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Speaker 1: What's up his way up at Angela Yee and it's

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Speaker 1: a Wealth Wednesday, my favorite day of the week. And

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Speaker 1: Stacey Tesday's here. Yes, indeed, of course you're here.

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Speaker 2: Of course I'm here.

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Speaker 3: My partner wouldn't be anywhere else, anytime, anywhere. And we

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Speaker 3: have some really exciting announcements for you. First and foremost,

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Speaker 3: Wealth Wednesdays Lives are back.

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Speaker 4: Yes indeed, yeah.

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Speaker 3: May starting next week May twenty eighth, at six pm

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Speaker 3: at CUP.

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Speaker 2: I think you can tell them more about Cup the night.

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Speaker 4: Oh my coffee company, Coffee uplifts people.

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Speaker 1: We have our brick and mortar on Benford and Gates

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Speaker 1: in Brooklyn and you can definitely come out because we

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Speaker 1: used to do these in person.

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Speaker 4: That's how we started.

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Speaker 2: Yeah, and we haven't done it since the pandemic.

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Speaker 3: And now you have to wait for your partner to

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Speaker 3: open a new restaurant.

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Speaker 2: You can start to them again.

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Speaker 3: But they're at CUP and we have a big special

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Speaker 3: one for small business owners. We're going to teach you

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Speaker 3: how AI can transform your business. We are featuring a

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Speaker 3: free training from Google and I understand. Cup is making

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Speaker 3: special drinks, there's food and you can go to Angela's

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Speaker 3: page go to my page, go to Wealth Wednesdays and

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Speaker 3: there's a registration link. But we're so excited to be

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Speaker 3: live again.

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Speaker 4: Yes, yes we are. And so now we have some

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Speaker 4: other news for you and other news, the bad news.

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Speaker 3: A lot of pain out there for people who have

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Speaker 3: student loan debt, and we're gonna give you a lot

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Speaker 3: of relief today with our guest Natalie Jean Baptiste, who

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Speaker 3: is a student loan debt attorney, as an incredible story.

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Speaker 4: So you're on our side, yeah, yes, okay, And.

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Speaker 3: We also have a tool for you, a free tool

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Speaker 3: for you all to use. But I know, Natalie, things

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Speaker 3: got a lot worse for people on May fifth. That's

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Speaker 3: when if your loan was in default, which a lot

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Speaker 3: of people didn't even know, the government could all of

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Speaker 3: a sudden start garnishing your wages.

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Speaker 2: They could take your.

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Speaker 3: Angelous and Social Security, they can take your tax refund.

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Speaker 2: What happened.

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Speaker 5: So the government has always had the power of administrative

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Speaker 5: wage garnishment, and it's a powerful collect tool where they

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Speaker 5: don't need a court order in order to collect on

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Speaker 5: any past debt, including student loans. So this means that

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Speaker 5: people can have their wages garnished you know, without a

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Speaker 5: court order, and their social security garnished up to fifteen

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Speaker 5: percent of their disposable income and their tax refunt seats.

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Speaker 5: So this has always been the case since the inception

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Speaker 5: of student loans, but they were on pause for the

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Speaker 5: last five and a half years, so people have been

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Speaker 5: in this you know, imaginary la la land where defaulted

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Speaker 5: student loans have no consequences. So now it's just suddenly

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Speaker 5: back with a vengeance. The Trump administration has decided, you

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Speaker 5: know that they're going to start collecting again and enforcing

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Speaker 5: the involuntary collections. So people need to figure out what's

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Speaker 5: going on with their loan, and there are ways to

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Speaker 5: get out of default and get back on track. And

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Speaker 5: you know a lot of people don't know what their

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Speaker 5: options are. So one of the things that someone can

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Speaker 5: do is called a rehabilitation.

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Speaker 3: Yeah, we want to break down all of that, but ye,

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Speaker 3: staying with so this.

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Speaker 1: I'm excited you're going to have solutions because I think

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Speaker 1: this sounds worrisome, but the fact is that you have

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Speaker 1: to take control of your finances and not just feel

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Speaker 1: like there's nothing you can do about it when it

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Speaker 1: comes to these student loans.

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Speaker 3: Exactly, and staying to her point, how does so many

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Speaker 3: people lost truck their student loans. We first started talking

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Speaker 3: about this a couple of months ago, and the Department

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Speaker 3: of Education was saying that half of student loan borrowers

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Speaker 3: were not.

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Speaker 1: Paying right And you know, I want to say I

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Speaker 1: think that also under Biden, there were a lot of

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Speaker 1: ways that they were trying to help people, but student

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Speaker 1: loan debt relief, see, and so some people were having

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Speaker 1: loans pardoned. They were just a lot of things happening,

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Speaker 1: and people were probably also waiting to see like, Okay,

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Speaker 1: is there.

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Speaker 4: Going to be something that can happen for me to.

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Speaker 1: Help me with that, because we also know what a

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Speaker 1: burden that is for people.

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Speaker 5: Right So, during you know, the pandemic and all the

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Speaker 5: pause kept getting extended and they talked about canceling student loans.

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Speaker 5: So people were holding onto that hope and you know,

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Speaker 5: since Trump won, all of that hope is now gone.

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Speaker 5: Clearly he does not care about student loans, right, right,

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Speaker 5: So you know, at this point they don't have to

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Speaker 5: feel helpless. There are ways to figure it out, and

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Speaker 5: you know, different options depending on the person's situation.

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Speaker 1: We got to hear these options and the last thing

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Speaker 1: I want to say is that it also affects your

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Speaker 1: credit score, and.

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Speaker 2: That's Somethanage said that.

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Speaker 3: That's what I was saying about five million people are

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Speaker 3: finding themselves in this situation. And I do want you

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Speaker 3: to talk about how people lose track of their student loans.

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Speaker 2: Because it's easy to do.

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Speaker 3: Of course, they can change services and stuff. So Vantage

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Speaker 3: predicts that credit scores can as much as one hundred

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Speaker 3: and twenty nine points because some people have been in

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Speaker 3: default for months and don't even know it.

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Speaker 4: Don't know.

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Speaker 5: So I mean it's a double edged sword because you know,

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Speaker 5: a lot of people just avoid dealing with it, right

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Speaker 5: It's just an unpleasant thing to deal with. And so

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Speaker 5: people don't open their mail and they don't update their

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Speaker 5: address with the loan servicer, so the mail is still

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Speaker 5: going to their college dorm or you know, their mom's house,

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Speaker 5: and they've moved several times since they first borrowed the loan,

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Speaker 5: so they lose track of it. And it's not something

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Speaker 5: that someone says, oh, I'm going to go check on

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Speaker 5: my student loan right now, and especially since the pandemic

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Speaker 5: is sort of, you know, something that people had the

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Speaker 5: false hope like oh, maybe it's going to go away forever,

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Speaker 5: or you know, they never had to even deal with

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Speaker 5: the reality of making a student loan payment. So many

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Speaker 5: borrowers have never even had to make a payment, right, So.

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Speaker 4: Now I did. I kept having to defer my loan,

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Speaker 4: but at least I did it.

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Speaker 1: Like it's one thing to just not open your mail,

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Speaker 1: ignore it, but I was always when I didn't have

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Speaker 1: the finances to take care of it.

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Speaker 4: I was like, defer six months, defer six months.

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Speaker 1: But then it does end up questing you, you know,

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Speaker 1: larger chunks of money when it's time to pay.

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Speaker 5: Right exactly. Yeah, So people exhaust their forbearance and their

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Speaker 5: deferment options, and then by the time that runs out,

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Speaker 5: then you know, it goes into the fault and they

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Speaker 5: don't know because they haven't looked at their student loan

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Speaker 5: account in three years. And also the loans do keep

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Speaker 5: changing services. One thing that borrowers can do and where

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Speaker 5: you can keep track of your loan always is studentaid

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Speaker 5: dot gov. Okay, because when it's housed in that federal

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Speaker 5: government website, so if it does change services, you'll see

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Speaker 5: who your current servicer is.

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Speaker 4: Is that for any type of student loan.

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Speaker 5: Okay, yeah, so they can go student a dot gov

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Speaker 5: and see the federal loan, see what the status of

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Speaker 5: the loan is, and find out who the servicer is

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Speaker 5: so that they can get in touch with the servicer

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Speaker 5: to you know, explore their options. So the first one

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Speaker 5: is rehabilitation, right, So that involves making nine on time payments, right,

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Speaker 5: And even if your income is zero, your payment has

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Speaker 5: to be at least five dollars and you have to

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Speaker 5: demonstrate your ability to pay. You can't just fast track

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Speaker 5: out of it. You can't just say here's forty five dollars,

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Speaker 5: get me out of default. The whole point of the

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Speaker 5: rehabilitation program is to demonstrate your ability and your willingness

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Speaker 5: to make on time payments based on your income.

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Speaker 4: So that's nine payments that you have to make on time.

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Speaker 5: On time, and five dollars is the lowest, you know,

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Speaker 5: but it really is based on your income. And if

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Speaker 5: for some reason the income based payment is too high

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Speaker 5: in the rehabilitation program, you can present your expenses so

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Speaker 5: that they can get the payment down for you. Not

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Speaker 5: not true in general of income based with payment, but

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Speaker 5: in the rehab program.

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Speaker 3: Yes, okay, So these are so it's complicated, right, because

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Speaker 3: when the paperwork's complicated, they're hard.

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Speaker 2: To figure out.

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Speaker 3: And the reality now is we're giving solutions, but people

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Speaker 3: are saying they're calling the Department of Education and they

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Speaker 3: simply can't get through. That's like a huge problem because

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Speaker 3: like it's gone practically and there's no staffing there.

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Speaker 5: Right. Well, they're really calling the loan servicers, which have

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Speaker 5: been a problem for a long time, even before they

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Speaker 5: fired half the Department of Education. But yeah, the wait

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Speaker 5: times are up to four hours. I've heard people will

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Speaker 5: wait four hours and then the call will just drop

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Speaker 5: because the phone, like.

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Speaker 1: When you're waiting and you're like hello, hello, yeah, you're like,

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Speaker 1: oh my god.

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Speaker 5: And the average weight times are about four hours, but

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Speaker 5: the call with a live person is about five minutes.

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Speaker 5: Can you imagine waiting four hours to talk to somebody

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Speaker 5: for five.

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Speaker 4: They don't have an updated system where you could like text.

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Speaker 5: Or no, none of.

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Speaker 1: That update that system. That's why everybody has had to

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Speaker 1: learn how to do okay.

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Speaker 5: Right, And I tell my clients just just go online

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Speaker 5: and try to do as much as you can online.

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Speaker 5: You don't necessarily need to talk to a person because

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Speaker 5: a lot of the things can be done on the

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Speaker 5: services website or on student aid dot gov.

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Speaker 3: But one of the reasons that we have you here

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Speaker 3: today is because we've created a free tool for our

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Speaker 3: Wealth Wednesday's audience and for everyone out there that helps

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Speaker 3: you analyze your loan, figure out your best options, get

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Speaker 3: to the right forms you need, and helps with the paperwork.

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Speaker 3: And we really felt this issue.

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Speaker 4: So if you go to have a son in college, Hello.

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Speaker 3: I.

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Speaker 2: Am this loan service.

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Speaker 3: I am an So if you go to Teamwealth wednesdays

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Speaker 3: dot com. Right at the top, we have our student

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Speaker 3: Loan Center. We partnered with Student Debt Solutions and they

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Speaker 3: created this. It's so cool. It tells you everything about

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Speaker 3: your student loans. And I know a lot of people

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Speaker 3: the issue is they fill out the forums wrong.

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Speaker 5: Right exactly, And I worked with them to develop that tool, and.

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Speaker 3: That's why I would you tell people how great it is.

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Speaker 5: Right, So you would log in and create an account

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Speaker 5: and put in your specific information. You know, your name,

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Speaker 5: you're if you're married or single, how many children you have,

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Speaker 5: things like that, what types of loans you have, what

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Speaker 5: type of job you have, and it it will create

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Speaker 5: an action plan for you and give you a step

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Speaker 5: by step guide and action plan and compare the different

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Speaker 5: repayment options depending on what your goals are. So in

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Speaker 5: like maybe fifteen minutes tops, you will have a clear

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Speaker 5: action plan of what you can do about your student

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Speaker 5: loans and which one you know which way resonates best with.

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Speaker 1: That's great, so as opposed to waiting four hours on hold.

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Speaker 2: Or even minutes.

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Speaker 5: Yes, the government site is a little confusing, but that's

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Speaker 5: always the first step is the government site because you

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Speaker 5: need to pull your data from there in order to

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Speaker 5: put it into our tool, so that that way they

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Speaker 5: know exactly which loans the program knows which loans you have,

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Speaker 5: You know what your situation is to be able to

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Speaker 5: come up.

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Speaker 1: With the action Natalie, let me ask you what I

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Speaker 1: know people want to know, all right, A couple of

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Speaker 1: things here. So let's say, you know how sometimes they

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Speaker 1: say things drop off your credit report after seven years

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Speaker 1: or file for bankruptcy, and I don't have to pay

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Speaker 1: this money back when it comes to student loans.

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Speaker 4: What's the rules on that?

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Speaker 2: Right?

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Speaker 5: So even if for somehow you're able to work some

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Speaker 5: magic and get the loans off of your credit report,

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Speaker 5: it may boost your score temporarily but know that it's

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Speaker 5: eventually going to come back, and also you still owe

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Speaker 5: the debt. One thing about federal student loans that people

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Speaker 5: may or may not know is that there's no statutal limitation.

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Speaker 5: They don't play right, So meaning, if you owe American Express,

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Speaker 5: you they have three years to collect from you, and

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Speaker 5: if they don't, they're out of luck. They can't sue you,

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Speaker 5: they can't get anything.

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Speaker 4: You just can't get another card from them again. Right.

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Speaker 5: Well, but but federal student loans have no statute of limitations,

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Speaker 5: so it's forever.

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Speaker 1: I've read an article about a woman who's seventy years

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Speaker 1: old that's dealing now with this student loan debt that

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Speaker 1: she had no idea that this was going to come

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Speaker 1: up for her.

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Speaker 5: Right, so it will follow you to the grave, sadly,

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Speaker 5: you know.

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Speaker 1: So, what are they going to get married? I want

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Speaker 1: to talk to people like that. Let's say, okay, we're

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Speaker 1: about to get married, but then I find out significant other,

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Speaker 1: my fiance.

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Speaker 2: Asking for mano.

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Speaker 1: Yeah, for mano, because he's getting married soon. I had

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Speaker 1: this massive student loan debt. And so now if you

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Speaker 1: get married that other person, that's their debt too.

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Speaker 5: No, not necessarily no, you know, each spouse has their

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Speaker 5: own debt unless they co signed for each other, which

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Speaker 5: is another problem. Well that is really more of a

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Speaker 5: problem with private student loans, okay, where you have a

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Speaker 5: co signer, and the co signer stories are crazy X

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Speaker 5: spouse's ex boyfriends, parents, parents, grandparents, neighbor, it's babies, it's wild.

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Speaker 4: Has no idea to co signed a loan.

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Speaker 3: This is all really personal for you, because it's really

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Speaker 3: personal for you, right, how did you How did you

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Speaker 3: become this attorney of a students?

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Speaker 5: So this was generally this was definitely not the plan

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Speaker 5: when I went to law school. I went to law

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Speaker 5: school because I wanted to work in the music industry

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Speaker 5: and that's all I ever wanted to do. And you

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Speaker 5: know about and I was able to get my foot

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Speaker 5: in the door at some of the biggest record companies

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Speaker 5: and just.

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Speaker 2: Live the dream.

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Speaker 5: But behind the scenes, I was struggling financially with my

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Speaker 5: student loan and other debt, and I was almost a

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Speaker 5: decade out of law school and I just said enough

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Speaker 5: is enough, and I decided I need to file for bankruptcy. So,

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Speaker 5: you know, I had already kind of made peace with

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Speaker 5: the idea that student loans are not dischargeable. But I said,

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Speaker 5: if I can just get rid of all this other debt,

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Speaker 5: then I can better manage the student loans that I

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Speaker 5: had been paying large payments about one thousand dollars a

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Speaker 5: month for almost a decade. That's wild, and the balance

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Speaker 5: wasn't going anywhere.

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Speaker 1: It was still a lawyer, and you should make enough

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Speaker 1: money to be able to pay off your student one.

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Speaker 3: Hundreds of thousands of dollars in law school, right.

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Speaker 5: So I consulted with a few attorneys, and of course

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Speaker 5: they told me, oh, yeah, we can help you, and

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Speaker 5: but you can't get rid of your student loans. And

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Speaker 5: I was like, okay, fine, and then they were telling

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Speaker 5: me their fees, And at that time in my life,

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Speaker 5: I was so broke that I'm like, this is going

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Speaker 5: to take me forever to come up with the legal

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Speaker 5: fee to file bankruptcy.

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Speaker 1: Well, so you have to hire a lawyer to file

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Speaker 1: for bankruptcy. Yeah, I mean you don't have to, but

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Speaker 1: it to get it you could get it done you.

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Speaker 5: I mean, you should have an attorney, especially if you

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Speaker 5: have assets, but you can do it on your own.

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Speaker 5: So the reason I decided to do it on my

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Speaker 5: own is because I didn't have the money to pay

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Speaker 5: a lawyer. And the guy was dating at the time.

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Speaker 5: He was like, you're a lawyer.

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Speaker 2: Why are you.

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Speaker 4: A lawyer?

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Speaker 5: But I'm not a bankruptcy And I literally did not

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Speaker 5: take one bankruptcy course in law school, not one.

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Speaker 4: That's it. I don't think a lawyer could do anything legal.

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Speaker 1: But people have their different specialties, like entertainment law, criminal.

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Speaker 5: Law exactly, so you have your niche.

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Speaker 3: You know.

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Speaker 5: I was doing licensing and music deals and you know,

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Speaker 5: put and management like that was my thing. So I

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Speaker 5: had no idea about the world of bankruptcy. Anyway, long

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Speaker 5: story short, I taught myself bankruptcy law, and I stumbled

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Speaker 5: upon a rule called the undue hardship exception, So that

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Speaker 5: means that if you have a hardship, you can discharge

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Speaker 5: your student loan debt. And it was this hidden gem

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Speaker 5: that no one talked about, right, and I read the

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Speaker 5: law and naive me, I was like, oh, this sounds

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Speaker 5: like me. I'm gonna do this, just completely clueless. I

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Speaker 5: owe my complaint and you say, oh, I'm gonna discharge

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Speaker 5: my student loans. Other attorneys, seasoned bankruptcy attorneys are looking

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Speaker 5: at me. Like, who does this girl think? She is like,

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Speaker 5: we don't discharge student loans. Like student loans they had

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Speaker 5: already been programmed that to try to not even try.

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Speaker 5: So I'm trying and I'm naive. I don't know if

336
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Speaker 5: you guys have seen legally blonde, but oh, do you

337
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Speaker 5: know how? She gets into Harvard and she's like, Oh,

338
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Speaker 5: what's the big deal? So I'm like, I'm gonna get

339
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Speaker 5: rid of my student loans? What Like it's hard, and

340
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Speaker 5: you know, fast forward. I just kept pushing through, even

341
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Speaker 5: with all the naysayers, even when I felt like I

342
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Speaker 5: was in over my head and I went to see

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Speaker 5: the so called experts who know how to do it,

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Speaker 5: and they wanted to charge me like ten thousand off front.

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Speaker 5: I'm like, if I had ten thousand, I wouldn't be

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Speaker 5: seeing it. I wouldn't be here. So I was like,

347
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Speaker 5: I just gotta figure this out on my own. End

348
00:17:25,600 --> 00:17:28,320
Speaker 5: the story, I wiped out one hundred and twenty thousand

349
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Speaker 5: dollars of my student loans. So after that, I was

350
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Speaker 5: so inspired. I was like, I want to do this

351
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Speaker 5: for other people, Like I'm I just so I opened

352
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Speaker 5: my own practice and this became my specialty. I reinvented

353
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Speaker 5: myself as a bankruptcy attorney.

354
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Speaker 2: What Like, I.

355
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Speaker 4: Didn't go to school for that this music stuff.

356
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Speaker 5: Right, So because of my passion to like liberate my

357
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Speaker 5: people from students or debt in general. You know, I

358
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Speaker 5: just started learning more about you know, the bank see

359
00:18:00,320 --> 00:18:03,639
Speaker 5: law and just you know the history know that.

360
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Speaker 3: But there's so much stigma around bankruptcy. Like we were

361
00:18:07,040 --> 00:18:09,320
Speaker 3: talking about that they used to put people in jail

362
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Speaker 3: for debt.

363
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Speaker 4: Right, Yeah, for bankruptcy time.

364
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Speaker 3: I was in a tool clear it really is, That's

365
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Speaker 3: what it's meant for. I was in a film last

366
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Speaker 3: year and with a financial advisor was one of the people,

367
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Speaker 3: and he was talking about how he sold his retirement

368
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Speaker 3: he got rid of his retirement accounts and all these

369
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Speaker 3: things to avoid filing for bankruptcy. And I'm listening to

370
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Speaker 3: him and I'm like, bankruptcy is the financ would have

371
00:18:35,920 --> 00:18:38,440
Speaker 3: been the financial move and that you could have protected

372
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Speaker 3: all those assets exact that.

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Speaker 5: So bankruptcy is one of the most powerful but underutilized tools, especially.

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Speaker 2: In our community because of mental stu Right.

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Speaker 5: So people are people think about bankruptcy of what they

376
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Speaker 5: see on TV. Right, So on wheel of fortune, you

377
00:18:58,080 --> 00:19:00,800
Speaker 5: get on the bankruptcy and you're like, oh my, you

378
00:19:00,960 --> 00:19:01,840
Speaker 5: lose everything.

379
00:19:02,000 --> 00:19:03,240
Speaker 2: And or in the.

380
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Speaker 5: Movies where they you know, they watch you know, them

381
00:19:05,720 --> 00:19:08,480
Speaker 5: take away their cars and their stuff out of their house.

382
00:19:08,520 --> 00:19:12,359
Speaker 5: But that's not how it works at all. Bankruptcy is

383
00:19:12,359 --> 00:19:15,520
Speaker 5: designed to give people a fresh start. And there's something

384
00:19:15,600 --> 00:19:19,520
Speaker 5: called an exemption right. So every debtor who files for

385
00:19:19,600 --> 00:19:23,679
Speaker 5: bankruptcy has a homestead exemption right because the law recognizes

386
00:19:23,760 --> 00:19:26,000
Speaker 5: you need a place to live, you have a car,

387
00:19:26,160 --> 00:19:30,840
Speaker 5: you know, motor vehicle, cash, retirement, life insurance. These are

388
00:19:30,920 --> 00:19:36,680
Speaker 5: things that you protect through filing bankruptcy. So it's sad

389
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Speaker 5: when I get a client who you know, went through

390
00:19:40,160 --> 00:19:43,640
Speaker 5: their whover time, they spent their retirement and their savings and.

391
00:19:43,560 --> 00:19:44,880
Speaker 4: They're saving they could.

392
00:19:44,680 --> 00:19:47,040
Speaker 5: Have filed for bank could have filed for bankruptcy to

393
00:19:47,119 --> 00:19:49,920
Speaker 5: protect that asset. So those are the most tragic where

394
00:19:49,960 --> 00:19:52,520
Speaker 5: they're like, well, I had about you know, two hundred

395
00:19:52,600 --> 00:19:55,399
Speaker 5: or three hundred thousand in my four to one K,

396
00:19:55,560 --> 00:19:57,840
Speaker 5: and I've been living off of it and paying bills

397
00:19:57,920 --> 00:20:00,679
Speaker 5: with it for the last you know some odd years.

398
00:20:01,160 --> 00:20:04,120
Speaker 5: And I'm like, wow, it's you know, it's tragic because

399
00:20:04,320 --> 00:20:08,320
Speaker 5: they literally could have protected the whole retirement account and

400
00:20:08,440 --> 00:20:09,680
Speaker 5: still got rid of their debt.

401
00:20:09,720 --> 00:20:12,320
Speaker 3: That's why you mentioned Donald Trump. The wealthy use this

402
00:20:12,400 --> 00:20:15,879
Speaker 3: as a tool constantly. They filed bankruptcy to protect their assets.

403
00:20:16,400 --> 00:20:18,200
Speaker 3: So we will spend it because we have so much

404
00:20:18,240 --> 00:20:20,800
Speaker 3: shame about it. That's not what it was set up for.

405
00:20:21,000 --> 00:20:23,560
Speaker 5: Right And in some states like Florida and Texas have

406
00:20:23,640 --> 00:20:26,720
Speaker 5: an unlimited homestead exception. Can you imagine you can have

407
00:20:26,800 --> 00:20:30,280
Speaker 5: eight home like, well, no, it has to be one homestead,

408
00:20:30,320 --> 00:20:32,800
Speaker 5: but your homestead could be like, you know, a five

409
00:20:32,840 --> 00:20:35,640
Speaker 5: million dollar house or whatever, and you still get rid

410
00:20:36,119 --> 00:20:40,600
Speaker 5: of your debt. So the sad part is it's like

411
00:20:41,480 --> 00:20:44,760
Speaker 5: people don't know what how it works. They have so

412
00:20:44,840 --> 00:20:48,040
Speaker 5: many myths and misconceptions around it. They feel like it's

413
00:20:48,080 --> 00:20:50,600
Speaker 5: the end of the world. And even myself, I thought

414
00:20:50,600 --> 00:20:52,080
Speaker 5: about bankruptcy.

415
00:20:51,520 --> 00:20:53,800
Speaker 4: For years before you did it, before I.

416
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Speaker 5: Did it, and I was like, I'm a lawyer, I'm

417
00:20:55,800 --> 00:20:58,880
Speaker 5: supposed to have it together. I'm partying with rock stars literally,

418
00:20:59,520 --> 00:21:03,000
Speaker 5: and I'm out here, you know, struggling, but I need

419
00:21:03,040 --> 00:21:05,320
Speaker 5: to figure it out. And the years that I wasted

420
00:21:05,400 --> 00:21:08,959
Speaker 5: trying to figure it out, I wish I had just

421
00:21:09,119 --> 00:21:12,240
Speaker 5: tapped out sooner. You know, it's like if you're drowning

422
00:21:12,480 --> 00:21:14,960
Speaker 5: and there's a lifeline, but you just don't want it

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Speaker 5: to happen.

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Speaker 1: For a reason, because maybe you wouldn't have started your

425
00:21:17,920 --> 00:21:20,880
Speaker 1: own practice exactly if it hadn't taken you that long.

426
00:21:21,119 --> 00:21:23,359
Speaker 1: They can also deny you though, right if you file

427
00:21:23,440 --> 00:21:25,280
Speaker 1: for bankruptcy, they can also say no.

428
00:21:25,760 --> 00:21:29,800
Speaker 5: Well they can, but it's it's rare. I mean, of course,

429
00:21:29,840 --> 00:21:31,840
Speaker 5: don't do it on your own, but if you don't

430
00:21:31,880 --> 00:21:35,560
Speaker 5: have assets that can be liquidated, like where they deny

431
00:21:35,640 --> 00:21:39,040
Speaker 5: it is if you have hidden income or hidden assets

432
00:21:39,440 --> 00:21:42,399
Speaker 5: where the trustee will find, oh that you have a

433
00:21:42,480 --> 00:21:47,439
Speaker 5: house in the Dominican Republic or you know wherever, or

434
00:21:47,640 --> 00:21:51,399
Speaker 5: you have like a hidden account, or you transferred something

435
00:21:51,440 --> 00:21:53,920
Speaker 5: out of your name before you filed bankruptcy. Then you

436
00:21:53,960 --> 00:21:57,000
Speaker 5: would get denied or discharge if everything is on the

437
00:21:57,119 --> 00:22:00,159
Speaker 5: up and up and your income eligible and you don't

438
00:22:00,160 --> 00:22:03,840
Speaker 5: have any assets that can be liquidated. So I'm talking

439
00:22:03,880 --> 00:22:06,560
Speaker 5: generally about Chapter seven, but even if you have high

440
00:22:06,640 --> 00:22:10,879
Speaker 5: income and assets that are not quote unquote exempt, you

441
00:22:10,920 --> 00:22:14,200
Speaker 5: can follow Chapter thirteen. That's a little bit different because

442
00:22:14,240 --> 00:22:16,520
Speaker 5: you have to pay some of it back and it's

443
00:22:16,520 --> 00:22:19,680
Speaker 5: based on your disposable income. But there's always a solution

444
00:22:19,800 --> 00:22:21,960
Speaker 5: and just have to find what the right fit is

445
00:22:22,480 --> 00:22:25,600
Speaker 5: for you, depending on your situation.

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00:22:26,160 --> 00:22:29,200
Speaker 3: They think are so important and our tools so important.

447
00:22:29,560 --> 00:22:32,440
Speaker 3: You got you passed the bar. But I'm just seeing

448
00:22:32,480 --> 00:22:36,960
Speaker 3: the just paying attention more lawyers, doctors, A lot of

449
00:22:36,960 --> 00:22:38,080
Speaker 3: them don't pass the bar.

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00:22:38,720 --> 00:22:41,280
Speaker 2: They have all this debt.

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00:22:41,000 --> 00:22:44,359
Speaker 5: Right, and then they don't end up and those those

452
00:22:44,480 --> 00:22:47,600
Speaker 5: people become my client. So people who have the law

453
00:22:47,640 --> 00:22:50,040
Speaker 5: school debt but they failed the bar a few times,

454
00:22:50,080 --> 00:22:51,560
Speaker 5: they never got a chance to practice.

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Speaker 2: Doctors to this.

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00:22:52,720 --> 00:22:55,600
Speaker 5: Doctors who fail out of med school or they can't

457
00:22:55,640 --> 00:23:01,919
Speaker 5: pass the still they still Yeah, it's most and some

458
00:23:01,960 --> 00:23:05,400
Speaker 5: people go to school and maybe they make chan three

459
00:23:05,480 --> 00:23:07,720
Speaker 5: years in and they have all this debt, but they

460
00:23:07,760 --> 00:23:11,320
Speaker 5: don't even have the degree that's gonna quote unquote open doors.

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00:23:11,400 --> 00:23:14,720
Speaker 5: But even when people have the degree, it's it's also

462
00:23:14,760 --> 00:23:17,240
Speaker 5: a misconception that this degree is going to be this

463
00:23:17,400 --> 00:23:20,160
Speaker 5: magic tool to increase your income.

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Speaker 3: You talk about that for black women a lot, because

465
00:23:22,359 --> 00:23:24,199
Speaker 3: they like, I want this degree and this degree and

466
00:23:24,240 --> 00:23:24,480
Speaker 3: this is.

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00:23:24,440 --> 00:23:27,600
Speaker 5: Oh my gosh to be a teacher exactly. And it's

468
00:23:27,640 --> 00:23:32,399
Speaker 5: sad because you know, people of color, women you know,

469
00:23:32,440 --> 00:23:34,840
Speaker 5: they feel like if I get another degree, maybe I'll

470
00:23:34,880 --> 00:23:38,200
Speaker 5: get hired, And sometimes that's not the case at all,

471
00:23:38,280 --> 00:23:41,840
Speaker 5: because a less educated white male will still get the

472
00:23:41,960 --> 00:23:47,199
Speaker 5: job over you, which is sad. That's d e yeah,

473
00:23:47,280 --> 00:23:51,640
Speaker 5: that's yeah.

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Speaker 1: Well listen, how can people get in touch with you

475
00:23:54,680 --> 00:23:57,000
Speaker 1: if they want to learn more and follow your journey?

476
00:23:57,400 --> 00:24:01,080
Speaker 5: Sure, I'm on social media all plas forms at slave,

477
00:24:01,119 --> 00:24:02,240
Speaker 5: student loan debt.

478
00:24:02,200 --> 00:24:06,760
Speaker 4: Yes, yes, student right right.

479
00:24:07,680 --> 00:24:10,480
Speaker 5: And if anyone lives in the five Boroughs of New

480
00:24:10,560 --> 00:24:15,399
Speaker 5: York City. I represent low income New Yorkers through the

481
00:24:15,480 --> 00:24:18,919
Speaker 5: Legal Aid Society. Great so I am also on a

482
00:24:18,960 --> 00:24:21,800
Speaker 5: mission to get the word out to more legal aid

483
00:24:21,920 --> 00:24:26,520
Speaker 5: services throughout the country to because the people who can't

484
00:24:26,560 --> 00:24:29,679
Speaker 5: afford it are the can't afford a lawyer, are the

485
00:24:29,720 --> 00:24:33,000
Speaker 5: ones who are eligible for a discharge of their student

486
00:24:33,040 --> 00:24:37,359
Speaker 5: loan through bankruptcy. So that's and it's funny because I

487
00:24:37,400 --> 00:24:40,080
Speaker 5: got here because I couldn't afford a lawyer, and I

488
00:24:40,119 --> 00:24:42,119
Speaker 5: know there are so many people out there who can't

489
00:24:42,160 --> 00:24:47,560
Speaker 5: afford attorneys, and I'm blessed to have the opportunity. I've

490
00:24:47,560 --> 00:24:50,120
Speaker 5: been working with the Legal Aid Society now for about

491
00:24:50,520 --> 00:24:54,400
Speaker 5: almost three years, and I still do teaching and consulting

492
00:24:54,440 --> 00:24:57,800
Speaker 5: on the side like slave. Student loan debt is more

493
00:24:57,880 --> 00:25:03,280
Speaker 5: like education and empower and consulting student loan borrowers all

494
00:25:03,320 --> 00:25:06,560
Speaker 5: over the country and letting them know what their options

495
00:25:06,600 --> 00:25:10,080
Speaker 5: are and figuring out if bankruptcy is a good option

496
00:25:10,160 --> 00:25:13,040
Speaker 5: for them or if they can find another route to

497
00:25:13,080 --> 00:25:14,200
Speaker 5: get out of student loans.

498
00:25:14,240 --> 00:25:15,080
Speaker 4: Are you from Brooklyn?

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00:25:15,600 --> 00:25:23,760
Speaker 5: I was born in Brooklyn. I was born I was

500
00:25:23,800 --> 00:25:27,439
Speaker 5: born in Brooklyn, and I was raised on Long Island.

501
00:25:27,480 --> 00:25:29,919
Speaker 5: So my parents moved to Long Island when I was

502
00:25:30,160 --> 00:25:31,480
Speaker 5: you know, less than a year old.

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00:25:31,680 --> 00:25:34,160
Speaker 4: Well, we claim you in Brooklyn. Yeah, I claim Brooklyn.

504
00:25:34,320 --> 00:25:37,040
Speaker 5: I do claim Brooklyn like it's the best borough.

505
00:25:37,560 --> 00:25:39,640
Speaker 3: We're going to put you on our student loan center.

506
00:25:39,680 --> 00:25:42,119
Speaker 3: Everybody go to Teamwealth wednesdays dot com and get this

507
00:25:42,240 --> 00:25:45,680
Speaker 3: free tool that will help you analyze your debt, give

508
00:25:45,720 --> 00:25:47,520
Speaker 3: you a plan and help you get back on track

509
00:25:47,560 --> 00:25:51,159
Speaker 3: because you just take control, taking control and taking action

510
00:25:51,920 --> 00:25:56,160
Speaker 3: and do not forget Wealth. Wednesday's Lives are back May

511
00:25:56,240 --> 00:26:00,680
Speaker 3: twenty eighth. Learn how AI can transform your small business.

512
00:26:00,720 --> 00:26:04,080
Speaker 3: We have a free training featuring Google and Where's it

513
00:26:04,119 --> 00:26:04,560
Speaker 3: going to be.

514
00:26:04,880 --> 00:26:05,800
Speaker 4: A Cup Coffee?

515
00:26:05,840 --> 00:26:08,119
Speaker 1: Uplifts people and this is training that we've done before

516
00:26:08,200 --> 00:26:11,800
Speaker 1: the pandemic that helps so many people. And this is

517
00:26:11,880 --> 00:26:14,760
Speaker 1: actually Angelina is going to be there, and she's the person,

518
00:26:14,840 --> 00:26:17,320
Speaker 1: the coach that I use when it comes to business,

519
00:26:17,359 --> 00:26:19,720
Speaker 1: so I appreciate her for coming to spread the word.

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00:26:19,920 --> 00:26:25,320
Speaker 2: Yep, Happy Wealth Wednesdays. Everybody well,