They are:1) Fines imposed by a Court;2) Debt incurred by misrepresentation (fraud);3) Alimony or maintenance payments;4) Debt for damages imposed by Civil Court for intentional bodily harm, sexual assault or wrongful death;5) Student loans, if bankruptcy occurs within 7 years of ceasing full or part-time studies.
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a mortgage or vehicle lease) if there is no equity in the secured asset. By law, all actions against you must cease once the bankruptcy documents are filed.
Also, bankruptcy does not generally interfere with secured debts (i.e.
This does not apply to secured creditors such as banks holding, for example, a mortgage on a house or a lien on a car, nor does it apply to debt for alimony/maintenance.
This means that calls from creditors and collection agencies will stop and a creditor cannot garnish your wages.
Also, if you ever have questions or need FREE advice about your student loans, you can always contact your Department of Education loan servicer. Switch Your Repayment Plan You may be able to lower your monthly student loan payment by switching to a different repayment plan.
Use this calculator to compare what your monthly payment amount could be if you switched your plan.Basically, the DMP plays policeman, taking your monthly lump-sum payment and distributing it to your creditors until the accounts stand at zero. According to Greenberg, less than 35 percent of the people who call consumer credit counseling agencies truly can benefit from a DMP. This is a numbers fudging claim that holds true only in the narrowest of circumstances.For instance, if you miss two 0 payments on a ,000 balance, the third month's bill will make it 0 that you owe.If you are considering debt-consolidation options, avoid these misrepresentations: Credit counseling involves helping consumers develop a budget and the discipline to make steady payments to clear their debt loads. "Most of these individuals make a decent living, but at the end of the week don't have enough money and don't understand why," says Joel Greenberg, president of New Jersey-based Novadebt.Debt-management programs -- or DMPs as insiders like to shorten it -- are one tool in the credit counselors' kit.A creditor has to follow certain procedures in order to garnish your wages.