Not exact matches
Depending on the amount
discharged, that additional «income» may push you into the next tax bracket, increasing the percentage you pay in taxes not
only on the
discharged debt but on your normal income also.
For instance if your plan
only provides for payments of 10 % of the unsecured
debt, then the remaining 90 % plus any accrued interest will be
discharged or dismissed upon completion of your plan.
We kept our house and two cars, so it was
only credit card
debt that was
discharged.
Similarly, if a credit card is used
only for qualified higher education expenses, the interest is deductible (and the
debt is excepted from bankruptcy
discharge).
That; s why I am thinking bankruptcy is a better option because I can
discharge my CC
debt, start paying
only the student loan she is on and then by the time my car is paid off, 5 years, I will have monthly income freed up to begin paying the others.
Only debts included in the Chapter 7 bankruptcy filing should be reported as
discharged with a zero balance.
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.
We cited a report from the 1970's in our testimony because 1) This is the report Congress commissioned during the initial debate on this issue, 2) This report did not support the conclusion that students were more likely to
discharge debts in bankruptcy, and 3) It is the
only comprehensive report on this issue that we know of.
Since student loans generally can not be
discharged in bankruptcy there's no escaping the fact that the
only way out of the
debt is to pay your way out.
In bankruptcy,
only your unsecured
debts are
discharged.
This law not
only required debtors to pass an income test prior to qualifying for Chapter 7 bankruptcy but also required debtors to complete credit counseling prior to filing bankruptcy and to complete a Pre-
Discharge Debtor Education course prior to the
discharge of their
debts.
For example, the bankruptcy code lists 19 categories of
debts that can not be
discharged, although some categories are
only barred from
discharge if a creditor successfully challenges the
discharge.
Even after the Department of Education encouraged students to apply for a
debt discharge,
only a fraction actually received one, Warren wrote in a letter to former Education Secretary John B. King.
Usually,
only unsecured
debts — credit card
debts, unsecured lines of credit, payday loans or past due bills — are
discharged in a bankruptcy.
For instance, one may
only obtain a
discharge of
debt in Chapter 7 every eight years (the prior law was every six years).
They purchase old and / or
discharged debt for pennies on the dollar and if
only a portion of the people they contact pay them, they will make a profit.
They may file a Chapter 7 bankruptcy and have
debts discharged only once every eight years.
Thus, the judge
discharged the interest on their
debt, requiring them
only to pay back the original amount they borrowed.
The court noted that courts have the authority to
discharge student loan
debt only partially, but remanded the case for a more thorough analysis of whether the 401 (k) contribution was «necessary.»
I have decided filing bankruptcy to
discharge my business
debt is my
only option.
Federal bankruptcy laws, even in a common law property state, generally states that if
only one spouse files for a Chapter 7 bankruptcy,
only that spouse's
debts will be
discharged.
A bankruptcy
discharges only the
debt in a mortgaged home.
You decide to continue with Smith & Jones and, after your bankruptcy case is
discharged, you discover that
only a portion of your eligible
debt has been forgiven: Smith & Jones, it turns out, doesn't specialize in bankruptcy and due to their inexperience, has stuck you with thousands of dollars of your original
debt, plus the hidden costs and fees they billed you for.
I always thought a chapter 13 Bankrupcy was for 7 years, however in 2001 I had a Chapter 13 and it was dismissed 5 months later as I left out an electric bill I think is what they said so I had to pay off all the
debts that were listed in this chapter 13 and not
only did we pay everything off but then to find out that because they dismissed the bankrupcy that I had to keep the bankrupcy on my credit report for 10 years even though if it had been
discharged it would
only be 7.
Discharge with respect to student loan indebtedness only available where (1) discharged bankrupt ceased attending school seven years prior to filing for personal bankruptcy, or (2) once a discharged bankrupt has been out of school for five years after the date of filing for bankruptcy a debtor can apply for a court - ordered discharge of their student
Discharge with respect to student loan indebtedness
only available where (1)
discharged bankrupt ceased attending school seven years prior to filing for personal bankruptcy, or (2) once a
discharged bankrupt has been out of school for five years after the date of filing for bankruptcy a debtor can apply for a court - ordered
discharge of their student
discharge of their student loan
debt
If you file for a chapter 7 bankruptcy as an individual after divorcing,
only your individual
debts may be
discharged, not your spouse's
debts.
Instead, the
only way to completely
discharge student loan
debt today is via a mechanism called a «hardship
discharge», which is almost impossible to qualify for.
The inability to
discharge student loan
debt in bankruptcy is
only one of the many problems faced by debtors.
The court affirmed an order
discharging student loan
debt, but
only because the creditor failed to object or appeal properly.
In his plan of reorganization, concerning four student loans totaling approximately $ 13,250, he «proposed to repay
only the principal on that
debt stating that the remainder, the accrued interest, would be
discharged once Espinosa repaid the principal.»
Some courts
only grant full
discharges of student loan
debt.
Only unsecured
debt can be
discharged in bankruptcy.
In fact, the
only account we found where law loan
debt was
discharged in bankruptcy was here, and involved a student who had failed the bar exam three times and a retiring judge who openly defied the District Court that remanded his decision.
Under federal law, student loan
debt is
only discharged if the repayment would cause the debtor «undue hardship,» which, as the article points out, is extremely hard to meet.