Most debtors cannot discharge student loan debt in Chapter 7 or Chapter 13 bankruptcy. Absent this bankruptcy protection, the student loan industry sometimes functions with impunity. Because lenders have no reason to seriously evaluate a prospective borrower's ability to repay a loan, they lend money all too freely. When borrowers default, the lenders end up making even more money in interest and are given grossly enhanced collection powers to get it back. Borrowers who default on student … [Read more...]
Archives for March 2016
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Illinois Chapter 12 Bankruptcy
Chapter 12 bankruptcy is a form of bankruptcy law specifically designed to protect family farmers and fishermen and is very similar to Chapter 13. Chapter 12 has a limited application, however, as only family farmers or fisherman with "regular annual income" may seek protection. Seasonal income is sometimes allowed if a debtor can demonstrate an ability to make regular payments. Individuals, corporations and partnerships are eligible to file Chapter 12 bankruptcy if they meet certain criteria … [Read more...]
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Cram Down Debt with Illinois Chapter 13
When you are considering Chapter 13 bankruptcy, you may be able to reduce or "cram down" the principle balance of certain secured debts. The most common examples of secured debts are your mortgage or car loan. In a chapter 13 bankruptcy, you can cram down your car loan, investment property mortgages or other personal property such as furnishings or household goods to the actual value of the item making it easier to pay it off. If you choose to cram down a car loan for example, an automobile … [Read more...]
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Debts You Cannot Liquidate in an Illinois Bankruptcy
If you are struggling with debt challenges, bankruptcy can be a positive step in order to get a fresh start. While many debts are dischargeable in bankruptcy, some are not. The following debts typically cannot be discharged in either a Chapter 7 or Chapter 13 bankruptcy: Child Support and alimony arrears Many fines, penalties and judgements for violating the law Student loans in most cases Various tax debts Debts you neglected to include in your … [Read more...]
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