Part VII: What is the process or procedure for getting my student loans discharged?
In the final segment of the series, we will be discussing the process or procedure for getting your student loans discharged. Student loans do not automatically get discharged when you file the bankruptcy case. They are presumed to be non-dischargeable unless you...
When is a partial discharge for student loans possible?
In Part VI of our series, we are discussing the possibility of getting a partial discharge of your student loans if you are unable to get a full discharge. A partial discharge can occur where the bankruptcy court discharges a portion of the outstanding student loan...
How do the Debtor’s Assets play a role in dischargeability of student loans and what types of student loans can be discharged?
We are continuing our series about student loan dischargability. The next potential inquiry by the Department of Education is whether the debtor’s assets must also be considered in the undue hardship analysis. The Department of Education should not consider assets...
Part IV: Good Faith Efforts to Repay your Student Loans
In assessing what courts call the “good faith” standard, the Department of Education will focus on objective criteria reflecting the debtor’s reasonable efforts to earn income and manage his/her expenses. A debtor will not be disqualified based on past non-payment if...
Part III, Student Loan Series – Future Ability to Pay your Student Loans
The next step in the analysis for the Department of Education, after determining your present ability to pay your student loans is to evaluate your future ability to pay your student loans. The debtor is presumed to have an inability to repay their student loan debt...
Part II – How is “Present Ability to Pay” or “Undue Hardship” defined?
For this segment we are providing an explanation of what the” present ability to pay” or “undue hardship” standard means. If you are reading this blog, you probably do not feel like you have the current ability to pay your student loans. The undue hardship/present...
Undue Hardship Student Loan Discharges in Bankruptcy, A Series
I will be doing a seven-part series to answer questions on how to get an undue hardship discharge of your student loans in bankruptcy. I have been getting questions from both current and potential clients who have heard about the recent new guidance from the...
What happens if I used my EDIL funds for personal use?
SBA Loan funds were intended to be used for normal operating expenses such as rent, inventory, employee payroll, working capital, purchasing products, purchasing equipment, and paying off business debt. If you have misapplied those proceeds and used them to pay your...
Tenancy by the Entireties
People often assume that if their house or bank accounts that are joint with another person they are protected from creditors as Tenants by the Entireties. That may not always be the case. Tenants by the Entireties ownership in Florida requires six characteristics. ...
Can my RV or Boat be considered homestead in my bankruptcy?
With home ownership and rental costs on the increase, many people are choosing alternatives such as residing in a mobile home, RV or houseboat. When it comes to filing for bankruptcy we always need to analyze if your property is exempt from the trustee. Ordinarily...
