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Published on: August 7, 2024

Have you Checked out our YouTube Channel for Free Help with your Student Loans?

Here’s a review posted recently about our student loan videos:

I wish the views on this channel were much higher. Christie is both thorough and concise. It’s the best channel on YouTube regarding student loans.

I know that it’s more confusing than normal now with all the litigation and holds put on federal student loans right now. Processing of IDRs have been slowed considerably – and while you wait, your loans are placed into forbearance. This forbearance may ultimately count toward IDR but it’s a mixed bag whether it will count if you ask now.

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Published on: August 6, 2024

Filing Bankruptcy? Don’t Forget to Disclose any Potential Consumer Claims or Risk Loss

By Christie D. Arkovich, P.A.

Bankruptcy is all about full disclosure. Tell the trustee or court whatever assets you have and in return you receive a full discharge of most debt. The reason I say most debt is because there are rules re: IRS debt, student loan debt and secured debt such as vehicles, 401k loans, etc.

One thing that is often overlooked is potential consumer claims that a debtor may have in bankruptcy. Things like claims against credit furnishers, debt collectors etc. Not only should you disclose these potential claims in order to receive the discharge in bankruptcy, but by failing to disclose the claims you will face hurdles in pursuing them later.

Often a bankruptcy trustee doesn’t want to pursue the claim and simply abandons it. Then you are free to pursue either during the bankruptcy or thereafter. You also may have unused exemptions to protect such a claim in case you want to raise it later.

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Published on: July 30, 2024

The 8th Circuit Just Put a Halt to SAVE

By Christie D. Arkovich, P.A.

I had this ready to go last week, but just noticed it didn’t go out as planned.

Still reviewing the impact of this Order, but it appears to block ED from implementation or action under the 2023 IDR regs that created SAVE and several other improvements to IDR while the appeal is pending.

ED has issued a statement that borrowers presently enrolled in SAVE will be placed in an interest-free forbearance while the appeal is pending.

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Published on: January 2, 2024

Vocational Student Loan Debt Can Be Discharged in a Bankruptcy

By Christie D. Arkovich, P.A.

Despite lots of changes in the landscape allowing the discharge of both federal and private student loan debt under the right circumstances, many people still believe that student debt survives a bankruptcy.

Private loans follow very different rules then federal as you probably know.

One thing I haven’t written much about are private loans for these vocational schools such as those for coding, helicopter, cosmetology etc. If the school is NOT on the federal Title IV list for the years of attendance, those are dischargeable in a bankruptcy.

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Published on: December 21, 2023

Self Certify Income

By Christie D. Arkovich, P.A.

Are you having trouble with your federal student loan servicer who is asking for income documentation? You can avoid all that for now, by simply self-certifying your income. You can self certify through February 29, 2024 and here is how:

https://studentaid.gov/help-center/answers/article/report-income-in-the-income-driven-repayment-application

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Published on: December 11, 2023

Has Someone Signed Your Name to a Debt?

By Christie D. Arkovich, P.A.

What should you do if you are being harassed for a debt that you did not sign for? Here are some ideas:

If you acted as a power of attorney (POA) for another, the creditor is likely violating several consumer statutes for unlawfully collecting a debt against you. We can help with that!
Most identify theft cases stem from a family member. Depending upon the circumstances, you may want to file a police report, and send a copy of it to the creditor.

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Published on: November 28, 2023

Zombie Second Mortgages: What are Your Options?

By Christie D. Arkovich, P.A.

Now that the real property market is at it’s high, we are seeing many more second mortgages seemingly coming out of the woodwork. Despite years of inactivity, including no communications with a borrower, second mortgages are now threatening foreclosure if payments aren’t resumed to them. What can you do if you hear from a second mortgage which you thought was charged off, included in a government settlement back during the foreclosure/financial crisis, discharged in bankruptcy or maybe included in a prior loan mod?

Besides filing a Consumer Financial Protection Bureau complaint, which we recommend, there are a number of defenses that we utilize to prevent a foreclosure. The first involves raising federal statutory protections which require notice to the borrower of transfer of ownership, transfer of servicing and periodic statements. Failure to comply with any of those requirements under the Truth in Lending Act (“TILA”), and the Real Estate Settlement Procedure Act (“RESPA”) can create statutory and actual damages.

Bankruptcy may present options to either pay off the second mortgage under terms you can afford, or even strip it off the property in the right circumstances. You can challenge the amounts owed by objecting to any proofs of claim filed in a bankruptcy. You can also surrender the house and discharge any remaining debt.

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Published on: November 7, 2023

WeWork Filed Bankruptcy – Looking for Office Shared Workspaces in South Tampa?

By Christie D. Arkovich, P.A.

I saw today that WeWork filed bankruptcy and is terminating many of its leases. If you or anyone you know is in need of a new “home” we have new and professional office shares in South Tampa for attorneys or other professionals. Our space is a little different from most in that all of our offices have doors, and we understand what legal professionals need. For instance, there is someone at the office to greet clients – and we are owner occupied.More photos and information is available on our website www.southtampaworkspaces.com. You can also email us at info@southtampaworkspaces.com.

Published on: October 25, 2023

PSLF Borrowers May Benefit by Consolidating Even Direct Loans

By Christie D. Arkovich, P.A.

Consolidation before December 31, 2023 will help some borrowers maximize benefits under the Account Adjustment. After the account adjustment, the qualifying PSLF payments made on loans later consolidated will be credited to the consolidation loan based on a weighted average of the qualifying payments on the underlying loans. This will also help you to have one start/end date for PSLF forgiveness.

Those with Perkins loans or FFEL loans should definitely consider December 31, 2023 their deadline to consolidate their loans to Direct in order for prior payments to now count toward PSLF as well as future payments. Remember, you can consolidate even one loan. Think of this as a kind of refi – to a different type of loan. Stay within the federal system – this is where all the forgiveness is occuring.

Please see our video on Double Consolidation if you have Parent Plus loans — this loophole may allow you to get into SAVE for a payment that is often MUCH LESS than the Income Contingent Plan (“ICR”). https://www.youtube.com/watch?v=9KX74O4OJ8s

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Published on: October 19, 2023

On Hold with Your Student Loan Servicer?

By Christie D. Arkovich, P.A.

Have student loans that are entering repayment? On hold with your servicer? For hours? Not quite sure what’s going on?

Your servicer is your debt collector — are you certain that whatever they are going to tell you, assuming you get through, is your best option to reduce or eliminate student loan debt? Try this test: call 3-4 times, see how many different answers you get…

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