QUESTION
Do I need bankruptcy to lower the payment of my loan? How?
Asked on Sep 14th, 2015 on Bankruptcy - Kentucky
More details to this question:
Sallie Mae estimated loan $10,000 I am currently unemployed. Lost my job. How can I lower the payment or sell off the loan?
4 ANSWERS
You need to begin by applying for the benefits available for low income borrowers through Sallie Mae and its affiliates. Bankruptcy is not likely to help you and even if help is available in Bankruptcy, you will want to look at the non-bankruptcy programs first.
Answered on Sep 15th, 2015 at 11:03 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Contact your lender. They have several programs to deal with this sort of problem, including a forebearance (i.e. they permit you not to make payments for a period of time) or income-based repayment, and probably others. Don't be shy about calling them: they hear all kinds of problems every day.
Answered on Sep 15th, 2015 at 10:22 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Ask for an deferment or an income based repayment plan.
Answered on Sep 15th, 2015 at 10:21 AM
Real Estate Attorney serving Florence, KY
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Linda S. Novakov & Associates, PLLC
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Student loans are not dischargeable in bankruptcy. If you lost your job, contact the lender and ask for a forbearance until you get back to work.
Answered on Sep 14th, 2015 at 5:14 PM