• Getting help with Federal Student Loan debt

    Federal student loans have several options to assist people with paying them off. However, typically people are unaware of these options until they are in payment trouble. This is where I can help by getting people out of wage garnishment, delinquency, default, assist in lowering monthly payments, qualifying for forgiveness programs and more.

    Federal Student Loan Repayment Plans

    There are nine different federal Student Loan Repayment Plans. Each one has a different payment calculation method and uses different logic to determine how they work. Several plans are based on income such as IDR, New IDR, ICR and IBR. Other options are balance-based. The plans are as follows:

    • Standard Repayments
    • Extended Repayments
    • Graduated Repayments
    • Extended Graduated Repayments
    • Income-Based Repayments
    • New Income-Based Repayments
    • Income Contingent Repayments
    • Pay-As-You-Earn
    • Revised-Pay-As-You-Earn

    What to consider when choosing a plan

    There are many variables you should consider when selecting which of the Student Loan Payment Plans you want. These variables include:

    • How long has it been since departure from school?
    • What are the current annual earnings?
    • What is future earning potential?
    • Are there significant purchases expected in the future like a house, wedding, etc.?
    • What life-altering events are planned such as having children?
    • What other financial responsibilities are there?

    The answers to the above questions make a difference because some repayment plans put you on a gradually increasing payment regardless of future earnings growth. Other federal Student Loan repayment Plans dictate an amount that increases as your income increases. An annual review of income is required and evaluated. When contemplating these options, I can help you understand the ramifications of each plan and any affects on short and long term goals. Once we decide which program works best, I can complete the necessary documents, file them per procedure and help maintain the plan if yearly recertification is required.

    There are more options for working with federal student loans which include:

    • Forbearance and Deferment
    • Defense to Repayment
    • Federal Student Loan Consolidation
    • Federal Student Loan Rehabilitation

    Not all of the repayment plans are offered to everyone with some restricted to certain loans or can only be used once. Every program has a different impact on:

    • Public Service Loan Forgiveness
    • Teacher Forgiveness
    • Administrative discharges

    Schedule a consult with me to review and get the right repayment plan.

  • What is Bankruptcy in Chicago (and should I file)?

    Bankruptcy in Chicago is a legal process used to eliminate a variety of debts when a person is not able to afford payments. It is not always calculated or based on debts being larger than assets. It is more often related to the ability for a person to repay the debts based on income after paying necessities such as groceries, utilities, children needs, etc.

    Considering filing bankruptcy in Near West Side, Little Italy and Greektown?

    Ask yourself these questions:

    • Are credit cards used to pay for necessities?
    • Are minimum payments the only way payments can be made on your debts?
    • Are the debt amounts owed uncertain?
    • Do collection companies call repeatedly?
    • Does debt consolidation seem like the only answer?

    If the answer to at least one of these questions is yes, filing for Chapter 7 or Chapter 13 bankruptcy may be the best option.

    How do I know when to file Chicago bankruptcy?

    Many individuals feel filing for bankruptcy in Chicago is a scary experience and something a person should never do unless there are no other options. This fear is unnecessary and can lead to significant harm by not taking action. Filing for bankruptcy in Chicago can be refreshing as a person becomes unburdened with the immense financial pressures and receives an opportunity for a new beginning. When determining whether to file for Chapter 7 or Chapter 13 bankruptcy in Chicago, there are several actions a person should take.

    How do I declare bankruptcy in Chicagoland?

    The first step regardless of whether debts and assets have been calculated is to call me for a free consultation where we can discuss the types of bankruptcy in Chicago. Chapter 7 and Chapter 13 bankruptcies are typically the most filed but have different timelines, benefits and procedures. Chapter 13 bankruptcy has several protections that Chapter 7 does not but takes longer to complete. Contact me today,  and I will assist with selecting and processing the best bankruptcy option.