Tips for Steering Clear of Student Loans

Although thousands upon thousands of people take out student loan debt, this is something that requires careful consideration. Especially if you have been asked to co-sign on a loan such as this, you first need to know all pros and cons. Even without securing a student loan, you or your child can earn a college degree. For example, you may want to compare tuition for several different institutions, looking for the most affordable. You can also work part-time or maintain a full-time job while attending night school. The bottom line is that before locking into a student loan, determine if there are other options. The greatest concern with student loans is that it takes 10 years or more to get out of debt, with the average student owing $30,000 at graduation. Even hiring a respected attorney in Herkimer does not guarantee the debt can be discharged in bankruptcy. Therefore, if you or your child look forward to college but a student loan is your only viable means of attending, expect to spend many years paying the loan off. As for co-signing on a student loan, remember that if your child reaches a point of not being to pay, you automatically assume the debt. For that reason, before co-signing, you need to understand that there is a risk of you becoming the person responsible for payment. In exchange for paying off another person’s debt, you enjoy no educational benefits for yourself. Co-signing on a student loan could actually stop any plans that you have for retirement, not to mention the potential for causing family discord. Something else to think about is that the student loan does not go away just because you or your child never graduates. Obviously, you do not want to spend years paying off student loans if you or your child drops out of school or never finds an excellent job with great pay as anticipated. Interestingly, of the people who default on student loans, college dropouts have the highest rate. Whether for you or your child, prior to taking out student loans, take the time to learn the exact amount that has to be repaid and how much time you have for repayment. When making the decision about student loans, consider both short- and long-term financial obligations, as well as goals. That way, you can decide if the additional financial burden is even feasible. An excellent option is to sit down with a qualified Herkimer attorney or financial advisor to analyze the situation before signing or co-signing on a student loan. If you are already burdened by student loans and recognize that bankruptcy is your only possible recourse, you definitely need to speak to a bankruptcy lawyer in Herkimer. With that, you will have more knowledge about your options as well as direction for taking the best course of...

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Responsibilities of a Chapter 13 Trustee

Also known as a “wage earner’s plan,” Chapter 13 bankruptcy is beneficial in some situations. For this bankruptcy filing, you are required to have regular income. In addition, you must come up with a plan for repaying your creditors. If the financial plan is approved, you are given between three and five years to pay back a portion or all of the debt. Although the court-appointed trustee is there to help you through the process, you may first want to contact a reputable Herkimer bankruptcy lawyer to determine if debt consolidation, credit counseling, or even a Chapter 7 bankruptcy is an additional or better option. If not, your bankruptcy attorney can assist with the Chapter 13. Before bankruptcy filing with the courts, you must meet with a trustee. This meeting is designed to accomplish two things. First, the trustee will review financial documentation that you provided to confirm that you are not committing fraud. Second, the trustee needs to determine if the bankruptcy is feasible. If there is no way for you to meet the obligations outlined in the financial plan or if fraud is suspected, there is no reason in moving forward. Ultimately, the trustee provides services beneficial to you and your creditors to make sure that everything is fair across the board. Because the Chapter 13 bankruptcy process can be intimidating and overwhelming, this is the perfect opportunity to talk to a trusted Herkimer bankruptcy lawyer for legal assistance. It is common for disputes between debtors and creditors to arise, which is why the trustee mediates. Because this individual is an unbiased party, meaning the trustee can talk to you and your creditors while being fair to both, compromises can be recommended. The goal is to find a compromise since this reduces that amount of issues that go through the court system. As such, you avoid wasting money and time. The way that the repayment plan works is that you pay the trustee, who then pays your creditors. In overseeing the Chapter 13 bankruptcy process, the trustee makes sure that payments are being made in full and on time while ensuring that the creditors are receiving what is due. To accomplish this goal, it is the trustee’s responsibility to make sure that you follow the rules by not selling off assets, refinancing loans, or incurring new debt after the bankruptcy filing. Just as the trustee is there to benefit the creditors, this person works to help you achieve success. Therefore, if some unexpected expense arises during the three- to five-year payoff period, you need to be upfront with the trustee. Perhaps your car broke down, you had some serious health problems that required hospitalization, or you needed home repairs. If something like this comes up, the situation will be reviewed by the trustee to help you make the right decision that will not cause a problem for your case. Instead of panicking when facing a financial disaster, talk to a qualified Herkimer bankruptcy lawyer. An attorney can answer any questions you have and offer sound advice for dealing with the court and the...

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Herkimer Bankruptcy Lawyer Shares her Top Tips to Save Money

Are you tired of being in debt or looking for viable options for spending less? If so, the seven money saving tips provided below will make a huge difference in your life. In fact, by adopting several of these recommendations, you can save literally thousands of dollars every year. Keep in mind that if you are currently dealing with a serious financial problem, you can speak with a qualified Herkimer bankruptcy lawyer and turn around your life today. 7 Proven Ways to Save Money Used versus New — Sure, everyone loves buying new, but if your goal is to spend less, now is the time to start looking at used items instead. By shopping smart, you can find all types of remarkable bargains. For example, by shopping online through sites like eBay, Amazon, and Craigslist; going to garage sales; and visiting thrift and consignment stores, you will find an array of used items, including furniture, clothing, electronics, and more. Smart Grocery Store Shopping — A common trick used by grocery stores throughout the country involves placing the least healthy and most expensive items at the front of the store and on shelves at eye level. Therefore, when buying processed foods, look for items on the lower shelves and near the back of the store. Another way to spend less on groceries is by purchasing fresh fruits and vegetables, meats, and dairy products to make meals from scratch. Of course, this is also a much healthier way to eat. Spending Less with Coupons — Coupons are available through mail flyers, online apps, the local newspaper, savings websites, and even at the grocery store. Using coupons is always a great way to spend less. However, you can save even more by using them when items are on sale or on days when stores double the value. Running Errands — To save on both time and gas, run several errands at the same time. Simply plan different stops that make sense from a logistical perspective. Reducing the Cost of Television Services — Satellite and cable television services are expensive. The problem is that most packages include shows or stations people seldom watch; overall, you end up wasting your hard-earned money. Instead of a pricey subscription, you can find DVDs of your favorite shows at the local library or locate streaming shows that are offered free online. Avoid Restaurant Lunches — Although a lot of people eat out for lunch on a daily basis, this quickly adds up to about $2,000 every year. By taking a sack lunch, you spend far less while having the opportunity to pack healthy food choices. Make a List — Never go shopping without a list. Having a list will keep you focused on the items you actually need, which in turn prevents impulse shopping. By following these seven money-saving tips, you will spend less and, therefore, cut back on debt. As mentioned, if you need financial advice or are currently facing a serious financial challenge, we invite you to contact a Herkimer bankruptcy lawyer at Harris-Courage & Grady Solutions by calling 855-269-2889 for a free consultation. With our credit counseling services, we can...

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