Sentences with phrase «large debts discharged»
Recently on our legal forum a user asked, «I filed bankruptcy several years ago and had several of my large debts discharged.
http://www.betterbankruptcy.com/ Not exact matches
Make a $ 450,000 home loan with 3 % down to a couple making $ 35,000 a year working at Starbucks; already burdened with $ 90,000 in student loans, $ 20,000 in credit card debt and FICO scores of 610, after they tell the loan officer they make $ 120,000 as senior managers of a large multi national corporation When they default on the home loan, file bankruptcy to discharge student and credit card debt and start living in section 8 housing, you now have a new brother and sister.
Yet, they are the largest debt that a college student will have, they can't be discharged in bankruptcy, if you don't graduate you still owe them, and if you default, you can pay as much as a 40 % penalty.
The trend of getting student loans off people's books is so large and growing that CINgroup, which makes software to help lawyers prepare bankruptcy papers, plans to launch software that scans a client's student debt to see if any of it may be eligible for discharge.
The remaining debt discharged, no matter how large or small, is tax exempt.
Student loans can be large enough that even with a lot of contributors, it can be difficult to completely discharge the debt.
However, even though decisions like Fecek demonstrate that courts may be willing to allow a debtor (even one with a good salary) to at least partially discharge his student loan debt, they does not provide a windfall for the debtors because, like the debtor Fecek, the debtor will still have to make sacrifices to make large monthly payments towards the remaining student loan debt.