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(NECN) - No matter how old or young you are, dealing with debt and making ends meet is a financial topic you'll have to confront sooner or later.
Joining NECN is Certified Financial Planner, Jennifer Lane, from Compass Planning Associates.
Our first question is from Sandy in Boston.
"I graduated in 2009 and since then have gone into serious debt on my student loans. Most are managed by credit agencies and the ones that aren't, I can't pay either. I'm supposed to pay $700 per month and don't qualify for forbearance, because I "make too much money." What are the repercussions for filing bankruptcy? Who can i talk to about my financial questions for free?"
“I think the first step is to get organized,” said lane. She says that an organized budget is essential before seeking help.
Our next question is from May in Fairhaven, Mass.
May writes, "Can you go bankrupt if you have a school loan and you're on Social Security disability for life?"
Lane says there is a possibility to get rid of student loans when on disability by requesting a student loan discharge.
Jody in South Hadley, Mass. writes:
I’m seeing ads on TV about reverse mortgages. I’m elderly and own my home, but have several high credit card bills and repair projects that need attention. The ads are tempting. What is your opinion about reverse mortgages?"
Lane says the ads are too good to be true a lot of the time, and it should really be the last step. Another option is to sell the home and move into some place less expensive.
If you have questions to ask, email firstname.lastname@example.org.