The short answer is no. But … in some rare cases, student loans can be discharged if the debtor can show “undue hardship.” The standard for “undue hardship” requires a three-part showing: (1) that you cannot maintain, based on current income and expenses, a “minimal” standard of living for herself and her dependents if forced…
Is Chapter 7 or Chapter 13 Bankruptcy Better?
The inside story on how B of A conducts it’s business to maximize profit, without any concern for it’s customers. This goes further than the often maligned practice of increasing interest rates to 30% for individuals who are late or struggling to pay, and it is important to listen to the voices of those who…
If you are swamped with debt, you can discharge all of your credit card and unsecured debt in a Chapter 7 immediately, keeping exempt assets such as a house or car, and other household items. However, if you earn more than the median income in Texas (for your household size), then the new bankruptcy code…
To determine whether a Chapter 7 bankruptcy is abusive, Courts will use what is called a Means Test Formula, which has two important terms to define: Currently Monthly Income (CMI) – How much money you make per month through income sources (excluding Social Security benefits and a few other exceptions) during the six (6) months prior…
Is Chapter 7 or Chapter 13 Bankruptcy Better?
