Federal Student Loans are not always treated the same as other debts when in Florida bankruptcy. In fact, if you are deciding on a chapter 13 bankruptcy in Florida, there can be several methods to have your federal student loan payments count towards IDR and forgiveness. Are you able to negotiate this? As an attorney in Florida, I can. Ask me about your IDR repayment and how I can get you on an Income Driven Plan if you are not already on one. These repayment plans can lower your monthly bill and lead to relieving you of any remaining balance after 20 or 25 years determined by your scenario.
How low can my monthly bill be while in Florida bankruptcy
Federal Student Loan payments can be modified in Florida bankruptcy to as low as $0. They can even be prioritized discriminately over other debts meaning that more money goes towards the federal student loan lowering your payment to other debtors so you get more benefit for the federal student loan. Executing This plan requires modifying the payment schedule you submit through me, your Chapter 13 Florida bankruptcy attorney and completing the necessary documentation as needed. This is key because your federal student loan is not dischargeable in bankruptcy and you want your payments to count towards your final payment requirement during bankruptcy. Since a Chapter 13 bankruptcy in Florida can take up to 5 years, you don’t want hose payments to not count.
However, your Federal Student Loan cannot get all the money in the plan instead of other debtors while in a Chapter 13 bankruptcy, but Florida bankruptcy can account for this disproportionate federal student loan payment if you hire me, the right Florida bankruptcy expert. I am one of the rare attorney in Florida that can negotiate this for you. I know the process and techniques to get IDR payments to count and have the payment acceptable to the courts. This process is not just about submitting your financial plan but proper negotiation with the trustee.
What is a Florida bankruptcy Trustee
A Trustee is a court appointed person by the Chapter 13 bankruptcy in Florida representative who has decision making power to keep the bankruptcy plan fair for all involved. My ability to negotiate with the trustee as well as my understanding of how everything in a Florida bankruptcy relates makes me the proper attorney in Florida to assist you.