How Bankruptcy Can Help With Loans

: Chris Lee Law Firm

  Filed under: Loans

loansMany of the bankruptcy filings being undertaken in America are related to loan debt. With homeowner loans listed as a big cause of bankruptcy filings, it is important to understand how a Dallas bankruptcy lawyer can help you deal with loan debt.

What Loans and What Help?

Understanding what loans are covered under filing is key to understanding how bankruptcy can help you with those loans. Student loan debt is not covered under bankruptcy filings. You will have to bear that burden on your own. However, there are other loans that can be filed under bankruptcy proceedings. Home loans, mortgages, and other homeowner loan debt can be filed under bankruptcy proceedings. You should discuss this with your lawyer, to determine how they might be able to help you deal with this loan debt.

In terms of student loans, there are actually lawyers who specialize in trying to figure out how to count your student loan debt as a part of your bankruptcy filing. This is a complex and unique process to bankruptcy, hence the specialization in some law firms. It is difficult, but not necessarily impossible, for many to file their student loans as a part of their bankruptcy. Ask your  lawyer to provide you with resources and recommendations for negotiating your student loans with lenders.

As far as home loans go, a qualified attorney can at least help you prevent foreclosure through filing to deal with your home loan debt. These proceedings can help you secure your home and continue to live in it well into the future. Potentially, a good attorney can also help you renegotiate the terms of your mortgage. This mortgage modification process is also rare, but not completely impossible.

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