The student loan repayment pause which was set to end February 1st is now been extended until May 2022. The pause on the repayment of federal student loans in response to the Covid-19 pandemic has provided many Americans with needed financial relief with the extension giving those who have fallen behind financially a few more months to come up with a plan to tackle their financial difficulties.
For some, chapter 7 or 13 bankruptcy is a good strategy to recover from the economic downturn that has left many under or unemployed, unable to pay their credit card bills, make their mortgage payment, or pay the loan on a car. Those who pass the chapter 7 bankruptcy means test, can look forward to having much of their debt discharged so they can get a fresh start, while others may take advantage of a chapter 13 bankruptcy to get on an affordable repayment plan allowing them to keep their home or car as they catch up.
Although the preceding months have been difficult for many, fortunately there are solutions. If you have questions regarding bankruptcy protection, it is important to seek help. Contact Peoria bankruptcy lawyer Charles E. Covey at 309-674-8125 for a free evaluation of your financial situation to determine if bankruptcy protection is a good strategy and how you can prepare to take advantage of bankruptcy law.
