Month: September 2012

Can I discharge student loans in a bankruptcy if I am only a co-signer?

Unfortunately, no.

Co-signing means that you are guarantying payment on a loan. You are promising to pay if the primary cannot make the payments. You are on the hook too.

You just have to make sure that the primary person makes the payments, otherwise you are still obligated and there is nothing you can do in a bankruptcy to get rid of the obligation.

Find out more by contacting a bankruptcy lawyer in Miami today.

Should I tap into my 401K funds before I consider bankruptcy?

No!

The most heartbreaking consultations are the ones where a client has cleaned out his or her retirement accounts to try to keep up with credit card payments or pay them down. It is tempting to take money out of your 401K to get rid of your credit card debts, but bankruptcy may be a much better option that “old you” will appreciate!

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Why is the bank filing a foreclosure if we have applied for a modification?

The problem is you are trying to apply human logic to a bank which will steer you wrong every time!

Banks are large organizations. Different departments complete different tasks. The bank has a department that completes the modifications and a different department that refers passed due accounts to the bank’s foreclosure attorneys. Before the modification receives final approval, the bank may refer your account to its attorney to preserve its rights to the property if the modification is denied or payments are not made.

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Can bankruptcy help me get rid of my student loans?

Miami Bankruptcy Attorneys, Can bankruptcy help me get rid of my student loans?

According to Miami bankruptcy attorneys, unfortunately, bankruptcy cannot help you get rid of student loans. Sorry!

While student loans can be discharged in a Chapter 7 bankruptcy, the task is nearly impossible unless you fit a very specific set of facts.

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