Archive for May, 2010

Dealing with Student Loans Through Bankruptcy

17 May 2010 by Admin  |  Debt Collection Issues  |  No Comments

As a person who has incurred significant student loan debt, I know first hand the pain that my client’s feel when they come in with significant student loan debt.  Education costs continue to rise while pay doesn’t seem to be keeping pace.  Further, if you are in a situation where there has been a change in circumstances or a physical injury that is preventing you from working, repaying student loans may seem impossible. Can Student Loans Be Discharged Through Filing Bankruptcy? Most are aware that student loans are not discharged through the bankruptcy process.  Section 523 of the Bankruptcy Code…

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It’s In My Mom’s Name

14 May 2010 by Kelly Black  |  General Bankruptcy  |  No Comments

I recently listened as a bankruptcy trustee grilled a gentleman (not one of my clients) who had stated that he owned no assets: no cash, no checking accounts, no clothes, no car, nothing.  As you might expect, it wasn’t true.  He had bank accounts, clothes, and other property, though it probably didn’t amount to much.  He also drove to work and back, but explained that the car he used was “in my Mom’s name.” If you are in financial difficulties, you will often get advice from friends and family.  You may be told that you can choose what to “include”…

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The Bankruptcy Discharge: How to Get It and How to Protect It.

8 May 2010 by Admin  |  Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Collection Issues  |  No Comments

The goal when filing for bankruptcy is to obtain a “discharge” of your debts.  The discharge order is simply the order provided by the bankruptcy court to those debtors whom the court has determined qualify for the discharge.  How you get to the discharge depends on what chapter under the bankruptcy code you filed your case. Chapter 7 Bankruptcy: If all goes well, you will typically get your discharge in a Chapter 7 bankruptcy case within approximately five months from the day your case was filed.  In order to qualify for the Chapter 7 discharge you must comply with the…

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Bankruptcy Can Help You Keep Your Vehicle!

6 May 2010 by Admin  |  Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy  |  No Comments

Home owners have been hit hard in the loss in value in their homes.  The recession has resulted in very few home owners having positive equity in their house.  The same is true for most when it comes to their vehicles.  Even in good times car values nose dive pretty much from the day we purchase them.  Further, banks continue to extend the terms on car loans.  It used to be that it was rare to see a loan longer than 36 -60 months.  Now I routinely see loans of 72 months up to 96 months!  Many of these long term loans…

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