!

It’s too early to tell what exactly all the changes will be, but I imagine they will be numerous.  Stay tuned and please follow us on Facebook or Twitter (see above buttons) or subscribe to our blog for a play by play…

Christie Arkovich

 

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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgHow do you feel about discharging student loan debt in bankruptcy?

The American Bar Institute (ABI) Consumer Bankruptcy Committee conducted a poll on what changes would attendees like to make to student loan discharges that I found interesting:

10%    Recommended no changes – leave it as it is

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As the owner of a small bankruptcy law practice in Tampa, Florida, we were often thought of as the epicenter of the great recession and foreclosure crisis back in 2008-2012.

One thing that always made a big impression on me, was the number of people who genuinely believed and tried their very best to catch up with their bills once they became re-employed.  These were folks who unfortunately had to run up their credit cards when not working, only to encounter high interest rates and an inability to catch up and actually pay down the balance even after they got a good paying job.  Then I had to tell them that they could no longer file a Chapter 7 – the full bankruptcy.  Instead, they were limited to filing a Chapter 13 – and partially or even worse, fully repaying the debt.  Now this doesn’t always happen, but if you’re making 80k, are single and filing bankruptcy, it could.  And often did.

Don’t be this person.  Consult a bankruptcy attorney if you’ve had to run up your credit cards or incur a pile of debt whether medical expenses, unpaid rent, etc.

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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgThe question as to whether the private student loans were incurred “solely to pay qualified education expenses” under 26 U.S.C. Section 221(d)(1) is where these cases are won or lost.

In Conti v. Arrowood Indemnity Co., No. 20-1172 (6th Cir. 12/14/20), the Court affirmed a bankruptcy court’s judgment against the borrower, and refused to consider arguments that were not raised at the trial court level.

Why is Conti decision important?  Two reasons.  First, it put a lot of emphasis on the purpose of the loans – as opposed to their actual use.  Court vary on this approach and it may depend upon where you live as to what approach is used by your courts.  Second, the Sixth Circuit emphasized the need to fully flesh out all available legal arguments and facts at the trial court level.

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