March 26, 2012
Comics for Our Time
Have a student loan? The US government owns our student loans. If you default on your loan, they've decided to take it out of you. Miss enough payments and you're shipped off to a secret government run agency until you will pay off what you owe. No one said education was going to be cheap. Once your debt is payed you are free to go. If you live that long. -- Launching 5 New Comics with Juxtaposed Publishing by Ryan Ruffatti -- Kickstarter
Posted by gerardvanderleun at March 26, 2012 11:47 AM. This is an entry on the sideblog of American Digest: Check it out.
I expect Slavecorps to have the following tattoo placed upon the arms of their new proteges and or cosigners:
ATKINS, J. M.
PROPERTY OF THE U.S. GOVERNMENT
DEPARTMENT OF EDUCATION
Posted by: Jewel at March 26, 2012 5:11 PM
Now for some real answers on baknpurtcy .You can review these websites for additional information on filing .,, and This will help explain a little more about baknpurtcy and how it works.As far as your student loans go, they are NOT discharged in any baknpurtcy filing. You have to pay these per government law.A personal loan, if you file baknpurtcy and don't re-affirm (agree to continue paying the loan), the debt will go to your co-signor as the sole responsible party to pay for the debt, so, yes, it does affect your co-signor. Only way to remove a co-signor is to re-finance the loan, and if you are in debt that much, you may not be approved to re-finance it. The cost of a baknpurtcy filing varies, depending on the attorney, I've seen it as low as 800.00, up to 1500.00, it all depends on how much work the attorney has to do and what they charge. Some will work with you on payments so that you can retain them and still be able to file, some are helpful enough to tell you what not to pay so you can afford the retainer. A baknpurtcy filing (chapter 7) from start to finish should take around 4-5 months it takes a month to file and get your court date, depending on how busy the court system is, you have one meeting in front of the trustee, which is called a 341 Creditors Meeting, your attorney goes with you. After that meeting it takes approx 90 days to receive your discharge. Chapter 7 does require you to take a mandatory credit counseling course before the 341 meeting and one directly after it. This HAS to be taken or the case is dismissed. Now, if you don't qualify for the chapter 7, you go into a chapter 13, which is a payment plan set up thru the US Bankruptcy Court Trustee, a trustee is assigned to your case, and you are in the plan for approx 3 or 5 years, depending on income. The plan payments are taken out of your paycheck and directly sent to the trustee who in turn pays your secured debts first, then your un secured debts last. Once the 3 or 5 years are up, you get a discharge similar to a discharge in a chapter 7 ..You need to contact a baknpurtcy attorney in your area, most will see you on a free consultation, and you will need your last 6 months of pay stubs, assets, list of all your debts and last 4 years of taxes, after reviewing all this information, the attorney will be able to tell you what you qualify for. A personal forum such as this is not the place to find out if you qualify. An attorney is the one that can tell you this. I suggest you contact a few of them, get a feel for each of them, find out how much each one charges and go with the one that YOU feel the most comfortable with. The baknpurtcy filing does stay on your credit report for 10 years, the debts for 7 years. A baknpurtcy filing should be your last resort! If you have any questions, you can email me and I'll try to help as much as I can Good Luck!!
Posted by: Karine at July 13, 2012 1:19 PM