Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

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Troutman Sanders

JANUARY 23, 2023

Department of Justice (DOJ) has released guidance to its attorneys regarding requests to discharge student loans in bankruptcy cases. To make this determination, bankruptcy courts typically review the borrower’s past, present and future financial circumstances.

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True Accord

OCTOBER 10, 2023

Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. After three years of relief from payments on $1.6 After three years of relief from payments on $1.6 trillion in Q2, a 4.6%

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Credit Corp

MARCH 9, 2021

Going through student loan repayments can be a hassle. However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. This means you have more time to find ways to repay your student loans before you have a defaulted loan.

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PBWT

JUNE 22, 2021

1] The Bankruptcy Code generally excludes student loan debt from the general discharge individual debtors are entitled to receive upon the conclusion of their case. § 523(a)(8). [1] 11 U.S.C. § § 523(a)(8). ” Id. ” Id. New York State Higher Education Services Corp. [2]

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Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. The stimulus package provided direct payments to families, extended unemployment benefits, forbearance provisions for federally backed mortgages, and payment protection loans for small businesses.

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Troutman Sanders

APRIL 14, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy.

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ABI

JANUARY 12, 2022

American Bankruptcy Institute Law Review Staff. . . Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” Julia Merani. 1] In Hull v.

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Troutman Sanders

MARCH 1, 2021

senators looks to make it easier for Americans to discharge student loans and medical debt. If passed as currently written, the Medical Bankruptcy Fairness Act of 2021 would drastically change the U.S. If passed as currently written, the Medical Bankruptcy Fairness Act of 2021 would drastically change the U.S.

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Collection Industry News

APRIL 11, 2022

Student loan companies will face consequences if they mislead borrowers and collect on private debt that has been discharged by a bankruptcy court , according to a letter sent by the country’s top consumer watchdog to Senator Dick Durbin (D-IL) that was obtained by Yahoo Finance. “I Source- site.

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Collection Industry News

APRIL 4, 2022

Joe Biden has been betraying his campaign promise to allow borrowers to discharge their student debts through bankruptcy. In a new letter, 27 Democratic senators are demanding the administration stop trying to overturn court rulings that help student debtors. Gage Skidmore / Flickr). Key Case Ignited Public Outcry.

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Sawin & Shea

SEPTEMBER 1, 2021

Student loan debt is one of the heaviest burdens on today’s society. Instead, they are buried under crippling debt, unable even to fathom the possibility of major life milestones such as buying a new home. Today, however, student loans are nearly 35% of the median household income.

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Student loans Student Loans Bankruptcy Loans 52

ABI

JANUARY 12, 2022

American Bankruptcy Institution Law Review Staff. . In general, a student loan may not be discharged under title 11 of the United States Code (the “Bankruptcy Code”) unless the debtor demonstrates “undue hardship.” [1] seeking a discharge of her student loan debt pursuant to § 528(a) of the Bankruptcy Code. [7].

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Sawin & Shea

JANUARY 24, 2024

When you are overwhelmed by debt, you may start to wonder if declaring bankruptcy or pursuing debt consolidation is the better option. Both strategies aim to provide relief, but they work very differently. How Bankruptcy Works There are two main types of bankruptcy: Chapter 7 and Chapter 13.

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Collection Industry News

APRIL 18, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy.

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Collection Industry News

MAY 3, 2021

Supreme Court to provide a uniform, nationwide standard for what debtors must prove to eliminate student loan debt in bankruptcy. Wiping out student loan debt through bankruptcy is exceedingly difficult. Outstanding student debt now totals about $1.7 McCoy said her Ph.D.

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Collection Industry News

AUGUST 30, 2021

Bankruptcy Code to allow borrowers to discharge student loans without proving that repayment of the debt imposes an “undue hardship” on them or their dependents. trillion in student loan debt, according to data from the Federal Reserve cited in the report accompanying the resolution.

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Sawin & Shea

SEPTEMBER 14, 2022

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. Your consumer and non-consumer debts impact your ability to file Chapter 7 bankruptcy, and your debt types also determine what’s protected by an automatic stay when filing Chapter 13 bankruptcy.

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Collection Industry News

JULY 28, 2020

Former Vice President Joe Biden, the presumptive Democratic nominee for President, released his student loan forgiveness plan in April, and reaffirmed his commitment to student loan forgiveness in June. But how does Biden’s plan compare to other student loan forgiveness proposals?

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Sawin & Shea

OCTOBER 11, 2023

People file for bankruptcy for any number of reasons, from job loss, to unpaid medical bills , to sky-high credit card bills. And it’s not an uncommon event either– roughly 375,000 people filed for bankruptcy in 2022 alone. There are some debts that filing for bankruptcy will not discharge.

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Collection Industry News

MARCH 28, 2022

A major student loan refinancing company has joined the chorus of voices calling for broad-based student loan forgiveness as millions of borrowers brace for the end of the pandemic payment pause. They need to know whether and when their loan obligations will resume. The $10,000 student loan forgiveness argument.

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Sawin & Shea

APRIL 3, 2024

Filing for bankruptcy is a great financial option for those struggling with cumbersome debt. It enables you to discharge eligible debts, such as credit card and medical debt, so that you can live with a fresh start in the future. How Will Filing Bankruptcy Impact My Professional License?

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Sawin & Shea

MARCH 6, 2024

Being overwhelmed by debt is a stressful situation that can make it challenging to decide on the best path forward. Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debt consolidation. However, it’s important to remember that this does not eliminate debt.

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Sawin & Shea

DECEMBER 28, 2023

Filing for Chapter 13 bankruptcy can provide much-needed relief if you are overwhelmed with debt and struggling to keep up with payments. Under Chapter 13, you repay a portion or all of your debt, allowing you to keep assets like your home or car. What Is Chapter 13 Bankruptcy? You can file Chapter 13 repeatedly.

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Hudson Weir

SEPTEMBER 4, 2023

If you’re struggling with personal debt, you may be searching online for ‘debt relief order UK’ looking for a solution to your troubles. At the time of writing you cannot currently apply for a debt relief order (a DRO) in Northern Ireland, or Scotland where the Minimal Asset Process is arguably the nearest equivalent.

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Troutman Sanders

JANUARY 20, 2022

On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices.

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Sawin & Shea

APRIL 17, 2024

Chapter 13 bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter 13 bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter 13 Bankruptcy Filing?

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Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB issued a report noting that during December 2023, it sent $6 million in financial relief to consumers harmed by illegal lending practices targeting veterans. On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” For more information, click here.

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Roths Child Law

OCTOBER 1, 2021

When hard times hit, declaring bankruptcy may be the most sensible thing to do. Essentially, bankruptcy is a legal process that is designed to provide debt relief for individuals or businesses that are unable to pay their bills. Bankruptcy is meant to help honest people who find themselves in difficult debt situations. .

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Titan Consulting

AUGUST 23, 2020

Bankruptcy will destroy your credit and remain on your credit report for up to 10 years. You must qualify to file for bankruptcy, and your income must meet an income means test. When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery?

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Credit Corp

MAY 17, 2021

The American Rescue Plan Act is a federal law that was passed to help provide a third round of relief to Americans during the COVID-19 crisis. But those who are struggling with debt might wonder: Can my stimulus check be garnished for credit card debt or other money owed. Federal or State Tax Debt: No. Child Support: No.

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Debt Free Colorado

APRIL 9, 2020

You’ll have more flexibility with a nationwide loan servicers like Toyota, Ally, or Santander than you will with a buy-here-pay-here lender, but their sympathy is limited. Coronavirus Car Payment Relief Programs. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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Direct Recovery

APRIL 17, 2023

If you’re drowning in debt, you might feel like you are all alone with no way out. California has one of the highest bankruptcy rates in the country, but the majority of consumers here still need to learn more about the process involved to make informed decisions on whether it might be a good option for them.

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Sawin & Shea

AUGUST 23, 2023

How will I get under my debt? If worries about debt resonate with you, again, you’re not alone. The typical American household carries an average of $101,915 of debt contributing to a staggering $17 trillion of personal debt as a nation as of the end of 2023’s first quarter. Which Bankruptcy Clears All Debt?

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Sawin & Shea

FEBRUARY 1, 2023

The time period leading up to filing for bankruptcy is extremely stressful, as you know. You probably heaved a sigh of relief once you received your case number and were assured that an automatic stay was in effect. Who knows how to get debt collectors to stop calling after bankruptcy? Why would such a thing even happen?

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Sawin & Shea

SEPTEMBER 27, 2023

Filing for bankruptcy can provide you with a much-needed second chance when it comes to your finances. If you are a victim of debt collector harassment, it’s important to know the debt collection laws, and consider your options for debt relief. What is Chapter 7 Bankruptcy?

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Troutman Sanders

FEBRUARY 13, 2024

On February 8, a New York bankruptcy judge ruled against cryptocurrency exchange Gemini’s claim that it has a secured claim on more than $800 million in Genesis Global Capital assets. billion in debt. The SEC had allegedly misrepresented evidence to obtain an emergency asset freeze and temporary restraining order against Debt Box.

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