Student loans are not usually wiped out in bankruptcy like other debts (although bankruptcy can provide assistance). But the court still requires that you list your student loan debt in the bankruptcy, since this is a debt that you owe. This can be difficult, especially while they were in forbearance,…
If you are having trouble paying back your student loan debt, the Department of Education has options that will give you more protection from debt collectors collecting on federal education loans. These regulations should make it easier for you to get your federal student loans out of default. These rules…
I get countless calls from people asking what they can do to about their parents or grandparents who co-signed for them on a student loan and are now facing garnishment, loss of their tax refunds, or even seizure of their bank accounts because they co-signed and the loans have not…
In a Chapter 7 and Chapter 13, as long as four basic criteria are met, both state and federal income taxes can be discharged. The tax return due date was at least 3 years before filing bankruptcy. The filing of the tax return must have been done at least 2…
Yes and no. Student loans cannot be discharged in a Chapter 7 or Chapter 13 bankruptcy (unless you can establish substantial hardship). Changes to the US Bankruptcy Code in 2005 even made private student loans non-dischargeable. BUT – a Chapter 13 does allow you to decrease or stabilize the repayment of your student loan…
A debtor must establish a substantial or undue hardship in order to receive a discharge (debt wiped out) of student loan debt in a Chapter 7 or Chapter 13 bankruptcy. Undue hardship typically means that you cannot maintain a minimally adequate standard of living and repay the loan. The rule, found in…
If you filed had your home foreclosed or surrendered it in bankruptcy last year you will be receiving a 1099 from your mortgage company. Do not ignore this. Deal with it now, otherwise it will cause you problems in the future. Here is what you need to do. There is…
If you are a self-employed worker you will receive a 1099 for your wages instead of a W-2 form. But there is another type of 1099 that you may receive from one of your creditors. This is form 1099C. A 1099C form is used when all or a portion of…