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azbklawyer1 · 2 years

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Understanding Student Loan Debt

Student loan debt has always been a hot topic, and talk about loan forgiveness has certainly become a divisive issue, especially given recent news events regarding the Biden-Harris Administration’s federal student loan forgiveness plan. Even before that recent big announcement, as Phoenix bankruptcy attorneys, it’s been a common inquiry from clients who come to us for help: “Can a bankruptcy be discharged in bankruptcy?”

While many are quick to believe that student loans can’t be included in a bankruptcy, that’s not actually always the case! We’re going to break down how a bankruptcy can affect student loans, but remember, everyone’s financial situation is unique. Whether you have student loan debt, credit card debt, or other personal debt that’s crushing you, it would be wise to schedule a free consultation with the Wright Law Offices, expert Phoenix bankruptcy attorneys, so we can evaluate your specific circumstances and whether your student loans and other debts can be discharged in a bankruptcy.

The Burden Of Student Loan Debt

Whether you agree with the federal government’s recent student loan debt forgiveness plan or not is irrelevant. As bankruptcy lawyers, we know that any kind of outstanding loan debt can be overwhelming, because we see firsthand the frustration and hopelessness in so many of the clients we are humbled to be able help. The fact of the matter is, the student loan debt statistics don’t lie. Since 1980, the total cost of obtaining a college degree has tripled, whether you opt for a four-year public or four-year private college, and federal support has not kept up. While there are various types of federal student aid such as Pell Grants available for students of working families, the truth is, those haven’t been enough to combat the exorbitant costs of a college education. A Pell Grant once covered nearly 80% of four-year degree, but now only cover a third. College students have had to increasingly rely on private student loans and federal loans to pay for their education, resulting in a genuine student debt crisis in America. Statistics show that the total amount of federal student loan debt stands at $1.75 trillion and rising for more than 48 million student loan borrowers. That’s an estimated average student loan debt of nearly $30,000 per borrower.

It goes without saying that those that struggle the most with their student loan balances are lower- and middle-income borrowers. Qualifying for an income-based repayment plan has been difficult for many, and so the high monthly payments and ballooning balances prevent hard-working Americans from buying homes, starting families, saving for retirement, starting a small business, having any sort of discretionary income, or even just merely making ends meet month to month. A recent analysis by the. U.S. Department of Education shows that nearly one-third of private or federal student loan borrowers weren’t even able to obtain a degree because the costs of attendance was too high. It’s little wonder that 16% of borrowers are in student loan default, unable to make their monthly payments, with no hope in sight.

What is the Plan for Student Loan Debt Forgiveness?

The Biden-Harris administration’s plan for student loan forgiveness is relatively straightforward. For borrowers with federal loan debt, the U.S. Department of Education will provide up to $20,000 in student loan debt cancellation to Pell Grant recipients, and up to $10,000 in debt cancellation for borrowers who did not receive a Pell Grant. Only borrowers who make less than $125,000 ($250,000 is the maximum income limit for married couples) are eligible for this student debt cancellation. Cancellation does not apply to private loans, and the pause on student loan payments due to the pandemic has been extended one final time through December 31, 2022.

Additionally, the plan seeks to make any outstanding debt for current borrowers and future college students more manageable. The Department of Education is proposing a new income-driven repayment plan that aims to caps monthly payments for undergraduate loans at 5% of a borrower’s discretionary income—half of the rate that borrowers must pay now under most existing plans. Furthermore, the broken Public Service Loan Forgiveness (PSLF) program that’s made it near impossible for borrowers to actually achieve forgiveness despite meeting the requirements is getting an overhaul. Borrowers that have worked in federal, state, tribal, or local government, at a nonprofit or in military service, should now receive appropriate credit toward forgiveness, even for loans in that have been in COVID-19 forbearance.

What Are My Options for My Remaining Outstanding Student Loan Debt?

While The White House’s plan for tackling the federal student loan debt crisis is going to help millions of past and current borrowers, there are many more who need additional help. If you have private student loan debt or a student loan debt balance that greatly exceeds the forgiveness amounts offered, it’s understandable that you may still feel overwhelmed at the thought of tackling your outstanding debt, especially considering that the pandemic deferment period is ending soon. Luckily, there are options available, and one of the best options available to you may be filing for bankruptcy with the assistance of an experienced and trusted bankruptcy attorney.

Yes, Federal Student Loans Can Be Discharged in Bankruptcy!

It’s a common misconception that federal student loans can’t be included in a bankruptcy, but they certainly can be. While the bar is higher and the process is more burdensome than it is for other types of debt, it is possible. Especially if you have the Wright Law team in your corner.

And actually, the process may soon become easier to include student debt in bankruptcies. Earlier this year, the Department of Education asked the U.S. Department of Justice to request a pause of any active bankruptcy case at a borrower’s discretion. And there have been other promising attempts with the goal of ensuring that bankruptcy relief is available to those burdened by federal student loan debt, and that private student lenders, loan owners, servicers, and debt collectors honor that same relief when a bankruptcy judge discharges debts. So soon, there may not even be as many hoops to jump through to get student loan debt relief.

How Student Loan Bankruptcy Works

Under federal bankruptcy law, student loans are definitely harder to get discharged than other types of unsecured debt, but it is possible. And if your only concern is your student debt, you’ll probably not be able to get it discharged in bankruptcy, but if your credit is shot and you have overwhelming other personal debt, bankruptcy could be the way forward to a brighter financial future.

So, how can you enjoy a student loan debt discharge via bankruptcy? Well, first of all, there is no special type of student loan bankruptcy, as achieving a student loan debt discharge requires filing Chapter 7 or Chapter 13, and then additionally filing an adversary proceeding, or AP. Under U.S. bankruptcy code, an adversary proceeding is basically a lawsuit where you must show the bankruptcy court that repayment would impose undue hardship on you and your dependents.

Bankruptcy courts do not use a uniform set of conditions to determine undue hardship, but many states do use some key factors, known as The Brunner Test, that may help them determine whether you would be eligible for a discharge of your student loans:

You would not be able to maintain a minimal standard of living if forced to repay the loan. What constitutes a minimal standard of living? Case law and common sense are a guide – here are a few possibilities:

Your income has been below the poverty level for several years and doesn’t show signs of improving.

You’re on public assistance or depend on public assistance for your children, or you are dependent on another family member.

You have a debilitating illness or permanent injury, or your spouse or child has a total disability or lasting illness.

There is evidence that the hardship will continue throughout a significant portion of the loan repayment period.

Before filing bankruptcy, you made good faith efforts to repay what you borrowed.

The bankruptcy court will likely scrutinize every expense, and want to see that your situation is very unlikely to improve in any way to allow you to repay your debt. A student loan discharge is not a given victory, but if the bankruptcy court determines repayment would cause undue hardship, your loan could be fully discharged, partially discharged, or you may be required to repay your loan but with more manageable terms, such a lower interest rate.

What About Private Student Loans?

Private student loans can definitely be discharged in a normal bankruptcy proceeding, just like most other unsecured consumer debts, without any additional steps. Eligible private student loans for bankruptcy discharge may include:

Loans paid directly to a borrower when the loan amount was higher than the cost of attendance, such as loans for tuition, books, and housing.

Loans that paid for education at places that aren’t eligible for Title IV funding, such as schools abroad, unaccredited colleges, unaccredited training, and trade certificate programs.

Loans paid to cover living expenses and fees while studying for professional exams, such as the bar exam, or for costs associated with medical or dental residency.

Loans to a student attending school less than half-time.

Consult With The Wright Law Offices About Your Student Loan Debt

In a time where Americans are carrying more average debt than previous generations due to rising costs of living, there’s no shame in seeking a fresh financial start for you and your family. Student debt burdens millions of Americans, and while student loan debt relief is on the horizon for many, it may not be enough for you to actually breathe easier and enjoy some disposable income. The Wright Law team is here to help. Our team has offices all over the Valley of the Sun, and we’ve been trusted Phoenix bankruptcy attorneys for well over a decade. Bankruptcy cases are all we take on, allowing us to handle complex bankruptcy cases, and stay current on the latest news and changes in laws related to bankruptcy. We can advise you on whether bankruptcy is your best path toward financial freedom, or we can help you with other forms of debt assistance, such as debt settlement, consolidation, or loan modifications.

If you have questions, call our team at 602-456-6085 or click here for a free consultation. Let us help you discover a fresh start.

The post Understanding Student Loan Debt appeared first on Phoenix Bankruptcy Attorney | Phoenix Bankruptcy Lawyer | Wright Law Offices.

source https://azbklawyer.com/student-loan-debt-arizona/

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ladyloveandjustice · 7 years

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The Great Ace Attorney Replay: Dual Destinies DLC, the Finale

TIME TO SAVE SASHA

Phoenix: All right team, let’s do our best! I have faith we can save Sasha together!

Athena: It sure feels nice to be part of a great group like this! I just want to say I really love working here with all you fabulous people. Thanks for bringing me aboard, Boss!

Phoenix: S-Same here Athena. (She’s so earnest, she’s making me blush.)

Athena is an actual angel, I love how much she loves everyone around her and is so happy to be here.

Pearl is SO excited about “forensicking”, now I want her and Ema to hang out.

Athena: My first collaborative work with Pearly!

Their friendship gives me life. (I love how much Athena and Sasha love each other too. Sasha’s like “YOU’RE GREAT” and Athena’s like “NO YOU’RE GREAT.” It’s adorb how Sasha ducked under the partition to cry when we said we’d defend her 2.)

Someone may have poisoned the whale and Athena is PISSED

Athena: WHO WOULD DO SUCH A THING TO ORLA. IF I GET MY HANDS ON THEM, I’LL RIP THEM TO SHREDS!

Phoenix is all omg Athena follow the law when it comes to punishment. Now he knows how Miles feels with Kay. They can bond over having daughters who are ready to fite everyone.

Simon comes in to the aquarium all chained up and is like “you don’t care about the defendant you guys are totally just doing this for money don’t lie to me”. 1. Simon do you even know anything about Phoenix he is perpetually on the verge of bankruptcy and 2. you KNOW FOR A FACT Athena became a lawyer for YOU why are you trying to provoke her simon what is your goal with this

PROVOKE HER SIMON DOES! ATHENA IS SO MAD. Her reaction to this is to SPLASH HIM with the water they’re standing near I’m serious. Phoenix is aGHAST.

“oH NO...SHE HIT HIM WITH THAT WATER....HE DOESN’T SEEM TO CARE THOUGH...?????”

okay though can you just imagine this scene. Simon makes his comment, Athena immediately stomps over to the water, and, looking Simon dead in the eye as she does, splashes him so he is completely drenched. He just stands there, soaked, water dripping off his manacles. His suit is ruined. His hair is sodden. His eyeliner is smudged. His expression doesn’t change at all. It is still completely neutral. His gaze is still locked with Athena, eye contact unwavering.

Athena also stand there, glaring, for several long seconds and then stomps away. Simon remains where he is, face still utterly blank. Everyone watches this scene unfold with dumbstruck expressions.

TELL ME THAT IS NOT HILARIOUS. HOW DID PHOENIX NOT REALIZE THEY KNEW EACH OTHER.

(This is the kind of Simon and Athena friendship/surrogate family content I want tbh. Simon being all intimidating goth making withering comments and then Athena just...throws water on his face like she disciplining a grumpy cat. Or just drags him away by the ear. And he just resigns himself to it. Everyone is like “HOLY SHIT WHO IS THIS GIRL”)

Okay so we go back to the office and i kid you not, I can just hand Apollo a dead fish as Phoenix and be like “Apollo cook this for me”

Apollo is like “MR. WRIGHT WHAT THE FUCK WHY ARE YOU CARRYING THIS” “it’s for the penguin” “THEN WHY THE HELL DID YOU JUST GIVE IT TO ME TO COOK” “I dunno I was hungry” aMAZING. I love that even if he’s no longer a hobo, Phoenix is still totally down to fuck with Apollo. Apollo’s like “jesus if you love raw fish so much then we can just go out for sushi after the case” and Athena and Phoenix are like “YAY APOLLO’S BUYING US SUSHI” and Apollo’s like “I should have never opened my mouth”

APOLLO’S SUFFERING IS ETERNAL

u know actually i was wrong. Apollo is not as screwed over as Athena was in the other dlc. At least he gets to help us and is there as a consulting option.

The fact this dude has a baby penguin living in his hair makes the entire case worth it on its own tbh.

Pearl says she’ll help us by guarding the orca and helping it communicate through court. Rimes is all “omg but it’s dangerous” and Pearl’s basically like “I don’t care I have no fear.” YAY PEARL. TIME FOR COURT.

The Judge is AGOG over this baby penguin’s cuteness, which offends Simon since he didn’t react that way to Taka. “T-Taka is fine too!”

And NOW there’s a part where we choose to cross-examine the orca. If we choose to cross-examine her the Judge is all “MR. WRIGHT THE ORCA CAN’T TALK” but when we choose the right answer he’s all “aw i thought knowing you you’d cross-examine the orca. i’m kinda bummed it didn’t happen”. WELL IT COULD HAVE IF YOU’D LET ME JUDGE! MAKE UP YOUR MIND!

Phoenix was all “oh no what should i do” so Athena OBJECTed on his behalf and told him she’s speaking up for him bc she knows he hasn’t given up! At which point he’s all “YEAH TIME TO GO BACK TO THE OLD WRIGHT WAY” and what is the Wright way? CROSSEXAMINING ANIMALS, DUH. TIME TO INTERROGATE AN ORCA.

Here’s Orla’s all-important testimony: “fweeet fweet fweet! fwe wrrr click fweet!”

I think it’s really important that Phoenix refers to the orca as “Ms. Shipley”. iirc the aa movie confirmed for me he refers to the parrot as “Sayuri-san” in the Japanese version, confirming this is a thing he does to all animals he cross-examines.

Simon: If you continue this mockery, I will subject you to forty lashes with a wet fish.

Athena: Not a wet noodle? That just sounds...fishy.

Phoenix: Hey, Speaking from experience, anything is better than forty lashes with a whip.

Franziska lives on in all our hearts.

Athena: Oooh, doesn’t Orla sing beautifully?

Simon: Hmmph! Taka’s singing voice is much more melodic and clear!

Phoenix: (Meh. Neither one should quit their day job.)

It’s a good thing Phoenix didn’t say that out loud, I’m fairly sure Simon would have actually killed him.

One thing I like about this case is that nobody involved in it is a jerk deep down, which is rare for Ace Attorney. Norma is really abrasive, but when she finds out she was mistaken about what she thought and wrote, she really regrets it and gives us information because she just wants the truth. She even decides to publish a book to correct it and goes out of her way to advocate for the aquarium and help out. She takes her job seriously. Herman is also abrasive, but turns out to really care about the animals and others and helps us out.

And then even “the real culprit” turns out to not be a murderer- he just did something that led to an accidental death. He tried to frame the orca because he thought it killed his gf and would kill again for the murder and that was his only crime He was very adamant about not letting Sasha take the blame for the murder, though. He even tried to SAVE the victim when he fell. So he goes to jail for a few months but comes back- basically things turn out okay for everyone. It’s a pretty feel good case for Phoenix’s comeback, and I found myself liking all the characters involved to an extent- or at least respecting them as people with principals. Also, that orca is cute. It’s a cute case overall, even if it’s nothing incredible.

And with that, I AM DONE!!! DONE WITH THE ACE ATTORNEY REPLAY. It’s been a long road, but a good one. I was glad to revisit everything.

NEXT: PROFESSOR LAYTON V PHOENIX WRIGHT! TOTES NEW CONTENT. I can’t wait.

#the great ace attorney replay

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michaellifted-blog · 6 years

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seophoenixazbklawyer · 8 months

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Phoenix and Scottsdale Bankruptcy Attorney - Wright Law Offices

Are you facing overwhelming debt in Arizona? Look no further than AZBKLawyer, your trusted Arizona bankruptcy attorney. Our team of experienced lawyers is dedicated to helping individuals and businesses navigate the complex world of bankruptcy law. Whether you're considering Chapter 7, or Chapter 13, or need assistance with debt settlement, we have the knowledge and expertise to guide you through the process and provide you with a fresh start. Visit AZBKLawyer.com today to schedule your free consultation.

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azbklawyer1 · 2 years

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Should I Hire An Attorney For Debt Settlement?

If you’re considering debt settlement because of your bleak financial situation, you’re not alone. With the average American holding nearly $100,000 in debt, it’s no wonder that so many are looking for ways to get out from under the weight of all that debt. Attempting to negotiate and settle is a difficult decision to make and it’s important to understand all of your options and what each one could mean for your future before making a decision. You might be wondering if you need a debt settlement lawyer to help you through the process. Some people feel more comfortable handling their finances on their own, while others prefer to have the guidance and support of a professional. The answer isn’t always clear cut, but here are a few things to consider that might help you make a decision.

Before we get into it, if you’re in the Phoenix area and , a no-pressure complimentary initial consultation with the Wright Law Offices would be the best first step to take. We have extensive experience in crafting our clients a manageable plan of action out of debt, so don’t hesitate to get in touch today – call our team at 602-456-6085.

Advantages of Debt Settlement

Debt settlement is a process of negotiating with your creditors and debt collectors to pay less than what you actually owe of your outstanding debt, whether it’s credit card debt, medical bills, other unsecured debt, or even student loans. There are a few advantages to debt consolidation or settlement that make it an attractive option for some people, even as an alternative to bankruptcy. First, if you are able to successfully settle your debts, you could negotiate lower monthly payments and end up paying back less than the full amount that you owe, which can save you a significant amount of money in the long run. Second, debt settlement can eventually help improve your credit score by getting rid of late payments and other negative marks on your credit report. Finally, debt settlement can provide some much-needed relief from the stress of dealing with debt and aggressive collection agencies and to stop creditor harassment.

This process can be done without the help of a debt settlement attorney, but there are certain benefits that come with hiring one.

Should I Hire An Attorney For Debt Settlement?

When you are struggling with debt, it can feel like you are all alone. You may be tempted to try to handle the situation on your own without involving a lawyer. After all, lawyers come with attorney fees, and you may be worried that you cannot afford one. However, there are several benefits that come with hiring an attorney for debt settlement.

First, debt settlement cases can be incredibly complex, so an experienced lawyer can help you navigate the process, and circumstances are likely to arise during your debt settlement case where having a lawyer is essential. If you don’t have experience with the process, you might not know all of the ins and outs, so a lawyer who specializes in debt negotiation will be able to guide you through the process and make sure that all of the necessary paperwork is filed correctly. For example, if you have a lot of assets or income, if you are self-employed, or if you have filed for bankruptcy before, you may need a lawyer to help you ensure that everything is handled accurately on your behalf. A lawyer will be able to advise you on how to best protect your assets, and they can also represent you in court if necessary.

Second, an attorney can help you understand your legal rights and options, which may be helpful if your creditors are being difficult or uncooperative, which they’re pretty notorious for being. An experienced attorney will know how to negotiate with your creditors in order to get them to agree to a lower payoff amount. Plus, you are working with creditors, they may be more likely to negotiate with your attorney than with you directly. This is because they know that your attorney has experience in these matters and will be able to get them the best possible outcome. This is especially true if you are facing foreclosure or other legal action from your creditors. Having an experienced advocate on your side can make a big difference in the outcome of negotiations.

And finally, having an attorney on your side can give you peace of mind during what is often a stressful and anxiety-inducing process. So many debt collection agencies (including third-party debt collection agencies) engage in unfair debt collection practices, and first and foremost – a debt collection attorney can put a stop to their harassment. Overall, you need someone in your corner during this emotional process. Having a lawyer who is objective and who understands the law can be invaluable. Your lawyer can provide you with guidance and support throughout the process.

If you do decide to hire an attorney, there are a few things you should keep in mind. First, make sure you choose an attorney who is experienced in debt settlement and has a good track record of successful negotiations. Also, remember that an attorney is not a miracle worker—if your creditors are unwilling to negotiate, then you may not be able to settle your debt for less than what you owe, but the Wright Law Firm will certainly do all we can to get you debt relief options.

What are the Disadvantages of Debt Settlement?

However, there are also some disadvantages to consider before you decide to go forward with debt settlement. First, debt settlement will likely have a negative impact on your credit score in the short term. Second, if you are unable to stick to the terms of your repayment plan, your creditors may take legal action against you. Third, there is no guarantee that your creditors will agree to settle your debts for less than what you owe. Finally, debt settlement companies often charge high fees for their services, which can add up over time and offset any savings you might realize from settling your debts.

Phoenix’s Best Debt Settlement Lawyers

If you decide that debt settlement is right for you, only you can decide whether or not hiring a debt settlement lawyer to help you reduce your overwhelming debt is the right decision. There is never an easy fix when it comes to getting out of debt, but with an experienced attorney from the Wright Law Offices, there are brighter days ahead. If your case is complex or if you simply need someone in your corner to help guide and support you through the process, having an experienced attorney by your side to provide sound legal advice can make all the difference in the world.

While we’re known as Arizona’s Bankruptcy Attorneys, there are always possible alternatives to a bankruptcy filing. Wright Law Offices has extensive experience in helping people from the greater Phoenix area settle their debts and rest easier with a custom debt management plan, and we are happy to offer you a complimentary initial consultation to learn about your unique situation. Click here for a free consultation.

The post Should I Hire An Attorney For Debt Settlement? appeared first on Phoenix Bankruptcy Attorney | Phoenix Bankruptcy Lawyer | Wright Law Offices.

source https://azbklawyer.com/should-i-hire-an-attorney-for-debt-settlement/

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