Top 5 Things to Know
About Modifying Your Student Loans
In case you missed the big news, the United States Bankruptcy Court, Middle District of Florida, recently approved a modification program for people struggling with student loan payments. The program allows student loan court modification for the first time, and it’s a landmark decision. If you are considering this program, here are five things you need to know about modifying your student loans. 1. Loan modification can only be considered if you are declaring bankruptcy. 2. Any loan repayment plan suggested or offered will work with your budget and terms that are acceptable to lenders. In other words, you won’t get away with paying nothing, but those payments should be easier to deal with. 3. It’s essential that you gather as many documents as you can prior to filing. You’ll want to show how much money you have paid, how much you still owe, any repayment plans you’ve tried to negotiate, the amount of your current income, and many other details.
5. You must demonstrate that you qualify for bankruptcy protection. This one might be difficult to do on your own because it means you have to know the bankruptcy process and be eligible to file.
4. Creditors have the legal right to delay repayment terms. It’s too early to tell whether or not this will happen regularly, but creditors do have the right to request additional paperwork and extend the length of modifications. This is why it’s imperative that you have all the necessary paperwork in order before you file.
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being questioned by the trustee about all kinds of personal things. Come my turn with Carmen alongside me, I was only asked the questions they are required to ask, and I was done in five minutes tops. That is the difference between having just an attorney and having the Dellutri Law Group in your corner.
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