What Happens to Student Loan Debt when Bankruptcy is Filed?
Most likely, you will not be able to get away from student loan debt repayment unless the debt creates an “undue hardship” on you. Before going down this road, however, it’s important to understand that this form of debt relief is extremely difficult to acquire. In the end, you will be at the mercy of the bankruptcy court. 5. Am I in Danger of Losing my Car? The answer to this question depends on the state you reside in, since some states have an exemption in place that will allow you to keep your vehicle during the bankruptcy process. In general, you will have a much better chance of holding onto your car if you don’t owe much on the loan. A licensed bankruptcy attorney can provide the insight you need to answer this and other bankruptcy questions. 6. How Might my Home be Affected? Houses generally fall under somewhat different regulations, so it’s critical that you consult an attorney before making any assumptions. An attorney can also help you determine the type of filing to choose
Related Questions
- I filed a Chapter 7 Bankruptcy case within the last 8 years, but again or still have debt I need help with. Can I file a Chapter 13?
- Ive been sued for non-payment of a debt or mortgage. How can bankruptcy help me; isn it too late now that the lawsuits been filed?
- What happens after a Chapter 7 Bankruptcy is filed?
