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Lots of confusion out there regarding the three year monitoring.  The wage monitoring part of the three year monitoring went away, but NOT the three year monitoring as a whole.  What does that mean?

Well, if the borrower returns to school and takes out federal loans, that could reinstate the forgiven loans if done within the post discharge three year period.  The 1099 (which may or may not actually be sent) is supposed to be sent out AFTER the three years are over.  This could render the forgiveness taxable under federal guidelines if done after December 31, 2025.  Congress will have to allocated additional funding to the TPD program to allow for the non-taxability to continue after that date.

Also, if the borrower was approved based upon their SSA status, and that status changes, the loans may be reinstated.  Our clients are approved on a physician’s certification so that shouldn’t matter for us.

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arkovich_law-narrowI read an article today by the Ascent, that among all Americans, the average amount of time spent on financial management per day is 1.8 minutes.

That may include things like defining a goal, budgeting, saving for retirement, managing debt, planning for taxes, planning for emergencies etc.  I guess I’m not surprised.  I plan to have a few posts this month – straight from the horse’s mouth – an attorney’s view from well over 25 years of practice on How Someone Can Reboot.

If you are finding that you are making no headway on your debt, despite a good income, perhaps the time has come to talk with an attorney re: debt management, and yes, even bankruptcy.  A Chapter 13 for instance will allow you to make one payment monthly, and the trustee is responsible for divvying that out to your various creditors.  Makes your life simple.

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arkovich_law-narrowIf you’ve decided it’s time to take back your life, we can help devise a debt escape plan with you.  This may involve making decisions about what to pay, what not to pay, how to settle and create a plan to get out of debt.  This includes student loan debt as well as credit card or other debt.

There is not a one size fits all strategy.  There are many different kinds of debt.  Student loans, mortgages, car loans, personal loans, credit card debt, lines of credit and more.  It doesn’t make sense to use the same strategy on different types of debt.  Your income/health/age and other factors should play a large role.  Co-borrowers may play a role.

We have years of experience helping consumers with student loan debt and mortgage debt.  We are experienced foreclosure attorneys and bankruptcy attorneys.  The rules can be complex and they are often updated or vary jurisdiction to jurisdiction.  Why try and figure out everything on your own when there are resources and guidance available to help you make the best decisions going forward.

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FTX wants to pay customers back but based on crypto prices at the time of its bear market bankruptcy. So, not good.

In paperwork filed on December 27, FTX proposed prices for around 500 crypto assets. This includes:

  • Bitcoin at $16,871
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Christie_1Despite lots of changes in the landscape allowing the discharge of both federal and private student loan debt under the right circumstances, many people still believe that student debt survives a bankruptcy.

Private loans follow very different rules then federal as you probably know.

One thing I haven’t written much about are private loans for these vocational schools such as those for coding, helicopter, cosmetology etc.  If the school is NOT on the federal Title IV list for the years of attendance, those are dischargeable in a bankruptcy.

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Christie_1Most people I speak with about the disability discharge of federal student loans are concerned that the test is similar to the Social Security Disability analysis.  It’s not.  You don’t have to deal with a scale of whether you can feed or dress yourself.  You don’t have to be approved for SSD.

It’s a vocational test.  Something we’ve dealt with often with our ADA or FMLA work for our former plaintiffs’ employment law practice.

The TPD standard doesn’t mean the borrower can’t work at all, it just means that due to their medical condition(s), they can’t reasonably work enough to be able to sustain themselves. 

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Christie_1Are you having trouble with your federal student loan servicer who is asking for  income documentation?  You can avoid all that for now, by simply self-certifying your income.  You can self certify through February 29, 2024 and here is how:

https://studentaid.gov/help-center/answers/article/report-income-in-the-income-driven-repayment-application

https://studentaid.gov/help-center/answers/article/report-income-in-the-income-driven-repayment-application

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arkovich_law-narrowWhat should you do if you are being harassed for a debt that you did not sign for?  Here are some ideas:

  • If you acted as a power of attorney (POA) for another, the creditor is likely violating several consumer statutes for unlawfully collecting a debt against you.  We can help with that!
  • Most identify theft cases stem from a family member.  Depending upon the circumstances, you may want to file a police report, and send a copy of it to the creditor.
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Now that the real property market is at it’s high, we are seeing many more second mortgages seemingly coming out of the woodwork.  Despite years of inactivity, including no communications with a borrower, second mortgages are now threatening foreclosure if payments aren’t resumed to them.  What can you do if you hear from a second mortgage which you thought was charged off, included in a government settlement back during the foreclosure/financial crisis, discharged in bankruptcy or maybe included in a prior loan mod?

Besides filing a Consumer Financial Protection Bureau complaint, which we recommend, there are a number of defenses that we utilize to prevent a foreclosure.  The first involves raising federal statutory protections which require notice to the borrower of transfer of ownership, transfer of servicing and periodic statements.  Failure to comply with any of those requirements under the Truth in Lending Act (“TILA”), and the Real Estate Settlement Procedure Act (“RESPA”) can create statutory and actual damages.

Bankruptcy may present options to either pay off the second mortgage under terms you can afford, or even strip it off the property in the right circumstances.  You can challenge the amounts owed by objecting to any proofs of claim filed in a bankruptcy.  You can also surrender the house and discharge any remaining debt.

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Christie_1To help get the word out on how to obtain significant savings on federal student loans, we are speaking at a roundtable for the Florida Defense Lawyers Association on December 14.

Sponsored by: The FDLA Women in the Law Committee. Maximize your opportunities for student loan forgiveness by taking advantage of the new IDR Audit, SAVE, and On Ramp programs. While the IDR Audit is automatic, there are ways you should prepare for it to obtain the most forgiveness particularly if you have older FFEL loans, gaps between education, or even Parent Plus loans. Don’t try and figure it out all alone! (This is roundtable discussion with no CLE or CE offered.)

I don’t think you have to be a current FDLA member, but you may want to consider joining, and you do need a Fl Bar number.

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