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

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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. However, in order to show ownership of your loan, NCT has to produce the paper trail of assignments. If you?re not in litigation, ask them for copies of the supporting documentation proving ownership of the debt, including the promissory note and assignments.

Now I?m being sued by NCT? HELP!

If you live in New Jersey and you?re being sued by NCT, there is a good chance you won?t have to pay them a cent! But how is that possible? Well? You?ll have to call to find out!

Contact the Law Office of Andrew B. Finberg

Contact a lawyer at the Law Offices of Andrew B. Finberg, LLC today online or at (856) 988-9055. Consultations are free.

Discharging Student Loans in Bankruptcy

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Discharging Student Loans in BankruptcyMany people know when they come into the office that they won?t be able to discharge their student loans. In New Jersey, in order to discharge your student loans, you have to be able to prove an ?undue hardship.?

Of course, you?re thinking I have an ?undue hardship? because I can?t make the payments on my loans. However, ?undue hardship? is a legal term or art. In order to make your case for an ?undue hardship? you have to pass what is known as the Brunner Test.

The Brunner Test is a three prong test made applicable in Third Circuit by the case of In Re Faish. Under the Brunner Test the debtor has to prove:

  1. the debtor cannot maintain, based on current income and expenses, a ?minimal? standard of living for the debtor and the debtor?s dependents if forced to repay the student loans;
  2. additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and
  3. the debtor has made good faith efforts to repay the loans.

Courts tend to interpret the Brunner test very strictly. You must satisfy each of the three prongs. Each case must be evaluated by the facts of THAT case. No two cases are alike. If you believe you have an ?undue hardship?, please call for a free consultation.

Contact The Law Office of Andrew B. Finberg, LLC

To set up an appointment with an experienced attorney at The Law Office of Andrew B. Finberg, LLC, we have the experience you need and the help you can afford when considering a consumer or business bankruptcy filing. Contact our office online or call us at (856) 988-9055.

Bankruptcy, Co-Signers & Private Student Loans

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Bankruptcy, Co-Signers & Private Student LoansMany people believe that private student loans are treated the same as Federal student loans. This is not true. Unlike Federal loans, which are regulated by the Federal Government, Private loans are based entirely on the terms and conditions included with the Promissory Note you signed.

Many private student loan promissory notes contain an acceleration clause. An acceleration clause means that the entire loan defaults, and becomes completely due and payable when certain conditions are triggered.

This clause typically will lay out several reasons the lender can accelerate your loan. One of those reasons is usually if you or a co-signer files bankruptcy.

A typical scenario we see is that a borrower is making payments on their loan when the co-signer files bankruptcy. The lender then stops accepting payments and declares the loan in default. This can adversely impact the borrower?s credit even though they were doing what they were supposed to do. Many times, the co-signer doesn?t realize there will be a negative impact by the filing of a bankruptcy.

It may seem unfair and it is. It?s imperative when meeting with a Bankruptcy attorney to disclose all co-debtors you may have. Attorney?s typically get credit reports that may say Joint Account but have no idea who the co-signer is or how it can impact them.

If you have co-signers on your loans or you co-signed someone else?s loan and believe you need to file bankruptcy, discuss all the ramifications of your filing with qualified attorneys who understand the implications your actions will have on someone else.

Contact The Law Office of Andrew B. Finberg, LLC

To set up an appointment with an experienced attorney at The Law Office of Andrew B. Finberg, LLC, we have the experience you need and the help you can afford when considering a consumer or business bankruptcy filing. Contact our office online or call us at (856) 988-9055.

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