Summary
The user inquired about the impact of marriage on their personal and student loan repayments in Massachusetts. It was clarified that marriage doesnt automatically make one responsible for their spouses pre-existing debts unless there are joint accounts or co-signing. The users student loan repayments wont change due to marriage unless the loans are co-signed or in a joint account. However, if the user is on an income-driven repayment plan for federal student loans, their spouses income will be considered when recalculating payments. The user was also informed about different student loan repayment plans and the impact of filing taxes separately after marriage on their loan repayments. The user mentioned they are planning to apply for Social Security Disability Insurance (SSDI) due to lupus and chronic migraines.Full Conversation
massachusets
In Massachusetts, marriage doesn't automatically make you responsible for your spouse's pre-existing debts. However, joint accounts or co-signing can change this. Can you specify if any of these apply to you?
they are all personal debt nothing joint
What is the total amount of your personal debt? In Massachusetts, creditors can only go after community property for repayment of debts.
credit card $*.* and personal is $*.*
Are you also considering filing for bankruptcy? In Massachusetts, filing for bankruptcy can help discharge certain debts, but it's a serious decision with long-term consequences.
maybe
Before considering bankruptcy, have you explored other debt management options like debt consolidation or negotiation with creditors? Bankruptcy should be a last resort due to its long-term impact on your credit.
okay so without bankrupsy my debt and student loans will the payments be impacted by my maritail status changing
In Massachusetts, your marital status change won't impact your personal debt repayments unless you co-sign or have joint accounts.
so if i have student debt the repayments wont change due to marriage?
Correct, in Massachusetts, your student loan repayments won't change due to marriage unless the loans are co-signed or in a joint account.
even with income derieved
Are you referring to a change in income due to marriage? If so, it could affect income-driven repayment plans for federal student loans. Can you clarify?
yes
If you're on an income-driven repayment plan for federal student loans, your spouse's income will be considered when recalculating your payments.
is there a diferent plan that does not change die to the additional income from the spouce
Yes, the Standard Repayment Plan for federal student loans doesn't consider your spouse's income. It's based on your loan balance.
but what if i dont have enought for that payment
If you're unable to make payments under the Standard Repayment Plan, you may qualify for hardship-based plans like Income-Contingent Repayment (ICR) or Income-Based Repayment (IBR).
whats the diefference between based and contingent repayment
Income-Based Repayment (IBR) calculates payments based on your income and family size. Income-Contingent Repayment (ICR) considers your income, family size, and total amount of Direct Loans.
so what would be a better price
The better price between Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR) depends on your specific financial situation, including your income, family size, and total loan amount.
if i have $* in student loans and i dont make anything currently and my partner makes 75k yearly and currently there is no interest on the student loans
What is your family size? This information is crucial in determining your eligibility and potential payments under Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR) plans.
me and her
What is your current repayment plan for your student loans?
IBR
What is your current monthly payment under the Income-Based Repayment (IBR) plan?
$*
What is the interest rate on your student loans?
nothing currently
Are you planning to stay on the IBR plan after marriage or considering switching to another repayment plan?
probably income based
What is your expected income after marriage?
75k i dont make anything
Are you planning to file your taxes jointly or separately after marriage? This can impact your IBR payments.
seperate
Are you aware that filing taxes separately might exclude your spouse's income from consideration in your IBR plan, but it could also disqualify you from certain tax benefits?
so if i file seperately and i dont make any money currently my payments would simply be based off of me
Yes, if you file taxes separately and have no income, your IBR payments would be calculated based on your income, which is currently $*.
even if i am married
Yes, even if you're married, if you file taxes separately, your IBR payments will be based on your individual income, not your combined household income.
but i file seperatly
Yes, if you file taxes separately, your IBR payments will be based on your individual income, not your combined household income.
i currently cannot work and i am in the process of paper work but i have no inceom
What type of paperwork are you currently processing? Is it related to your inability to work or a different matter?
disability eventulally
Are you applying for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI)?
ssdi
Are you currently receiving any benefits from SSDI or is your application still in process?
no i havent started the process yet
What is the nature of your disability and how long do you expect to be unable to work?
lupus and chronic migraines and i dont know
Are you currently under the care of a doctor for your lupus and chronic migraines?
yes
What is the name of your doctor and the hospital or clinic where you receive your treatment?
i have many doctors i am going to be statrting the disabilty prosecess soon i just dont know the steps
What is your current residential address? This will help us guide you to the nearest Social Security office to start your disability application process.
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