New York City Student Loan Lawyer
Student Loan Debt Relief
Are you in need of relief from student loan debt? You may have realized
that you cannot make your loan payments because of other bills, such as
utilities and rent. With the rising price of tuition, high interest rates
and a down economy, many graduates like you are unable to make payments
on time. In some cases, individuals with student loan debts believed they
had already paid off or settle the debt, only to later find themselves
facing legal action over the same debts (a situation referred to as "zombie
debt"). If you cannot find a suitable job to cover the cost of your
loans after the grace period has concluded, speak with our
New York City debt relief lawyers. We may be able to negotiate reduced payments, lowered interest, or even
eliminate some debt for you.
Defaulting on Student Loans
In the United States, defaulting on a student loan can result in many adverse
consequences. Defaulting means that you have failed to repay a loan according
to the agreement stated in the promissory note. Legal action can be taken
by the lender to obtain the money owed to them. Defaulting on a loan can
negatively affect your credit score and your ability to secure loans in
the future. Whether you are facing difficulty paying a federal or private
loan, we can discuss the relief options that are available to you and
help you take action to resolve the debt.
Private Student Loan Default
Debt from private student loans is the same as other unsecured debts in
that the creditor has legal cause to take action against you if you default.
Private student loans work in much the same way as credit card debt. Similar
to credit card debt, defaulting on student loan payments is considered
a breach of contract. Your lender has the right to sue you if you have
not made your
private student loan payments as agreed. Unlike credit card debt, however, private student
loan debt is almost impossible to discharge in a bankruptcy filing.
Federal Student Loan Default
If you default on your federal student loans, the government can use their
resources against you to pursue collection of the balance owed. You can
potentially face many negative consequences if you default, such as wage
garnishment, tax refund seizures, and having your federal benefits taken
away. You can even be sued by the government. If you have defaulted on
a federal loan, it is very difficult to defend yourself or get yourself
back in good standing and out of default. With our legal assistance, we
can prescribe a solution to solve the debt issue.
Read Nica U.'s review of Lebedin Kofman on Yelp
Read Olessya K.'s review of Lebedin Kofman on Yelp
Read Rebecca V.'s review of Lebedin Kofman on Yelp
What are my options for resolving student loan debt?
Defaulting on any type of student loan can have devastating consequences.
At Lebedin Kofman LLP, we can help you avoid these repercussions if you
have a valid hardship that prevents you from repaying the full amount
of your loans. We can help you understand the options available to resolve
this debt issue. Student loan rehabilitation can prevent
wage garnishment, tax refund seizures and
bank levies. With a successful negotiation outcome, you can even regain eligibility
for deferment, forbearance, and additional federal financial aid. Student
loan debts are typically not dischargeable through
Chapter 7 bankruptcy, but we can help you make the payments affordable through other
methods. Settlement and negotiation are debt restoration options that
our firm can use to help you find relief.
Student loan debt defense is a relatively new area of practice, which makes
the laws complex and confusing. Student loan default works in a similar
manner to credit card default, which is a much more common type of financial
difficulty. Some defense and settlement methods for credit card debt can
apply to student loan debt. In fact, the same law firms that often represent
credit card companies are contacted by student loan lenders when seeking
to hold the debtor responsible for defaulting on payments. Student loan
debt is a serious issue that should be given the attention it deserves.
Most cases involving large sums of money are usually brought up in the
Supreme Court as opposed to Civil Court because of the high sums of the debts.
At Lebedin Kofman LLP, we can develop a solution to resolve your student
loan debt. Defense, vacation of judgment, and settlement aspects are nearly
identical to credit card issues, and therefore, and we can use these methods
to help you! We can negotiate with the student loan lender so that you
can make affordable monthly payments to your lender. If you are able to
put down a large initial sum of money, student loan creditors may be much
more willing to settle. Our firm is unique in the way that we handle student
Contact our firm today to avoid the consequences of defaulting on your student loans!