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A Guide to Private Student Loan Discharge in Bankruptcy

Changes are being made in the bankruptcy laws. While earlier, private student loans were treated in a manner different from federal ones, it is no longer true now. Before 2005, private student loans were treated as unsecured debts and were discharged at the end of the bankruptcy, unlike federal student loans, which required one to show undue hardship to get them discharged. In 2005, Congress made amendments due to which private student loans were to be treated similar to federal student loans. Due to this development, discharge of student loan (with few exceptions) can take place only on [...]

2021-12-07T09:10:56+00:00
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Read the Fine Print on Credit Cards and Avoid Going Bankrupt!

Often people take debts to meet their financial requirements. These debts can be either secured ones (where a property is kept as collateral) such as a home loan or car loans; or unsecured like credit cards, etc. Since most credit card debts do not have any property which can be claimed in case you don’t pay, they can be discharged during bankruptcy. However, sometimes, some fine print on the card can make them secured without you having any knowledge of this. In such cases, these debts will not be discharged during bankruptcy. It is therefore important to be [...]

2021-12-07T09:11:33+00:00
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How Does Bankruptcy Affect Your Health?

People who are suffering from overwhelming debts often find bankruptcy as a way out. Bankruptcy is a legal way to reorganize your finances and get rid of debt so that you can get a fresh financial start. The two main types of consumer bankruptcy are Chapter 7 and Chapter 13. According to a new study, bankruptcy is supposed to not only give you a better financial start but is also good for your finances too! Consumer Bankruptcy Codes Elaborated As stated previously, Chapter 7 and Chapter 13 are the most common consumer bankruptcy codes, each having its own [...]

2023-01-12T06:03:55+00:00
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What does Bankruptcy mean for Senior Citizens?

Financial troubles can hit anybody, anytime. Nearly half the senior citizen population in the U.S. was facing debts (mortgage, car loan, medical bills, etc.) in 2010, averaging at $50,000. When you have accumulated debts of such huge proportions, it is natural to be a bit worried as to how the debts are going to affect you and your heirs. While you are earning, there are still chances of you being able to repay the loan, but post-retirement, making monthly payments towards the debt is a bit difficult with a fixed income at hand. According to Los Angeles based [...]

2021-12-07T09:12:34+00:00
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Is your Pension safe during Bankruptcy?

Getting pension benefits at the end of a hard and long career is what drives most people to work. When you retire, your pension is what you will be surviving on. However, during the course of your career, there might come a time, when you face financial problems due to which you might have to consider bankruptcy as an option to survive. Since in bankruptcy, some of your assets are used to pay off the creditors before your debts are wiped out, one of the major concern people have is whether their retirement funds are at risk? According [...]

2019-07-03T10:42:27+00:00
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Tax Mistakes to Avoid While Filing for Bankruptcy

Liquidation can frankly be quite overwhelming and confusing for an average person. Filing for taxes while considering bankruptcy (either Chapter 7 or Chapter 13) is double trouble. In case you are confused regarding tax filing during the trying times of bankruptcy filing, you can call bankruptcy attorneys at 888-297-6023 to find out about your options. Out of the two possible chapters under which individuals can file for bankruptcy is Chapter 7. This results in the discharge of all unsecured debts like a credit card, medical and even income tax debt in rare cases. Under Chapter 13, you are [...]

2021-12-07T09:13:00+00:00
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Advantages of Filing Bankruptcy For Cancer and Other Medical Debts

The deadly impacts of cancer on an individual’s life are well known by everyone around the globe. In America, cancer is a widespread disease that has taken a toll on many lives. Curing cancer requires a hefty amount of money which leads people to numerous debts. Apart from routine medical aids, people often resort to various emotional and psychological assistance during their treatment which further increases the financial burden on them. This whole procedure continues for a long period of time and the health finances do not cover all these bills which mean that people take debts to [...]

2019-06-27T12:19:26+00:00
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What Impact Does Low Bankruptcy Filing in Los Angeles has?

Most of the people living in cities like Los Angeles and Dallas, TX face the dilemma of whether to file for bankruptcy or not. In the last decade, there were quite a large number of people who used to file up for bankruptcy to overcome their debt. However, this number has rapidly declined in the past few years to such an extent that it has reached to lowest of the past 10 years. According to the statistics shown by the United States Bankruptcy Court, the number of bankruptcy filings in Central district of California has dropped down to [...]

2023-03-13T07:51:09+00:00
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How is Post-Bankruptcy Life in LA- Know The Benefits of Filing For Bankruptcy

After being in debt for a certain period of time, it is wise to file for bankruptcy. However, filing for bankruptcy for the first time can be quite an inquisitive task. You might face numerous questions and doubts about how your life will transform after bankruptcy. A good and experienced Attorney firm, Recovery Law Group can come to your rescue in such a case. In cities like Los Angeles and Dallas, TX it is quite common for people to be indebted owing to their lifestyle and standards that eventually lead them to bankruptcy. However, it is an astonishing [...]

2023-01-12T09:03:30+00:00
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How to Get Mortgage Post-Bankruptcy? – Read This Guide

Many people think that life after bankruptcy is like living in hell. However, this is just a myth. If you act wisely and take the right decisions, your life after bankruptcy can be quite smooth and back on track. You can also get a mortgage to build your own house but it takes about 2- 3 years for this to happen. Since the present day price of houses is quite huge, hence it is very obvious for the lenders to be much more cautious before lending. Thus, to get a mortgage post-bankruptcy needs proper guidance and planning. This [...]

2021-12-07T09:13:46+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.