Updated 7/11/22
Bankruptcy is a recognized legal process through which individuals with difficulties repaying a creditor or settling a debt can seek relief from all their debts. Often, the debtors initiate the bankruptcy process by filing the case through the bankruptcy law offices in a federal court.
Students are the most common defaulters when it comes to loan repayment, mainly because if they cannot find jobs immediately after university, they do not get money to service the loan. That may prompt the question, ‘Can you file bankruptcy on Sallie Mae loans?’ The answer is that Sallie Mae offers no forgiveness for its private scholar loans. However, they can provide loan cancellation for individuals who have become incapacitated.
According to rules for Chapter 7 and student loans, you must give convincing proof that repaying a student loan will cause hardships. However, you still owe your loaner after settling a bankruptcy case if you cannot.
You can check bankruptcy filings to determine who has filed a bankruptcy case. You can also utilize the Public Access to Court Electronic Records (PACER) service for the Bankruptcy chapter 7 case number search. You can search bankruptcy records on the internet, too, to learn more about what options are available to you.
If you think that filing bankruptcy on your own is a great idea simply so that you can save some money, you owe it to yourself to contact a bankruptcy lawyer in Scottsburg for a consultation just so you can see how very misguided this notion it is. Technically, it is true that you can get through the declaration process without the help of a bankruptcy lawyer in Scottsburg and it is also true that were you to do so, you would not be paying lawyer’s fees and therefore would save money. However, there is a reason why almost all people in the area hire a bankruptcy lawyer in Scottsburg and as you read on, these reasons will become crystal clear to you.
The number one reason why it is in your best interests to hire a bankruptcy lawyer in Scottsburg is simply that the bankruptcy process is complicated. A bankruptcy lawyer in Scottsburg would have spent years training for this particular type of law while your preparation is likely to consist of reading a few articles online and trying to file yourself an expert. While it is nice to try and educate yourself about what you are getting into, one false move could create serious ramifications of a legal nature which you would have to deal with.
A bankruptcy attorney in scottsburg will know how to get your bankruptcy pushed through the courts much faster than you could. They will also know how to navigate the process without making mistakes. This is significant because if you do make a mistake, it could mean having to start all over again from scratch or seeing your paperwork tied up for months at a time.
Worse yet, if you make a mistake on any financial information, even if it is insignificant and innocent, it could constitute as fraud and get your bankruptcy rejected as well as get you slapped with felony charges in fraud. This is not a risk that you should be willing to take which is why hiring a bankruptcy lawyer in scottsburg is a good idea. They will make sure that there is nothing that can be legally deflected back to you.
Getting help from an attorney may cost you something up front, but the rewards will be worth it. Remember that once you are debt free, you will have more finances anyway. Purchasing one last service before your bankruptcy will be well worth it to achieve this outcome.