Money Wise Law

Money Wise Law

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Money Wise Law episodes

  • There Isn’t a Solution to Every Student Loan Problem

    In this TikTok Live, we discuss various aspects of student loans, bankruptcy, and debt collectionin a lively Q&A format, providing insights into navigating these complex financial issues.

    Key Topics Covered
    Borrower Defense to Repayment
    • Definition: A federal forgiveness program allowing borrowers to have their student loans forgiven if they can prove their school misrepresented the quality of their education.
    • Eligibility: Must prove that the school’s misrepresentation caused you to take out the federal student loans.
    • Process: Submit a claim to the Department of Education with supporting evidence. The review process can take years.
    • Resources: Numerous online groups and resources can provide documents to strengthen your claim.
      • Challenges in Student Loan Forgiveness
      • Lawyer Assistance: Not all lawyers claiming to assist with student loans are truly specialized in that area. Many are primarily bankruptcy lawyers.
      • Limitations: There is no universal solution for all student loan problems, but various programs can provide relief, such as income-driven repayment plans, public service loan forgiveness, and borrower defense to repayment.
        • Co-signing Student Loans
        • Impact on Credit: Co-signing a loan means the debt will appear on your credit report. If the primary borrower defaults, you are responsible for the payments.
        • Advice: Have a serious conversation with the borrower if they are not making payments.
          • FAFSA and Federal Student Aid
          • Importance: Submitting the FAFSA (Free Application for Federal Student Aid) is crucial for determining eligibility for federal aid.
            • Bankruptcy Considerations
            • Chapter 7 and Chapter 13: Different rules apply depending on the type of bankruptcy. For instance, Chapter 13 may require court permission to take on new debt.
            • Asset Exemptions: Each state has different exemption levels for assets you can keep during bankruptcy.
            • Professional Advice: Consulting a bankruptcy lawyer can help ensure a smooth process and prevent potential issues.
              • Income-Driven Repayment (IDR) Plans
              • Choosing the Right Plan: IDR plans can lower monthly payments and lead to forgiveness after 20-29 years.
              • Flexibility: If you choose the wrong plan, you can change it later.
                • Dealing with Debt Collectors
                • Payment Allocation: If a debt collector refuses to show where your payments went, you may need to sue for an accounting.
                • Defensive Approach: Stand your ground if you believe you do not owe the debt, and let a judge decide if sued.
                  • Special Cases and Questions
                  • Medical Debts: Discuss specific situations with a bankruptcy attorney to explore possible solutions.
                  • PSLF (Public Service Loan Forgiveness): Concerns about program elimination are common, but current guidelines should be followed.
                    • Listener Questions
                    • Borrower Defense: Can file claims if defrauded by the school.
                    • Bankruptcy and Car Loans: Can keep the car if payments continue.
                    • Credit Report Issues: Obtain free credit reports from annualcreditreport.com to check for creditors and judgments.

                      • Join me on TIkTok every Monday and Wednesday for more advice on handling your debt problems.

                      The post There Isn’t a Solution to Every Student Loan Problem appeared first on MoneyWise Law.

                      34 min
                    • Can’t Pay Your Debts? Here Are Your Options

                      If you're in debt, you've got choices. To decide your best path forward, it's important to review all of the alternatives carefully and weigh them against your goals. In this episode of the Money Wise Law Podcast, Jay Fleischman and Gene Melchionne talk about your debt relief options to help guide you towards your [READ MORE]

                      The post Can’t Pay Your Debts? Here Are Your Options appeared first on Money Wise Law.

                      31 min
                    • Bridging the Student Loan Bankruptcy Gap

                      Why is discharging student loans in bankruptcy falsely portrayed as being impossible?

                      A quarter of a million people with student loans file for bankruptcy each year, yet only a small number seek to discharge their educational debt. Recently Villanova University School of Law Professor Jason Iuliano examined what he called the Student Loan Bankruptcy Gap to understand this phenomenon.

                      In this podcast episode, Gene Melchionne and I discuss the costs of bringing a student loan bankruptcy discharge case, how the mechanics of the process make it more daunting for bankruptcy lawyers and borrowers alike, and closing the Student Loan Bankruptcy Gap to provide debt relief to millions of individuals.

                      https://www.moneywiselaw.com/wp-content/uploads/MWL004.mp3

                      The post Bridging the Student Loan Bankruptcy Gap appeared first on MoneyWise Law.

                      39 min
                    • The Ultimate Guide to Avoiding Bankruptcy

                      Listen to The Ultimate Guide to Avoiding Bankruptcy:

                      https://www.moneywiselaw.com/wp-content/uploads/mwl002.mp3

                      There’s a way to be 100% certain you’ll never need to file for bankruptcy.

                      I’ve been a bankruptcy lawyer for over 29 years. Gene Melchionne has been representing people in bankruptcy court for longer than that. Between us, we had both played armchair quarterback enough times to know the exact point in a client’s life when financial distress was all but certain. Using that knowledge, we figured we could put together a roadmap to help people avoid bankruptcy.

                      We sat down and prepared the ultimate checklist of ways to be 100% certain you’ll never have to see the inside of a bankruptcy court. And in this episode of Money Wise Law, we reveal the secrets to you.

                      Our list is meant to be a farce, but under it all there is a simple truth: there is no way to be absolutely certain you’ll never need the protection of the bankruptcy court.

                      Life is unpredictable, and your fortunes can change in an instant. Marital upheaval, an illness, job loss, or minor rent increase can throw even the most carefully planned household budget into disarray. Bankruptcy exists as a hedge against the risks inherent in modern life.

                      Enjoy the shenanigans, and consider whether there’s ever been a time in your life that you were close to needing bankruptcy.

                      The post The Ultimate Guide to Avoiding Bankruptcy appeared first on MoneyWise Law.

                      28 min

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                    Debt, Credit, Bankruptcy and Student Loans. The game of money is rigged. Credit card companies, student loan holders, debt collectors, and mortgage banks profit by using fear and intimidation. Credit…