Not typically. You can attempt to include them, but student loans became non-dischargeable in 1998, regardless of the age of the loan. At the moment, the only way to even approach discharge, is to prove that repayment of the loans would cause an undue hardship on you and your family. This generally means that you and your family cannot maintain a minimally adequate standard of living AND repay the loan. Often, this requires proving that the conditions that make repayment a "hardship" are unlikely to improve over time. Check with your lawyer -- they'll be able to assist more.
Yes, you can apply for federal student loans while under Chapter 13 bankruptcy. Filing for Chapter 13 does not affect your eligibility for federal student aid, as the loans are not considered income. However, it's important to ensure that your repayment plan is manageable alongside any new student loans you may take on. Always consult with a financial advisor or bankruptcy attorney for personalized guidance.
If your bankruptcy is currently active, collection efforts on the student loan will cease until the bankruptcy inactive at which point collection activities will start again.
I believe that student loans are a category of debt that is not dischargable in bankruptcy. The bankruptcy will show up on any credit reports, and you may subsequently be unable to et additional loans. I filed for bankrupcy in 1998. I was able to obtain Student Loans despite the bankruptcy in 1999-2000. My past credit history was not considered when determining my student loan application.
Yes, it is possible to obtain a student loan after filing for Chapter 13 bankruptcy, but it may be more challenging. Private lenders often consider your credit history, which may be affected by the bankruptcy. Additionally, while federal student loans typically do not require a credit check, private loans may. It's advisable to check with various lenders for their specific policies regarding borrowers with a bankruptcy history.
While in general you should always follow your attorney's advice, you may wish a second opinion from another attorney this time. A bankruptcy does not get you out of student loans. If you were going to lose your income tax refund to the student loan people, then even after bankruptcy you still will.
Filing for bankruptcy typically does not discharge student loans, as they are generally considered non-dischargeable debts under federal law. While bankruptcy may provide relief from other debts, a borrower may still be responsible for repaying their student loans. In some cases, borrowers can seek a hardship discharge, but this is challenging to obtain. Overall, bankruptcy can have long-lasting effects on credit and financial stability, making it a less favorable option for dealing with student loans.
While there does not seem to be any limit to the number of loans or debts you can claim on a Chapter 7 Bankruptcy, there are restrictions as to the nature of your claims. Debts that will not be discharged include debts from alimony or child support, debts from accidents involving intoxication, educational benefit overpayment or loans made or guaranteed by any government department, debts for taxes, and certain debts for injuries caused by the debtor to another entity in a willful or mailicious manner. More information on Chapter 7 Bankruptcy rules and regulations is available at http://www.uscourts.gov.
Yes, but in the United States, student loan debt cannot be discharged in bankruptcy. You will still owe the money, and the interest.
Yes, and if things don't work out, you can refile.
Yes, a person can start a business or corporation while in the midst of a Chapter 13 bankruptcy case. If you are looking for start-up funding, you will have to ask the bankruptcy court for permission.
While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
Chapter 7 bankruptcy involves liquidating assets to pay off debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over time. Chapter 8 bankruptcy does not exist in the U.S. bankruptcy code.