During a bankruptcy filing, filers typically cannot discharge their student loans. However, there are two exceptions to this general rule. First, a student loan may be discharged if it is not guaranteed by the government or is not associated with any program that is...
Birmingham Bankruptcy
Can tax obligations be discharged during a bankruptcy?
When individuals file for bankruptcy, they usually believe that they cannot discharge their tax obligations. However, some of these tax obligations may be discharged in a bankruptcy filing.In some cases, none of the tax obligations can be discharged. Certain...
What documents do individuals need for a bankruptcy filing?
When individuals consider filing for bankruptcy, their first step is often to visit a lawyer. Before this meeting, individuals should collect and prepare a number of documents.These documents include a list of creditors, outstanding loans, any secured debt, and any...
U.S. bankruptcy filings increased in 2009
Bankruptcy filings across the country increased by 31.9% last year. According to a report released by the Administrative Office of the U.S. Courts, bankruptcy filings totaled 1.4 million in 2009.The bankruptcy filings included 60,837 business-related filings, which...
Can filing for bankruptcy get you out of paying for child support and alimony?
Some individuals who file for bankruptcy are behind on their alimony and child support payments, along with their debts. While bankruptcy can get rid of some or all of their debts, it cannot erase alimony and child support payments.This means that filers cannot get...
Are you required to go to court in a bankruptcy proceedings?
When individuals file for bankruptcy, they do not necessarily go to multiple court hearings. However, they are often required to attend one hearing, which is commonly known as a 341 meetings.At this meeting, bankruptcy filers will meet with their bankruptcy trustees...
Can you employer fire you because you filed for bankruptcy?
When individuals file for bankruptcy, they often have many concerns about their finances, families, and jobs. Some individuals believe that if their employers find out about their financial situation, they may fire them.However, according to U.S.C. Sec 525, employers...
Bankruptcy filings increase 32 percent in 2009
Bankruptcy filings increased 32 percent in 2009 compared to 2008. According to statistics released by the National Bankruptcy Research Center, 1.3 million individuals and businesses filed for bankruptcy.This uptick in filings includes a 42 percent increase in Chapter...
What is a garnishment?
A garnishment is a way of collecting payment from a defendant. It orders a third party, which owes money to the defendant, to pay money directly to a plaintiff.Garnishments may cause significant financial hardship for those who have a number of debts. For this reason,...
The risks of co-signing a loan?
Many people who have poor credit ratings often seek others with better credit ratings to cosign their loans. By getting a cosigner, the borrower increases his or her chance of securing a loan.From a creditor’s perspective, a cosigned loan is less risky because the...