Most student loans are nondischargeable under the bankruptcy code because they are insured by the government. But, what about private loans taken in the pursuit of higher education? Particularly those taken in pursuit of degrees beyond a bachelor level. U.S. bankruptcy code states that among the obligations that can't be cancelled include funds received as an "educational benefit". However, a recent ruling in New York discharged at least some of a loan taken out by an individual to attend … [Read more...]
Struggling With Debt? Affordable Bankruptcy May Help
Although there may be a negative connotation associated with filing bankruptcy for some, it is usually the first step toward financial health for those facing difficult financial circumstances. Very few people wind up in bankruptcy because they were spending too much or irresponsible with their finances. Rather, a bankruptcy case is more often filed by someone who is dealing with a difficult situation such as the loss of a job, unexpected medical bills or simply the mounting expenses of raising … [Read more...]
Print Directories Struggle in Digital World – Chapter 11 Bankruptcy
Chapter 11 usually comes to mind when large corporations fall into financial distress and need bankruptcy relief. Typically the debtor files for protection and proposes a reorganization plan, which the creditors will then vote on before final approval is given by the bankruptcy court. It may not come as a surprise to many that one of the country's largest phone book publishers, Dex, is planning to file for Chapter 11 business bankruptcy protection next month for the third time in seven years. … [Read more...]
Peoria Debt Collection Protection
For many people struggling financially, it is easy to get behind on paying bills such as credit cards, car payments or mortgages. If these debts remain unpaid for a period of time, a company or debt collection agency can initiate a lawsuit against a debtor to collect the money owed. If they receive a judgement, they can, and often do, take steps to collect the debt by garnishing wages or attaching a lien to your unexempted property. If you are falling behind, there are a few strategies you … [Read more...]
Chapters 11 and 13 Bankruptcy for Small Businesses
The popular teen clothing company PacSun announced today that it is seeking chapter 11 bankruptcy protection due to mounting losses and intense competition in the industry. PacSun said it would continue to operate all of its 600 stores and does not expect the bankruptcy filing to have an immediate impact on employees. PacSun plans to work on strategies to stay viable in a changing marketplace as they work through the bankruptcy process. Chapter 11 bankruptcy is intended primarily for the … [Read more...]
Tackling the Stranglehold of Student Loan Debt
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...]
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...]
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...]
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...]
Will Everyone Know I’ve Declared Bankruptcy?
One of the many reasons that people choose not to file for bankruptcy, even if it would benefit them greatly, is the perceived stigma associated with it. This is truly unfortunate as it prevents individuals from seeking out the best option to address financial troubles. You may be worried that if you decide to declare bankruptcy, your records will be visible to all. Although you would probably prefer to keep your bankruptcy filing private, the reality is that the records are indeed public. … [Read more...]
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