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Archives for May 2015

NATIONAL COLLEGIATE STUDENT LOAN TRUST (NCT): NOT IN NEW JERSEY!

Who is NCT? That’s complicated. Your student loan probably originated with a private bank. Over time, the bank transferred the promissory note to the National Collegiate Funding, LLC. National Collegiate Funding, LLC then creates and packages the loans into series of trusts pursuant to Delaware statutory law. They then sell the loans to investors as asset backed securities. NCT claims to own my loan, but I never did business with them. You may have never heard of NCT before. That’s typical. … [Read more...]

Dealing with Income Tax Debts under Chapter 13

A Chapter 13 “adjustment of debts” bankruptcy will allow you to pay off back income taxes over a three-to-five year period, frequently without incurring any additional interest or penalties, and even sometimes paying less of the tax itself. Power Against the IRS/New Jersey Division of Taxation Consumers file a Chapter 13 case instead of a “straight bankruptcy” Chapter 7 one for many reasons. Owing back income taxes is a major one. If you owe a lot of taxes, the significant advantages that it … [Read more...]

What a Straightforward Chapter 13 Bankruptcy Case Looks Like

The Steps of a Chapter 13 Case Under Chapter 13, you and your attorney propose a payment plan based on your ability to pay. Through this plan you usually pay back only part of your debts, and sometimes not much to many of your creditors. Your plan lays out how much you will pay each month in a single payment to all or most of your creditors. That amount is usually much less than you were paying before. You pay that amount for a period usually covering three to five years. At the end of that … [Read more...]

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