People who file for bankruptcy in Tennessee are most likely aware of how that can affect things like their credit score and their ability to qualify for certain types of loans. However, they might be surprised to learn that a bankruptcy can also affect a person’s ability to find employment in some situations.
When considering whether or not to take a new job, many people in Davidson look at not only the salary offered but also the benefits. Standard benefits include health insurance, retirement plans and paid vacation or other time off. In order to entice new employees, companies are now looking to add another benefit to the mix: assistance with repaying student loans.
If you live in Tennessee and are struggling with your finances, student loans may be part of your problem. You may be aware that there are loan forgiveness programs being offered by the federal government that can help alleviate some of that financial burden. However, you may not be aware that the amount of your loan that is forgiven is taxable.
For those facing a large amount of debt in Tennessee, there are many options for seeking relief. However, not every company offering help is legitimate and some may be looking to take advantage of unsuspecting consumers. Because of this, the Fair Debt Collection Practices Act protects consumers and sets forth guidelines that companies offering debt relief must follow.
If you are considering a Tennessee bankruptcy, you are likely feeling overwhelmed and stressed by the amount of debt you have. Some people also worry that they might not have enough of a problem to qualify to file for bankruptcy. At Rothschild & Ausbrooks, PLLC, we understand that filing for bankruptcy can be complex and intimidating. However, many people who are considering filing often find that they are in fact qualified to do so.
Serving a term in prison in Tennessee affects a person’s life in many different ways. One problem that many people find upon their release is that they are saddled with thousands of dollars in debt and no clear way to pay it off. This, in turn, then puts those people more at risk for having to file for bankruptcy.
For many people facing bankruptcy in Tennessee, student loans are a major source of debt. However, student loan debt is dischargeable only in very limited circumstances. Often times, students are left with the burden of paying back loans for the education that was supposed to help them get ahead.
There may be several different reasons why you would consider co-signing a student loan for someone. Most often, co-signers are parents who co-sign their child’s loan but you may also just want to help support a friend or relative who is pursuing a higher education. If you choose to do so, you should be careful as there are risks that come with being a student loan co-signer. Since the people taking out student loans are often young adults with little or no credit history and no source of income, having a co-signer can help them obtain a better loan than they would qualify for on their own. As a co-signer, however, you are then equally responsible for paying back the debt, according to Money Crashers.
If you are buried under unmanageable debt and seeking a way out, bankruptcy may very well be one of the options you have taken into consideration. However, if you don't know very much about bankruptcy, which is not unusual for people going through it for the first time, you could find yourself believing some myths and half-truths about the process.
A set of new federal rules were recently put in place to assist people who took out student loans under misleading circumstances. Qualifying Tennessee borrowers who are able to prove that their school used fraudulent means to induce them to take out loans may be eligible to have their federal student loans discharged, according to the Washington Post.