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Below is a rundown of what you can expect to happen when filing, which can help you manage your student loans: Stops Lender Harassment: When you file for Chapter 13 bankruptcy, something called “an automatic stay” goes into effect. This stay prohibits creditors, including your student loan lenders, from contacting you to collect any debts.
Work with Creditors. Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy.
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