In 2011, economists are predicting the number of those filing for bankruptcy to continue to rise.
With so much to blog about bankruptcy on TV and on the web, many people are searching for answers to their financial questions.
Those deciding that filing Chapter 7 bankruptcy is their best option will find out quickly that although it generally will wipe out all debts, there are some that won't be discharged.
Certain types of debts such as taxes less than three years old, child and/or spousal support, student loans, debts that were incurred by fraud, and court ordered fines or reimbursements.
To make sure that an individual gets a fair shake in a bankruptcy filing they should be honest in the preparation of their petition.
Attempting to hide assets could cause the bankruptcy trustee to throw out the entire discharge.
Property taxes are non-dischargeable unless you are giving up the property in the bankruptcy.
In a chapter 7 bankruptcy, student loans in most cases are not dischargeable.
Although, most people filing for bankruptcy always ask their bankruptcy attorney to try with no avail.
Student loans can sometimes be a partial cause of the bankruptcy filing.
Having this extra expense can put a huge burden on the debtor.
When the student agreed on taking the loan, they also agreed to pay it with no exceptions.
Usually, the only way to get a student loan discharged in bankruptcy is to have your bankruptcy attorney file a motion to include it based on the un-ability to ever repay it due to health condition or disability.
When filing bankruptcy, there are provisions in the bankruptcy code which can allow a bankruptcy judge to determine whether or not a student loan creates an undue hardship.
After speaking to your bankruptcy attorney he will understand that these cases are very hard to litigate.
Filing Chapter 13 bankruptcy might make it possible to propose a plan to reduce the principal and make the debt more affordable in the future.
So, taking this into consideration, an individual in financial trouble needs to look at ways to reduce their expenses.
Filing Chapter 7 bankruptcy will many times give enough of a reduction in expenses by removing all the unsecured debts.
The good news is filing bankruptcy shouldn't keep you from the ability to get a student loan.
If the student loan is guaranteed by the federal government, you can't be denied because of filing for bankruptcy.
Immediately after filing bankruptcy getting a loan of any kind might be a little difficult.
Generally, you can find them but you'll have to pay a premium with exorbitant interest rates.
The bankruptcy code has specific provisions that make it unlawful for government-funded lender to discriminate against the debtor because of filing bankruptcy.
Sometimes a student loan is the only way that someone can fund their education, but if it's at all possible, avoid them.
If you are having problems getting or discharging a student loan during or after your bankruptcy, consult with your bankruptcy attorney so you can better understand your personal situation.
This will give you an idea if it's worth pursuing and spending the time.
With so much to blog about bankruptcy on TV and on the web, many people are searching for answers to their financial questions.
Those deciding that filing Chapter 7 bankruptcy is their best option will find out quickly that although it generally will wipe out all debts, there are some that won't be discharged.
Certain types of debts such as taxes less than three years old, child and/or spousal support, student loans, debts that were incurred by fraud, and court ordered fines or reimbursements.
To make sure that an individual gets a fair shake in a bankruptcy filing they should be honest in the preparation of their petition.
Attempting to hide assets could cause the bankruptcy trustee to throw out the entire discharge.
Property taxes are non-dischargeable unless you are giving up the property in the bankruptcy.
In a chapter 7 bankruptcy, student loans in most cases are not dischargeable.
Although, most people filing for bankruptcy always ask their bankruptcy attorney to try with no avail.
Student loans can sometimes be a partial cause of the bankruptcy filing.
Having this extra expense can put a huge burden on the debtor.
When the student agreed on taking the loan, they also agreed to pay it with no exceptions.
Usually, the only way to get a student loan discharged in bankruptcy is to have your bankruptcy attorney file a motion to include it based on the un-ability to ever repay it due to health condition or disability.
When filing bankruptcy, there are provisions in the bankruptcy code which can allow a bankruptcy judge to determine whether or not a student loan creates an undue hardship.
After speaking to your bankruptcy attorney he will understand that these cases are very hard to litigate.
Filing Chapter 13 bankruptcy might make it possible to propose a plan to reduce the principal and make the debt more affordable in the future.
So, taking this into consideration, an individual in financial trouble needs to look at ways to reduce their expenses.
Filing Chapter 7 bankruptcy will many times give enough of a reduction in expenses by removing all the unsecured debts.
The good news is filing bankruptcy shouldn't keep you from the ability to get a student loan.
If the student loan is guaranteed by the federal government, you can't be denied because of filing for bankruptcy.
Immediately after filing bankruptcy getting a loan of any kind might be a little difficult.
Generally, you can find them but you'll have to pay a premium with exorbitant interest rates.
The bankruptcy code has specific provisions that make it unlawful for government-funded lender to discriminate against the debtor because of filing bankruptcy.
Sometimes a student loan is the only way that someone can fund their education, but if it's at all possible, avoid them.
If you are having problems getting or discharging a student loan during or after your bankruptcy, consult with your bankruptcy attorney so you can better understand your personal situation.
This will give you an idea if it's worth pursuing and spending the time.