Hollywood, FL Bankruptcy Law Firms & Lawyers | Page 3 Results

You could eliminate the student loan debt if you and your attorney could convince a bankruptcy judge that it would be an "undue hardship" to be reqired to repay the student loans. This is a difficult standard to meet, but you may have a case from what you have stated about your situation. Besides your income and living expenses, the judge might consider what your future income prospects are, your age, whether you or any family members have disabilities, whether you have attempted to make payments on the student loans, etc. This would require you to file the bankruptcy case, then sue the student loan lender for the determination of undue hardship. Even if you could not prove undue hardship, you could at least pay an amount that is affordable for you for the next five years in a Chapter 13 debt consolidation bankruptcy. You would be protected from collection efforts during that time. A line of credit will in most cases be eliminated in the bankruptcy .

You are still responsible for providing for & paying for home owners insurance as long as your name is on the title to the property. As many lenders are slow to proceed with foreclosures, particularly after a bankruptcy, you may wish to consider whether you can get your name off of the title to the property through a short sale.

You can always try to negotiate with creditors for a discount or a longer period of repayment. But a bankruptcy can be more economical in the end, since it forces your creditors to accept little or nothing. Consult an experienced bankruptcy lawyer and see what she or he has to say. Good Luck.