Sentences with phrase «debt discharged under»

In most cases, you get more tax debt discharged under Chapter 13, than under under 11.

Not exact matches

Although student loans are generally exempt from bankruptcy proceedings, there are special circumstances under which you can appeal a court to discharge the debt.

Under this program, student loan debt is discharged if and when an individual can no longer earn through employment.

Under current law, the amount of debt discharged is treated as taxable income, so you will have to pay income taxes 25 years from now on the amount discharged that year.

All good ways to manage student loan payments under hardship, but it would be better if the worst - off of us could discharge student loan debt through bankruptcy...

In exchange for the forgiveness of the vast majority of your debts, including the discharge of all of your unsecured debts, you agree to put your assets temporarily under the control of the bankruptcy court.

If the loans were forgiven under the TPD program then you should talk to your attorney about changing your Chapter 13 bankruptcy to a Chapter 7 bankruptcy and just discharge the rest of your debt now.

If your debts are ones that can't be discharged under a Chapter 7 bankruptcy — such as alimony and student loans — then Chapter 13 may be the only option left.

And other than in rare cases, student loans can not be discharged in bankruptcy, giving them the distinction of being one of the very few debts a distressed borrower can never climb out from under.

In this court administered financial fresh start approach about 70 percent of consumers obtain a total discharge of their debt under a Chapter 7 bankruptcy in a matter of months.

If the Bankruptcy process goes smoothly, you will receive a discharge, legally releasing you from all debts covered under your Bankruptcy.

Debts which are immediately discharged under Chapter 7 Bankruptcy can include credit card debt.

At the end of the bankruptcy process — which can take four months to five years, depending on which chapter you file under — you will receive a bankruptcy discharge which effectively eliminates many debts.

(8) for an educational benefit overpayment or loan made, insured or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution, or for an obligation to repay funds received as an educational benefit, scholarship or stipend, unless excepting such debt from discharge under this paragraph will impose an undue hardship on the debtor and the debtor's dependents;

Technically speaking, we are looking for your debts to be «discharged» under section 727 of the Bankruptcy Code.

If the debt can't be discharged under a chapter 7 bankruptcy, you should talk to the attorney about a chapter 13 bankruptcy and learn what the rules are for handling private student loan debt is in your area under a chapter 13 bankruptcy.

Filing Chapter 7 or Chapter 13 Bankruptcy does not discharge all debts including student loans, current tax obligations, debts from willful and malicious injuries to persons or property, debts for personal injuries caused from the debtor's operation of a motor vehicle while under the influence of alcohol or drugs, debts from fraudulent actions, Debts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousal supdebts including student loans, current tax obligations, debts from willful and malicious injuries to persons or property, debts for personal injuries caused from the debtor's operation of a motor vehicle while under the influence of alcohol or drugs, debts from fraudulent actions, Debts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousal supdebts from willful and malicious injuries to persons or property, debts for personal injuries caused from the debtor's operation of a motor vehicle while under the influence of alcohol or drugs, debts from fraudulent actions, Debts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousal supdebts for personal injuries caused from the debtor's operation of a motor vehicle while under the influence of alcohol or drugs, debts from fraudulent actions, Debts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousal supdebts from fraudulent actions, Debts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousal supDebts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousal supdebts), and child support or spousal support.

There are many debts that come under the category considered to be debts not discharged in bankruptcy.

Loan forgiveness is considered a source of income under tax rules, but the Mortgage Forgiveness Debt Relief Act allows taxpayers to exclude income from discharge of debt on their principal resideDebt Relief Act allows taxpayers to exclude income from discharge of debt on their principal residedebt on their principal residence.

Under a Chapter 13 filing, «discharge» means you are making an effort to pay back your debts.

I've been going on - and - on about a July 7th, 2015 statement put out by the U.S. Department of Education that talked about how the government has made allowances to approve the discharge of federal student loan debt through bankruptcy, in some situations; namely, under the «Undue Hardship» clause of the Federal Bankruptcy Code, under the exception rule commonly known as 11 U.S.C. § 523 (a)(8).

In order to get out from under his huge student loan, Mr. Precht filed a Chapter 7 consumer bankruptcy and was successful discharging his other unsecured debt of about $ 3,100.

Instead of being completely discharged from most of your debts you are most likely falling under the Chapter 13 reorganization procedure.

Regardless, any consumer who has vocational student loans with a private lender should have their attorney go for a full discharge if the school they went to was not an «eligible education institution» under 26 USC 221 (d)(1) and (2) means that the debts are not «qualified education loan (s)» under 11 USC 523 (a)(8)(B), and therefore are dischargeable.»

Unfortunately, under current federal law, it is almost impossible for student - loan borrowers to discharge their debts by filing for bankruptcy.

So long as you qualify for the bankruptcy chapter under which you file, most consumer bankruptcies filed with the help of an attorney are discharged — and you'll pay pennies on the dollar for your debt.

unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor's dependents, for --

I successfully discharged ALL of my debt under this provision — I had tried several other options.

Whether you file personal bankruptcy under Chapter 7 or Chapter 13 in the United States, or under the laws in the country where you live, personal bankruptcy is designed to discharge your debts.

The other major impact of this ruling is that license plate renewals can not be withheld over an unpaid 407ETR debt if you are a discharged debtor because all 407ETR debts are dischargeable under a bankruptcy proceeding or consumer proposal.

«It is unconscionable that instead of helping these borrowers, vast numbers of Corinthian victims are currently being hounded by the Department's debt collectors... all to pay fraudulent debts that, under federal law and the Department's own policies, are likely eligible for discharge and thus, invalid,» she wrote.

Under the new bankruptcy laws of 2005, credit counseling is required before the courts will discharge your debts.

Under the Bankruptcy Code, 11 U.S.C. § 523 (a)(8), a court can not discharge student loan debt unless a debtor can prove «undue hardship» on themselves and their dependents.

Sixth, the Secretary of Education, as junkyard dog, should revise Lynn Mahaffie's 2015 letter outlining when DOE will not oppose bankruptcy discharge of student loans to clarify to the federal courts that DOE supports a bankruptcy discharge of student loans under the same terms that apply to other unsecured consumer debt.

Therefore, if a mortgage debt is canceled under Chapter 7, the lending agency may have the right to seize the mortgaged property in exchange for the discharged debt.

Your bankruptcy attorney can tell you if any of your debts fall under one of the § 523 exceptions to discharge.

Not everyone will qualify to file Chapter 7 under the Bankruptcy Code's «means test» and certain types of debt can not be discharged or wiped out (such as most federally guaranteed student loans, many taxes and any outstanding family support obligations).

(1) is or has been a debtor under this title or a debtor or bankrupt under the Bankruptcy Act; (2) has been insolvent before the commencement of a case under this title or during the case but before the grant or denial of a discharge; or (3) has not paid a debt that is dischargeable in a case under this title or that was discharged under the Bankruptcy Act.

(c) A discharge granted under subsection (b) of this section discharges the debtor from all unsecured debts provided for by the plan or disallowed under section 502 of this title, except any debt --

Here's why: If you file for bankruptcy, debt collectors must stop contacting you or garnishing your wages and, under a Chapter 7 or «fresh start» proceeding, many of your debts can be discharged.

After you have made all the payments under the plan, you receive a discharge of your debts.

All debts that are filed under this and are approved for discharge will be debts you are no longer responsible for.

Additionally, the legislative history of the undue hardship provision further suggests that IDRs should not be considered when considering whether the debtor may discharge student loan debt under section 523 (a)(8).»

Due to exclusionary laws, no student debt can be discharged under ANY bankruptcy law.

The collector's suggestion that the consumer could not discharge her debt under any circumstances could make a big difference to a consumer who «might very well refrain from seeking the advice of counsel, who could then assist her in pursuing all available means of discharging her debt through bankruptcy.»

Under current regulations, a PLUS loan applicant is considered to have an adverse credit history if the credit report shows that the applicant is 90 days delinquent on any debt, or has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write - off of a title IV, HEA program debt in the five years preceding the date of the credit report.

The discharge is also somewhat broader (i.e., more debts are eliminated) under Chapter 13 than the discharge under Chapter 7.

These laws were designed make it more difficult for consumers and businesses to file under Chapter 7 bankruptcy, under which most debts are forgiven (discharged), and instead be forced to file under Chapter 13.

A person making a consumer proposal more than seven years after the end of their education is entitled to an automatic discharge or forgiveness of their student loan debt on the date they pay all monies owing under their consumer proposal.

Under the bankruptcy I was told by my lawyer that my student loans would go into the automatic stay and be protected there until the discharge of my other debts was granted.