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A Guide to Quick Homeowner Loans
The search for quick homeowner loans can seem futile at first, especially if you don't know exactly what it is that you're looking for. Different lenders may take longer or shorter periods of time to make loan decisions, and the time that they use...
Home Loans- a Fillip to Your Desire to Rise on Property Ladder
When Mr. Wilson, your colleague at office, shifted to the posh London locality, you were taken for a shock. How could Mr. Wilson manage to buy a home with his paltry income when you still had to make do in your two-room apartment? You are not...
Home Loans For People With Bad Credit - When You Should Wait And When You Should Get A Home Loan
Home loans may seem like a bad idea for people with bad credit, but there are times when a home loan can help your credit score and your budget. To know if a home loan is best for you, consider factors such as your current financial situation,...
How To Get a Good Value on Personal Loans
Over recent years, personal loans have become a popular solution for many consumers looking to raise finance for a variety of purposes. You can get personal loans for all sorts of things, from debt consolidation to holidays, cars and other...
Traditional Bank Loans vs Online Loan Companies
In recent years obtaining loans online has become a new and somewhat
unknown reality. Years ago one would make appointments with their
bank lenders and obtain loans the so-called old fashioned way. But in
this fast paced world, people want...
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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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