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So, let’s just say client is 30 years old now. At the age of 35, how much student loan will she owe if she completes her Chapter 13 plan payments, ZERO. If she does not do a Chapter 13 now to handle her student loan, how much student loan will she owe at the age of 35? Close to $304,000 of principal and future interest if the loan is 30 years. Close to $180,000 of principal and future interest if the loan is 20 years.

What happens to her credit score if she files for Chapter 13? While on the 13, if she is making her house and car payments on time, her score will be about 640. Can she refinance her house for lower interest while on a 13? She sure can because my other clients, spouses both nurses, started their 13 three months ago, and a creditor just offered to refinance their house at a lower interest fixed for 30 years. Of course, there could be some difference between my clients and your case, but I am telling you this is fact, and the court just granted our motion to refinance residence on April 28!

The same is true for taxes. If you owe say, $30,000 that is not yet dischargeable, you can pay the IRS at $500 a month, without any interest or penalties. If you make a payment plan with the IRS, you pay interest and penalties while there is a balance outstanding!

“The Sovereign Lord is my strength; he makes my feet like the feet of a deer, He enables me to go on the heights.” Habakkuk 3:19.

Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than five thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave, Mailstop 58, Bldg A-1 Suite 1125, Alhambra, CA 91803.