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When you file chapter 7 bankruptcy and have a private student loan is it discharged with everything else?
Wiki User
∙ 14y ago
In most cases no. They follow you for life.
There are some very limited hardship forgiveness provisions. Getting run over by an uninsured bus and ending up paralyzed might qualify you.
But if he bus was insured they will wait and collect from any settlement.
Wiki User
∙ 11y ago
Wiki User
∙ 14y agoUnfortunately no. Both private and federal student loans can not be discharged in Chapter 7 bankruptcy.
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If you filed bankruptcy before October 17 2005 could private student loans be discharged?
That would depend on whether or not it was insured by a non-profit.
Can you include a private school balance in bankruptcy?
Assuming the "balance" is a normal debt owed to the private school for services rendered, it can be discharged like any other unsecured debt,at least in Florida.
Would bankruptcy eliminate a private student loan for over 100000?
It is possible that a portion of the loans would be discharged in bankruptcy, perhaps all, but that is difficult to assess without all pertinent information. However new bankruptcy reform will become law as of Oct. 17, 2005, which will not allow any student loans to be discharged, with the exception of a valid "undue hardship" defense.
If your wife is in a Chapter 13 plan and is the borrower on the mortgage can the husband apply for a refinance loan to pay off the first mortgage?
Yes! The only thing is the chapter 13 will have to be discharged at closing. Depending on how long she has been in the bankruptcy, this may not be a big hassle. It is impossible to refinance a home in a chapter 13 without the BK being discharged. For more information, please feel free to email me at Travis.Fleury@gmail.com. I work for one of the largest direct private mortgage lenders in the country, i'd be glad to help answer any other questions.
Can you file bankruptcy on a Incarceration bill and escape having to pay?
Don't understand the phrase "incarceration bill," but if it has anything to do with something owed to the government, no, you can't. Debts owed to the government are not discharged during bankruptcy, only private debts.
What are the different types of bankruptcies?
Four. Chapter 7 BK is a total liquidation of debts and available to individuals and businessess. Chapter 13, is a consolidation/repayment action and available to individuals and small businesses. Chapter 11 is a consolidation/repayment action and used by large businesses/corporations. Chapter 12 is a consolidation/repayment action used by farmers and private individuals in the fishing industry (fishermen/women).
In a 1997 bankruptcy was your private student loan discharged if it was not a federal loan but a private loan from a lender?
Depends on how long the loan had been in repayment, whether or not it was insured by a non-profit. Please note that most federal loans are issued by private banks and INSURED by the government.
How can I find out who purchased my student loans after bankruptcy?
This makes no sense. Sorry. Student loans are not discharged by bankruptcy, and unless the loans are private, they are not sold to other lenders. Typically, loans return to the Loan Service Center of the Department of Education, and are administrated by the Department of Treasury.
What is chapter 7 bankruptcy liquidation?
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
Can you file chapter 7 bankruptcy if your child attends private school?
This is simply an expense that you would state as a part of your overall budget. The higher your expenses the more likely you will be able to file Chapter 7 rather than Chapter 13. The best thing to do is find a bankruptcy lawyer who will look at all of your information for free and only charges a fee at the time you file. Good Luck.
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.
Why you have to file bankruptcy?
As a general rule, you file Chapter 7 bankruptcy in a dire financial emergency, where the level of debt is overwhelming and beyond your ability to reasonably pay it off. Most Bankruptcy attorneys advise that $10,000 is the min. amount of debt that anyone should have before consider filing Chapter 7. Anything less, they say, is probably manageable There are a lot of myths and misunderstandings about filing for Chapter 7. One of them is that filing will clear your credit report and give you good credit again....it does not. You get a "fresh start" in that private debts will get discharged, so you do not have to pay them. But your credit score and rating will go down the tubes, and will take a while to recover. This means that you will have a very difficult time when applying for any loans in the future. So you should think long and hard before filing bankruptcy and only do it in cases of financial calamity or emergency. For more on the specific filing procedures and bankruptcy laws of your state, you may want to visit 4BankruptcyLaws.com
