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A Brief Guide When Shopping For Personal Loans
Sometimes you need extra money for unexpected expenses like car repairs, unexpected bills, health expenses, school expenses, or a myriad of other reasons. Where do you go to get money for these unplanned expenses? Personal loans are available from...
Home Equity Loans - Are They Right For You?
Copyright 2005 Dean Shainin The bills are out of control and you need a new car. “Maybe we can get a new carpet and paint the house”, you say to yourself. These are just a few reasons why home equity loans can seem like the solution to all your...
How Can I Find Out the Cost of Different Types of Loans?
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Car loans, business loans, home loans, debt consolidation loans, personal loans, payday loans and more... the types of loans available seem endless! Most of us bank on them some time or the other. So, it is important that, when contemplating...
Payday Loans – The Legal Loan Sharking Industry
Laws have been created to protect people against "Loan Shark" practices in which short-term loans are given out at excessive interest rates. There is an industry that has come of age the last couple of years that has circumvented these laws. Enter...
Secured Personal Loans - Employ the Right Kind of Finance
Secured personal loans have a history that dates back to
centuries before the advent of modern banks and financial
institutions. Even in the ancient times, borrowers were able to
draw funds only when the lender was given rights to...
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Student Loans Can’t Be Swept Away Through Bankruptcy
Bankruptcy is in the news these days, as Congress has finally overhauled the Federal bankruptcy law after years of talking about it. The credit card companies, rightly or wrongly, have been pressuring members of Congress to tighten the bankruptcy statutes, saying that too many people were willfully spending money they couldn’t repay with the intention of avoiding paying the money back by filing for bankruptcy. That will soon change, and those with student loans may pay a heavy price.
Most everyone knows that consumers with problem debt who are unable to pay their debts may file for bankruptcy under Chapter 7 of the Federal bankruptcy code. This allows for the court to basically wipe away all of the debtor’s bills and allows them to start over. It’s not entirely free; the bankruptcy filing stays on the debtor’s credit report for the next ten years and may affect their ability to buy a home, borrow money or obtain employment. What many people fail to realize is that while installment loan debt or credit card debt can be wiped out through filing for bankruptcy, most student loans cannot. In fact, thanks to legislation enacted several years ago, most any loans acquired for education, including those issued by for-profit agencies, may not be eliminated through filing for bankruptcy.
What this means for those with
student loans is that they will need to be repaid. If bankruptcy is inevitable, those with outstanding student loans should contact their lenders and see if they can’t negotiate a repayment plan. Those with Federally funded student loans should contact their lender soon, as rates for student loans will go up on July 1, 2005. Now would be a good time to consolidate student loans, as the rates can be locked in for the long term. If these options are not viable, then holders of student loans should simply be aware that their lenders and their lenders’ loan collectors will be keeping in touch with them for the foreseeable future. Those with student loans and other financial problems should also be aware that Federal bankruptcy law will change in October, 2005, making it harder to file for bankruptcy. If you have problem debt, now would be a good time to consider meeting with a credit counselor.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
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