Debts related to education: tuition, student loans, room and board, etc, are generally not dischargeable in Chapter 7 bankruptcy. There is an exception, if the debtor can show that they are an undue hardship to repay. There are two lines of cases, but a debtor would have to show that they would never be able to repay them now, or ever in the future. A catastrophic injury, or other similar tragic occurrence is usually needed to meet this requirement. The one case I've seen is a 20 yr old...
Rapid Fire Q&A
Here are a sampling of questions I have been getting regarding bankruptcy an bankruptcy process. If you would like further bankruptcy information, please contact my law office.
Judgment
Q:
If a Judgment was won against you for a security bond and you file bankruptcy with no real property or income, can that judgment be included in the bankruptcy?
A:
I am not totally familiar with a 'security...
Student Loans – Mostly Nondischargable
as printed in the Sun Times:
Students and loans: 'Til death do us part
May 6, 2007
BY DAVE NEWBART Staff Reporter dnewbart@suntimes.com
They liken it to a financial death sentence.
They can't get a car loan, a home mortgage or any other type of loan. They've lost jobs and even spouses over it.
They are so humiliated they don't want any of their friends or family to know.
And for most, there is no way out.
They are former students trapped under the weight of student loans. The same...