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Is a monthly payment in excess of 50 percent of net income considered an undue hardship in a bankruptcy case regarding student loans?
Wiki User
∙ 8y ago
First of all, if the student loans are Federally funded, they cannot be discharged in BK. A hardship discharge is granted only when the loan holder has become disabled. The disablity has to be severe enough, there is no possibility of the debtor ever having earnings or assets to repay the loans. Any other hardship defense, has to prove, the debtor will not be able to afford the "necessities of life." Those being the obvious, food, shelter, medical care, support of dependents, etc.
Sorry, it occurred to me you must be referring to a Chapter 13 rather than 7. Nevertheless, the premise is the same. To have payments reduced the debtor has to prove the amount would indeed make it impossible for he/she to provide for everyday necessities.
Wiki User
∙ 8y ago
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How do credit card hardship programs work?
Credit card hardship programs usually start with an agreement between the owner of the credit card and the bank. The owner agrees to pay the bank a monthly rate in order to lower their debt and in return the bank lowers the interests on the debt to keep the owner from going bankrupt or being unable to pay their monthly expenses.
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Can you keep your house after bankruptcy?
Many debtors have this common doubt can I keep my home after filing bankruptcy. The question for this answer is based on the factor determined by the current situation. There are two Chapters in bankruptcy legal process decides whether debtor can enjoy the full rights of having their private property. They are Chapter 7 bankruptcy and chapter 13 Bankruptcy. Chapter 7 bankruptcies rights are crafted in a form of legal structure that you need to walk away from home till you settle your debts. Chapter 13 bankruptcy illustrates individual can stay in their property but need to pay a small amount of mortgage on monthly basis to money lenders. If you have any queries regarding after filing for Bankruptcy process can you keep your house in safe manner or not visit websites like findlaw.com, bankruptcy.expert , lawyers.com to get a clear conclusion.
Is American express considered to be revolving credit?
No, you have to pay it off monthly.
Is it true that you can now get a car loan modification?
Are you late on your monthly car loan or lease payment? Are you facing financial hardship or struggling to make your monthly payments? Are you upside down or feel you may have been taken advantage of by the dealer who sold you your vehicle? If so, we are the Nations Leader on Car Loan and Lease Modifications. We have a program for consumers who may be experiencing hardship and/or having difficulty making their monthly car payment. Please visit www.VehicleLoanModification.com for more details. We also have an affiliate program for firms that want to offer assistance to their existing clientele.
Is it possible for a creditor to take your monthly salary after filing bankruptcy?
No, unless the creditor gets relief from stay or the bankruptcy is dismisssed.
Can i add a student loan in a filing for bankrutpcy?
In the U.S., you can include a student loan in a bankruptcy and try to get it approved for economic hardship, but it rarely works. Federal and private student loans are not eligible to be discharged in bankruptcy and are rarely allowed by judges.If you need help consolidating your default student loans and get a low monthly payment or 3 years of no payment, call Default Management Services. You can Google them. Ask for Doug.
How is the monthly dues of a home owners association handled in a chapter 7 bankruptcy?
Your bankruptcy attorney is best prepared to answer your question, especially if you expect to continue living in the home.
How do you clear your bankruptcy?
pay it off monthly with what money you can or put money away and keep it till you have a bit.
Where can you find sample hardship letters?
What do you mean by hardship letters?AnswerWriting hardship letters to a mortgage company. AnswerYou can find an example hardship letter at these web sites: http://www.foreclosurebeat.com/a_hardship_letter_020804.htmhttp://www.cclcnsw.org.au/DFT_Project_2002/module_03_Cant_Pay_-_Hardship/cw_hardship_var.HTMLhardship letterplease someone send me a sample of a hardship letter, my mortgage company is requesting one. im a getting behind with my monthly payments. thank-you caja99886@yahoo.com carlos Gomez
How do credit card hardship programs work?
Credit card hardship programs usually start with an agreement between the owner of the credit card and the bank. The owner agrees to pay the bank a monthly rate in order to lower their debt and in return the bank lowers the interests on the debt to keep the owner from going bankrupt or being unable to pay their monthly expenses.
If you are not listed as creditor on your tenant's bankruptcy and the debt occurred after the bankruptcy was filed can you proceed with an eviction until you are notified of the bankruptcy filing?
Yes, if the debt/contract has not been included in the bankruptcy filing, a landlord may proceed with eviction process unless or until notified by the court to do otherwise. It would be advisable for the involved party to be certain that state laws pertaining to the action are properly followed. Actually the answer is likely no. Once a bankruptcy is filed, any and all collection activities must cease, whether you were listed on the scheudles or not. Because you note the tenant filed for bankruptcy, you are aware of it even if you didn't get official notice. But the real question is the date of the debt. Like most rental agreements, the agreement is for an annual lease payable in monthly installments. So if the contract was signed prior to the filing, then the debt would be included. If the contract was signed after the filing, then it is not part of the bankruptcy. There are special provisions regarding residential leases and landlords. It would be advisable for you to invistigate them or contact an attorney. It is possible to evict a tenant even with a bankruptcy filing as evictions are not always considered a collection acitivity. But again, there are special rules regarding this situation. You may not be able to evict for a set time period, but then would be permitted to do so later.
Can you keep your house after bankruptcy?
Many debtors have this common doubt can I keep my home after filing bankruptcy. The question for this answer is based on the factor determined by the current situation. There are two Chapters in bankruptcy legal process decides whether debtor can enjoy the full rights of having their private property. They are Chapter 7 bankruptcy and chapter 13 Bankruptcy. Chapter 7 bankruptcies rights are crafted in a form of legal structure that you need to walk away from home till you settle your debts. Chapter 13 bankruptcy illustrates individual can stay in their property but need to pay a small amount of mortgage on monthly basis to money lenders. If you have any queries regarding after filing for Bankruptcy process can you keep your house in safe manner or not visit websites like findlaw.com, bankruptcy.expert , lawyers.com to get a clear conclusion.
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Is tithing an acceptable monthly expense when being considered for mortgage loan modification?
Once you file bankruptcy do credit card companies and collection agencies still charge late fees and monthly fees?
They might, but it would do them no good as long as your bankruptcy goes through to discharge. If they were listed as a creditor on your bankruptcy, the automatic stay prevents them from pursuing you for the debt, or late fees and monthly fees related to the debt. However, if your case is dismissed for some reason before a discharge is granted (because, for example, you fail to show up at the meeting of creditors), none of your creditors will go away, and all late fees and monthly fees will continue to accrue.
What are accepted reasons for bankruptcy?
There is only one acceptable reason for c. 7 bankruptcy: inability to pay your debts when due. You have to show you do not have or expect your income to change, and you you do not have enough excess monthly income to allow you to file a c. 13 instead.
Is American express considered to be revolving credit?
No, you have to pay it off monthly.
