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Thursday, February 17, 2011

Did you know that you can get rid of student loan in bankruptcy?

Did you know that Bankruptcy or insolvency is a legal status of a person or a organisation that cannot repay the debts it owes to its creditors?

Did you know that creditors may file a bankruptcy petition against a business or corporate debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring?

Did you know that there are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code?
  • Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available
  • Chapter 9: municipal bankruptcy; a federal mechanism for the resolution of municipal debts
  • Chapter 11: rehabilitation or reorganisation, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganisation which typically allows companies to continue to function while they follow debt repayment plans
  • Chapter 12: rehabilitation for family farmers and fishermen;
  • Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy
  • Chapter 15: ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors to clear debts.
Did you know that the most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13?
Did you know that 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases and Corporations and other business forms file under Chapters 7 or 11?
Did you know that a  Chapter 7 bankrutpcy will be removed from your credit 10 years from the date of filing?

Did you know that a Chapter 13 may stay on your credit for 10 yeas, but generally after 7 years it is removed?
Did you know that student loans are "non-dischargeable" debt, which means it remains after bankruptcy and must be paid by you?

Did you know that you can get rid of student loan debt in bankruptcy?

Did you know the exception to the rule for filing bankruptcy on a student loan is called the  "undue hardship" exception?

Did you know to have a student loans discharged for undue hardship, you must file a separate motion with the court and then meet with the judge to explain your hardship?

Did you that filing a hardship isn't a easy thing to do?

Did you know that you have to show three things to prove undue hardship?:
  • that in your current situation, you can't maintain a minimum standard of living and repay your loans
  • your bad financial situation is likely to continue
  • you made honest efforts to pay off the loans
Did you know that it's almost impossible to show undue hardship unless you're physically unable to work and your situation isn't likely to improve in the future? So,  unless you're disabled. Courts are extremely reluctant to discharge student loans.

Did you know that the new bankruptcy law (bacpa)  took effect in 2005?

Did you know that (bacpa) is The Bankruptcy Abuse Prevention and Consumer Protection Act?

Did you know that the (bacpa) was passed by Congress and signed into law by President Bush in April 2005?

Did you know that the new law make it more difficult to file for bankruptcy under Chapter 7? 

Did you know that under the new bankruptcy law, as of October 17, 2005 bankruptcy applicants who wish to file under Chapter 7 must meet certain eligibility requirements  if your current monthly income is above the median income in your state, and you can afford to pay $100 per month toward paying off your debt, you cannot file under Chapter 7 and must proceed under Chapter 13?

Did you know under the new law if you owe taxes, you can not file bankruptcy?

Did you know that now you need to go through some type of credit counseling?

Did you know that Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago?

Did you know that a debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago?

Did you know that SCRA.  is the Service members' Civil Relief Act?

Did you know that the Servicemembers' Civil Relief Act provides protection to members of the military against the entry of default judgments and gives the court the ability to stay proceedings against military debtors?

Did you know that SIPA. is the Securities Investor Protection Act?

Did you know that the Sixth Amendment to the United States Constitution guarantees an accused the right to be represented by counsel in serious criminal prosecutions?

The responsibility for appointing counsel in federal criminal proceedings for those unable to bear the cost of representation has historically rested in the federal judiciary. Before the enactment of the Criminal Justice Act (CJA), however, there was no authority to compensate appointed counsel for their services or litigation expenses, and federal judges depended on the professional obligation of lawyers to provide pro bono publico representation to defendants unable to retain counsel.

Did you know that a discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts?

Now if you didn't know, now you know...

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