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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...]

How to Surrender Your Home under Chapter 7 Bankruptcy

Including the Debts on Your Real Estate in Your Bankruptcy Case First, be aware that both Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” can help you keep your house. Talk to an attorney so that you are well informed about your options, including what it would take for you to keep your home. Believe it or not, under some circumstances you can significantly reduce your monthly payments, and even reduce the debt against your house by tens or even hundreds of thousands of … [Read more...]

How to Save Your Home under Chapter 7 Bankruptcy

If You Are Current on Mortgage and Other Home-Related Debts A Chapter 7 “straight bankruptcy” is generally designed for more straightforward debt situations, including those on your home. If you are current on all obligations legally tied to your home, and you intend to keep your home and keep up on your mortgage payments, your home and your mortgage will very likely sail smoothly through a Chapter 7 case. This means being current not only on your mortgage (and any second or third … [Read more...]

Keeping a Vehicle by “Reaffirming” the Vehicle Loan

Chapter 7 Bankruptcy and Your Secured Debts A secured debt is one in which in which you essentially made two agreements with your creditor, the first involving the debt, the second involving the collateral. 1) You agreed to pay the amount you owe under certain terms, and 2) you agreed to surrender the collateral if you don’t pay the debt under those terms. A Chapter 7 “discharge” (legal write-off) of a debt erases the debt—the first of those two agreements—but does not affect your … [Read more...]

What a Straightforward Chapter 7 Bankruptcy Case Looks Like

A straightforward Chapter 7 case does the following: immediately protects you and your possessions and property from your creditors; enables you to hold onto everything you own; lets you keep or surrender any collateral based on your choice; and discharges (legally writes off) all your debts that you want to discharge. 1) Protects You Right Away The moment your Chapter 7 case is filed, virtually all collection efforts by creditors against you are legally stopped. This … [Read more...]

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