Posted on 01/20/2022 6:11:37 AM PST by grundle
Question: I’m an attorney with over $200,000 in federal student loan debt, and I desperately want to file for bankruptcy on these loans. I’m on an income-driven repayment plan and would like my student loans to be forgiven or eliminated, if that option is available to me. Can you please help?
Answer: “First of all, you’re not alone. Millions of student loan borrowers face a similar issue,” says Alexandra Wilson, a certified financial planner and director of financial planning at Facet Wealth. And you’re already doing some things right, like getting on an income-driven repayment plan that helps make your payments more manageable.
The good news is that if you’re looking for even more assistance, income-driven repayment (IDR) plans allow for adjustments when your income or family size changes. If your income takes a hit or you have a baby, IDR plans can be re-certified to account for the changes in your income and a recalculation can even make a payment as low as $0. You can read details here.
Since you’re already in an income-driven repayment plan, you may want to look into the possibility of qualifying for Public Service Loan Forgiveness. “Working in public interest law may qualify. Working for a 501(c)(3) organization or a government agency may qualify,” says Mark Kantrowitz, author of “How to Appeal for More College Financial Aid.” This program has very specific requirements, but loans can be forgiven after 10 years, says Wilson. The Public Service Loan Forgiveness program requires a borrower to work full-time for a U.S. federal, state, local or non-profit organization and make 120 qualifying payments under an income-driven repayment plan. (Read more about this program here.)
(Excerpt) Read more at marketwatch.com ...
Generally, with very few exceptions, student loan debts are not dischargeable in Bankruptcy. This person can file for bankruptcy but will not get out from under the student loan debts.
The person is an attorney, one of the highest income groups in the country. PAY YOUR DEBTS.
Stage a slip-and-fall accident at a big box chain. Find an attack-dog attorney to get you a big pay out.
Or maybe just pay your bills.
Wow, don’t care about this guy. This is how debt works. And declaring bankruptcy will not relieve you of the obligation. Pay your debts. And stop crying. You are the one who agreed to the debts. You could have gone to cheaper colleges. You did not.
How does someone so ignorant pass the bar exam?
Otherwise,go fornicate yourself!
He’s an attorney, he can sue himself.
This attorney is prima facie evidence of why the money was an absolute waste.
Hmmmm, wouldn’t a competent attorney, or even a Democrat one know how to do this?
Something smells Obama-y here.
Wonder if they’re willing for forfeit their law degree as well?
Spot on. Work up your billable hours, establish a history of success to merit a high hourly fee, and PAY YOUR DEBTS as an honorable, self-respected professional should!
"...an attorney with over $200,000 in federal student
loan debt, and I desperately want to file for bankruptcy
on these loans..."
So - an over $200K law degree, and you are asking for help
in filing for bankruptcy?
Granted - a law degree is NOT the same as an accounting degree.
But maybe you could (just maybe) have seen this coming and
MINORED in accounting.
But hindsight is 20/20, yeah...
One, pay your debts. Two, this needs to be turned back on the liberal academia establishment for such fraud and grift.
The collective annual income average of attorneys is less than 100k per annum. Some studies say close to 50k. Another interesting thing I heard is that there are almost as many people in law school as there are actual attorneys. Maybe bc the baby boom lawyers are dropping like flies.
You’re an attorney? Pay the damn money back.
I had to take out a loan last year to pay for extensive dental work for my wife. I’d like to have my loan to be forgiven or eliminated. The tax-paying red-state white racist schmucks can pay it for me. / s
"You signed a contract. You made a choice.
You went to some big college with big tuition instead of a smaller one with smaller tuition. You lived on campus instead of commuting from home.
If you are completely destitute, that is one thing. But I suspect you aren't.
You probably live in a nice home, have 1 GB up and download Internet, have a top of the line cell phone, go on vacations or weekend trips, go to restaurants, etc.
You probably have 1000 channels of cable television, with 70 inch top of the line flat screen televisions in multiple rooms. Nice cars, probably more than one. A gym membership I would guess. Nice clothes?
Just how much of that loan have you paid off? Any of it? Even just $100 a month? $50 a month?
There was a man named James J. Braddock who was destitute and took government handouts during the depression. Against all odds, he somehow became a championship boxer, and resolved to pay back the money that he had taken from the government, which he took because he couldn't feed his family.
You took out that loan with all the foreknowledge and advantages of anyone who can take out a loan. Instead of paying it back as you should, which you legally agreed to do in a contract, you want to be given an out?
Are you going to return the education you received as well? If any of the above describes your life and you haven't pared your lifestyle to its bare minimums in order to meet your uncoerced, legal obligations under a signed contract, that you voluntarily sought out and of your own free will signed, you should be ashamed of yourself."
In other words.......how do I make my problem, your problem.
A poor attorney?...............................
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