While it is true there are special requirements to meet in order to get student loan debt discharged in bankruptcy, more debtors are being granted elimination of the debt. Recent reports have reviewed a number of previous bankruptcy filings by consumers over the last few years that have included student loan debt, and the outcome [...]
Filing Bankruptcy With Little or No Money Filing for bankruptcy with limited income is possible, but it often depends on personal circumstances. In such situations, debtors may qualify to file Chapter 7 instead of Chapter 13 bankruptcy. In Chapter 13, you agree to a repayment schedule approved by the court based on your ability to [...]
The Importance of Bankruptcy Consultations When considering bankruptcy as an option to get you the financial relief you are seeking, taking the time to consult with a bankruptcy expert can make a big difference in how you proceed in choosing the best solution. This is the perfect opportunity to gain clarity about the process and [...]
When a Bankruptcy Discharge is Denied Most debtors seeking to have debt eliminated or discharged may have the action granted by the bankruptcy court. Although a discharge can be denied and in many cases it is due to the debtor doing something they should have avoided. It is important to note that when a discharge [...]
What are the Limitations of Filing Bankruptcy? Many refer to bankruptcy as being a powerful financial tool that can help eliminate or restructure your finances. When you are considering filing for protection, you should know what debt is eligible for discharge since all debts cannot be wiped out. Certain debts, such as credit card debt [...]
Everyone agrees that bankruptcy is a powerful financial tool that can help you obtain a fresh start. Yet there continues to be myths, misconceptions, and misunderstandings about the purpose of bankruptcy and its related processes. A number of bankruptcy professionals who are familiar with such misconceptions can probably write a few books about reasons why [...]
The most common form of debt in the United States is credit card debt . There are millions in circulation by a number of creditors with Chase bank alone having more than 100 million in 2008. While most people feel it is not a big deal to have credit card debt, some who find themselves [...]
Many people are under the impression that bankruptcy will not eliminate or discharge student loan debt. While this is true, it may not be the case for everyone. In some cases, student loan debt may be causing the household an undue hardship. This may allow student debt to be eligible for elimination, but even if [...]
Understanding differences between bankruptcy chapters can make a big difference in helping you obtain a favorable outcome for your situation. Most bankruptcies filed by individuals and small businesses include Chapter 7 and Chapter 13. When it comes to understanding which chapter you should file, your debt, income, assets, and financial goals will have a significant [...]
401(k) and Bankruptcy Many who file for bankruptcy qualify for protection of their 401(k), while being able to discharge or eliminate debt. This is common concern debtors have for a number of reasons. Some who are thinking about filing may receive funds from their 401(k) as their only form of income, especially if they are [...]