Student Loan Debt

If you are financially struggling on paying-off your student loan debt, you are not alone. Millions of Americans are going through financial hardship because of federal student loans. What many people want to know is: Is it possible to pay off your student loans? The short answer is yes. However, many individuals are not able to wipe out the total amount of their loan balance. 

The good news is, you may be eligible for a reduction in your monthly payments or a temporary break from them. Alternatively, use other wise options to manage your loan payments more effectively.

The laws governing student loan debt are quite broad and complex. Knowing your options should at all times be legal, if otherwise, your undue hardship will just get worse. Thus, you need the legal help of a competent Royal Oak  bankruptcy lawyer. 

With passionate genuine care, Hammerschmidt Stickradt & Associates can help you determine your prudent options. Since 2001, we’ve been helping individuals and families in managing their financial problems and helping them in settling their unsecured debts. We are here to help you regain financial peace of mind. If you are having a difficult time managing your student loan debts, request a free consultation now! 

Why do I need a Student Loan Debt Attorney in Michigan?

Just like medical bills, credit card debt, and personal loans, student loan debt is also deemed as unsecured debt. Dealing with your finances or school loan is a critical thing to do. Every step you undertake has to be legal. Moreover, your present decision will relatively affect your future. You must also be cautious when choosing the right student loan debt lawyer to protect and assist you with your financial needs. Thus, evaluating their qualities is imperative. If this is your first time seeking for legal help, take note of the following good qualities:

• Well-versed in Bankruptcy – Dealing with student loan debt requires an excellent knowledge on bankruptcy laws. Look for a lawyer with substantial knowledge and experience as far as bankruptcy is concerned. Keep in mind that filing for bankruptcy is one of your options.

• Provides passionate care – Everyone deserves a student loan debt lawyer who treats each case with genuine concern. Even though many people are struggling with student loan debt, your situation is unique and necessitates personalized legal assistance. Examine the reviews and testimonies of the bankruptcy firm’s previous clients to learn more about how they can assist you.

• Extensive Legal Experience – Not only should you look into the bankruptcy lawyers’ experience, but you should also look into their educational background. Choose someone who has professional affiliations as well. This type of experience allowed them to demonstrate their competence and establish a reputation in the state.

In Michigan, Hammerschmidt Stickradt & Associates has been helping people in times of financial need with passionate genuine care for over 20 years. With various affiliations with professional associations, Timothy was able to give back to the community and provide people with excellent legal help. 

Underlying our core values of providing with passionate genuine care, we vigorously handle every case with greater diligence. If you are currently struggling with student loan debt, setting a free consultation today will make a positive change!

What is Bankruptcy?

As earlier pointed out, if you are struggling with student loan debt, you are far from being alone. College loans are a reality for most students, and it’s better to know what you’re getting into before you find yourself at the culmination of your college years. In its most basic definition, bankruptcy is a legal procedure used by individuals and corporations who cannot pay their debts. Whether you can file for bankruptcy on student loan debt, the answer is yes. 

However, it is worthy to note that erasing the latter is not included in a bankruptcy standard filing. To discharge student loan debts, one must undertake additional procedures. Arguendo, that you comply with the necessary steps, there is still no guarantee that the bankruptcy court can erase all your debts. 

Below are the additional steps and options you can take to eliminate your student loan debt.

Income-based repayment

If you have low income or the amount of your student loan debt is significantly higher than your income, you might be qualified for the following plans:

•  Income Contingent Repayment Plan (ICR) – If you have federal direct loans, you are ineligible for this type of plan because it calculates your payment in accordance with your income. Your monthly payment for this plan is the lesser of:

• 20% from your discretionary income; or
• the repayment plan amount that you will pay with a stable payment for about 12 years, in accordance with your income.

If you are unable to pay your loan 25 years thereafter, you will get loan forgiveness from the government. 

• Income Sensitive Repayment Plan (ISR) – This plan is exclusive only to certain types of loan debts, such as, but not limited to, FFEL PLUS Loans, Federal Stafford Loans, either subsidized or unsubsidized, and among others. Your payments will be based on your family size, annual income, and overall loan amount. 

• Income-Based Repayment Plan (IBR) – If you are a new applicant on or around July 1, 2014, you must make payments amounting to 10% of your discretionary income, or  around 15% of your discretionary income if you are not.

• Pay As You Earn Repayment Plan (PAYE) – The monthly payment will be approximately  10% of your discretionary income. It will, however, not exceed the ten-year repayment plan standard amount. Under this plan, below are the eligible types of loans:

• Direct Subsidized and Unsubsidized Loans;
• Direct PLUS loans for the students; and
• Direct Consolidation Loans that preclude PLUS loans for the parents.

• Revised Pay As You Earn Repayment Plan (REPAYE) – There are other types of repayment plan such as graduated repayment plan, standard repayment plan, and the extended repayment plan. 

Call our Student Loan Debt Attorney Now!

In resolving your Student Loan Debt, you will relatively deal with confusing figures and terminologies. Loan repayment, federal loans, loan consolidation,  if these is are new to you, it will be helpful if you consult with an experienced Michigan student loan debt attorney. The broad and complex concept of student loan debt will be handled by your lawyer so you will no longer need to stress yourself out. 

You deserve the passionate and genuine care of Hammerschmidt Stickradt & Associates. If hiring a student loan debt attorney or getting legal advice is what you need, why not choose the one who is well-versed in bankruptcy, has extensive legal experience, and provides personalized care? Other than Student Loan Debt, we also handle Chapter 7 and Chapter 13 Bankruptcy, Automatic Stay in Bankruptcy, Abusive Creditors, Stop Foreclosure, and Wage Garnishment. If you are interested in any of our services, consult with our MIchigan bankruptcy attorney for free!