When Does Filing for Bankruptcy Help with Student Loans?
Filing for bankruptcy is one of the last things that anyone wants to do, and it’s easy to see why. The consequences of a bankruptcy could persist for quite some time and make it difficult to move forward financially. At the same time, bankruptcy does serve a vital purpose for those individuals...
Can Student Loans Be Forgiven in Bankruptcy? Understanding the Rules
The financial burden of a student loan can often be overwhelming for a borrower. When forced to choose between paying for basic needs like housing and healthcare, many borrowers simply cannot afford to make their loan payments. Faced with so much debt, filing for bankruptcy becomes a tempting option.
Student Loans and Bankruptcy: Exploring the Brunner Test and Other Options
For many people, student loans are a long-term financial burden that seems impossible to escape. Even after years of repayment, high balances and interest rates can make progress feel out of reach. If you’re struggling with overwhelming student loan debt, you may wonder if bankruptcy could be a solution. While discharging student...
The Role of Mediation in Bankruptcy Cases
Filing for bankruptcy can be a stressful experience, filled with financial uncertainty and complicated legal processes. Whether you’re dealing with mounting debt, creditor harassment, or the possibility of losing assets, you may be wondering how to resolve disputes that arise during bankruptcy without enduring a lengthy court battle. Mediation offers an effective...
What Happens to Your Mortgage in Bankruptcy?
For many homeowners struggling with debt, the thought of filing for bankruptcy can be overwhelming. One of the biggest concerns when filing for bankruptcy is what will happen to their property, including their mortgage. Will they lose their home? Can they keep making payments? Understanding how bankruptcy affects your mortgage payments,
How Bankruptcy Affects Tax Debt: Can You Discharge IRS Debt?
Many people struggling with debt assume that their tax debt is untouchable when they file for bankruptcy. But that’s not necessarily true. While some IRS debt can be discharged, it depends on the type of taxes you owe and your specific conditions. If you’re considering bankruptcy and have...
Common Bankruptcy Myths Debunked
If you’re considering bankruptcy, it’s natural to have concerns, and you’ve probably heard a lot of myths along the way. The idea of filing for bankruptcy can seem daunting, and misconceptions can only make the process feel even more overwhelming.
Understanding the truth about bankruptcy will not only...
Exempt vs. Non-Exempt Assets: What You Can Keep in Bankruptcy
For many people considering bankruptcy, the fear of losing everything can feel overwhelming. You may wonder,
Will I have to give up my home? My car? My savings?
The good news is that, depending on the bankruptcy chapter you file for and the exemptions...
Chapter 13 Bankruptcy: A Path to Keeping Your Home
Dealing with the stress of missed mortgage payments and the looming threat of foreclosure can be overwhelming. If you’re in this situation, Chapter 13 bankruptcy may provide a lifeline. Unlike Chapter 7, which often requires selling assets to pay off creditors, Chapter 13 allows you to reorganize your debt and create a...
Understanding Redemption in Chapter 7 Bankruptcy: How to Buy Back Your Car
Facing financial difficulties and the possibility of losing your car can be stressful and overwhelming. If you’re considering Chapter 7 bankruptcy in Alabama and want to keep your car, redemption may be a viable option. Redemption allows you to "buy back" your car from the creditor by paying its current market value,...