On Behalf of O’Brien Law Firm, LLC
Posted on: October 28, 2022
If you are having trouble settling your debts or are unsure if negotiating a settlement is appropriate, you might be considering hiring a lawyer to help you negotiate with creditors. However, it is possible to arrange the debt settlement yourself rather than hiring someone to do it.
Negotiating your settlement may help you to save money and it also puts you in a position to maintain control over the process. Some creditors may be reluctant to settle if you hire someone to represent you in the process. However, debt settlement attorneys may be the best option because they will be able to work out a better settlement compared to if you approaching the creditors on your own.
The advantage of hiring a skilled lawyer is that they can provide you with legal advice after analyzing the situation and they can also represent you if the creditor chooses to file a lawsuit against you. They will go over all the possible options and help you to figure out the best option. A debt settlement attorney can negotiate with lenders to perhaps lower the amount that you owe them. Before hiring a debt settlement attorney, it is important to research what they can do for you.
If you have a huge debt and lack the necessary funds to cater for the debt, you might need to consult an attorney. Hiring a lawyer can be the best move for you because, a debt lawyer can not only offer advice but they can find a way to combine your debts into a single huge debt with beneficial terms of payment. A lawyer will be able to figure out the best strategy that will help you to minimize risk.
It is vital to note that when it comes to paying debt lawyers, they are paid on contingency. This means that you might not have to pay anything at first but your lawyer will be entitled to a part of the profit should you win the case. Pricing may vary depending on how much you owe, how much they win you or save you, and where you live.
On Behalf of O’Brien Law Firm, LLC
Posted on: October 18, 2022
When you file for bankruptcy, the court may decide to eliminate certain debts by discharging them. The debts that cannot be discharged by the court have to be paid. Filing for bankruptcy does not automatically discharge your student loans. If you wish to have your student loans discharged, you will have to file a separate motion with the bankruptcy courts.
Contrary to popular opinion, student loans can be discharged in bankruptcy. It may be difficult to discharge student loans but it is not impossible. In fact, the department of education has taken steps to ensure that this is possible.
It is true that when it comes to student loans it might be more difficult to discharge them than other types of secured debt. When it comes to student loans unless you can show that the payment of the loan poses an undue hardship on your family, your defendants, and you, it cannot be discharged.
It is difficult to meet the requirements for undue hardships and it rarely happens but it is possible. The courts use several methods to test if the person has faced undue hardship. They regularly use Brunner test to evaluate if your claim is valid. The other test that can be used is the totality of circumstance test.
When it comes to the totality of circumstance test, the court will consider your past, present, and future resources. They will also consider reasonably necessary living expenses and other relevant facts and circumstances.
For the Brunner test, you will have to file a separate motion with the bankruptcy courts. Thereafter you will have to appear in in front of a judge to explain your hardship. You must show that; you made efforts to repay the loans through past payments or arranging for payments, you are unable to maintain a minimal standard of living for yourself and your family, and that the circumstances that exist that are stopping you from repaying the loan, are unlikely to improve. However, it is up to the court to decide if you meet the undue hardship standard. If you are able to prove that you face undue hardships, your student loans will be discharged.