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Can student loans be discharged in bankruptcy?

Can student loans be discharged in bankruptcy?

The spotlight on student loan defaults has grown brighter the past five years, yet the ever-growing student loan crisis crippling the financial futures of many students in college and beyond has yet to be solved by Congress.   In September…

Posted in Student Debt Tagged with: ,

What is a bankruptcy discharge?

What is a bankruptcy discharge?

When a person files for Chapter 7 bankruptcy, their intention is to have as many of their debts discharged as possible. But what exactly does it mean to have debts discharged?   When a debt is discharged in a Chapter…

Posted in Bankruptcies Tagged with: , , ,

Do I have to file a joint bankruptcy with my spouse?

It is no secret married couples do a lot of things together, such as raise children and pay taxes. Something else they can do as a unit, but do not have to, is file a joint bankruptcy. In other words,…

Posted in Bankruptcies Tagged with:

Exemptions allow debtors to keep assets despite filing bankruptcy

There is no question filing personal bankruptcy is daunting. Understandably, debtors have a multitude of questions, such as how filing might impact their credit score, what happens to the debts included in bankruptcy paperwork and what it means for debts…

Posted in Bankruptcies Tagged with: , , ,

What is the role of Bankruptcy Trustee?

Bankruptcy Court

A person who files bankruptcy will likely never meet or speak with the countless people involved in their bankruptcy, such as their creditors and, in most cases, the Bankruptcy Judge assigned to their case. However, the one person a debtor…

Posted in Bankruptcies Tagged with: , , , , ,

What an automatic stay is and how it can keep debt collectors away

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When a debtor files bankruptcy, a “legal shield,” called an automatic stay, goes into effect immediately. It serves to stay, or stop, all collection efforts in effect at the time of the bankruptcy filing. One aspect of the automatic stay…

Posted in Bankruptcies Tagged with: , ,

Why hiding assets is a bad idea when filing bankruptcy

You have likely heard the expression that “Honesty is the best policy.” Not only is that true, but telling the truth is absolutely necessary when it comes to filing bankruptcy. Lying in a bankruptcy case is a violation of federal…

Posted in Bankruptcies Tagged with: , , , ,

What to expect when going to court for a Chapter 7 bankruptcy

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It is natural for people to worry about what to expect when they go to court for their Chapter 7 bankruptcy’s “341 Meeting,” also known as the “Meeting of Creditors.” Concerns about a creditor or the Trustee being angry with…

Posted in Bankruptcies Tagged with: , , , ,

What happens to my secured debt if I file Chapter 7 bankruptcy?

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There are two kinds of debt: secured and unsecured. A debt is secured when the creditor/lender can recover a specified asset from the debtor/borrower if the borrower does not repay the loan on time. A car loan is an example….

Posted in Bankruptcies Tagged with: , ,

MY ONLY INCOME IS SOCIAL SECURITY. SHOULD I STILL CONSIDER BANKRUPTCY?

We often meet with people with debt problems whose only income is Social Security benefits.  In some cases, they are “judgment proof”.  That is, there is no way for their creditors to collect.  Other than debts owed to government agencies,…

Posted in Advice for Consumers, Bankruptcies, Debt Relief, Social Security

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