If, like many people, you took out loans to pay for your education, the thought of someday paying them off may seem daunting. Each month you make a payment but the loan amount never seems to go down. However, according to USA Today, there are ways to manage your student loan debtthat can alleviate some of the burden and help you get your loans paid off.
When you file for bankruptcy, you will be required to attend a meeting of creditors. This hearing may also be known as a 341 meeting because of the number of the federal statute that requires it.
Sometimes people fall behind on their bills. Regardless of the reason or circumstances surrounding it, receiving a communication from a debt collector can produce feelings of dread for many people. While collection agencies are allowed to contact consumers regarding their debt, both the federal Fair Debt Collection Practices Act and the North Carolina Fair Debt Collection Practices Act prohibit them from engaging in certain abusive behaviors.
While filing for bankruptcy is a good decision for some people, it is not the only way that you can free yourself from debt. If you are fairly confident that your debt can become manageable with just a little bit of help, your first option may be to simply contact your creditors. Sometimes, providing them with an explanation of why you are behind on your payments, and what you would need to get caught up can be enough to get your fees waived and interest rates lowered.
When a person experiences significant financial problems, it goes without saying that life is nothing short of stressful. That's because they have to worry about how long they can ignore the growing pile of bills on the kitchen table, how long they can endure harassing communications from creditors, and even how long they'll be able to stay in their home.