Student Loan Debt Relief FAQ's
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EVALUATION
At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.
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Our office understands the financial stress our clients endure. Therefore, in addition to reasonable legal fees, we offer a payment plan to all of our valued clients to make quality legal services most affordable.
AND NJ
In addition to our primary law office in Center City, Philadelphia, we also have law offices throughout the Greater Philadelphia, Pennsylvania Area and in New Jersey. Our branch offices have contributed to making us the #1 Bankruptcy Filer and debt relief firm in the Greater Philadelphia area. Our goal is to have a convenient location within 20 minutes of where our clients work or reside.
Can Student Loan Debts Be Discharged By Filing For Bankruptcy?
Though challenging, it is possible to discharge student loan debts through bankruptcy. You must show that repaying student loans presents an “undue hardship” to you and any dependents. Furthermore, you must file either Chapter 7 or Chapter 13 bankruptcy, along with an adversary proceeding.
How Can I Get Out Of Student Loan Defaults?
There are 3 methods of curing student loan defaults:
- Student Loan Settlement: Immediate payments to cure the student loans that are delinquent.
- Student Loan Rehabilitation: 9 consecutive monthly payments equal to 15% of the borrower’s discretionary income to remove a loan from default.
- Consolidation and Income Driven Repayments (IDR): Student loan payments are calculated based on what borrowers can afford, rather than what they owe. The repayment plan typically lasts 10-25 years.
Will Student Loan Debt Keep Me From Buying A House?
Student loan debts can pose a challenge to getting a mortgage as it increases the debt-to-income ratio, but they aren’t any different from other types of debt. Taking steps toward reducing your student loan debt can put you in a better position to manage your mortgage payments. Building credit and improving your credit score also helps you obtain a mortgage at a lower interest rate.
