With the high costs of college tuition today, accumulating student loan debt is virtually unavoidable. Finding a job immediately after graduation that pays enough to keep you from defaulting on your loan payments is difficult. Although filing for bankruptcy is generally not an option to avoid student loan debt, you do have options. Here is determine what property can be repossesed to repay student loans.
Instructions
1. Consult an attorney. Every state has their own unique laws which determines what property is exempt from repossessoin. Your attorney will assist you in navigating through them.
2. Contact the Attorney General's office in your state. They will be able to tell you what property can be repossessed.
3. Find out if you qualify for a hardship discharge. Typical reasons for allowing a discharge include death, permanent total disability, temporary total disability, rehabilitation for a disability, economic hardship, being a parent with a young child, being a full-time student and military service.
4. Gather all documentation showing your necessary monthly expenses and gross income.
5. Contact the creditor by letter or phone and plead your case. Be upfront and honest about your ability to set up a payment plan based on the amount you determine you can afford.
6. If you are not able to reach an agreement, try contacting a credit or debt counseling service. They will assist you in your financial planning and are often able to work out an arrangement with the creditor.
Tags: what property, loan debt, student loan, student loan debt, They will