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The amount of student loan debt now exceeds outstanding credit card debt in the United States. This is not surprising because acquiring a higher education is perceived to be necessary to landing a job in a competitive environment. Further, it is easier to borrow for a student loan than it is to borrow for other

In Chapter 7, the Court is not interested in taking and selling property except to the extent that it has equity in it… that is, to the extent that it is worth more than what you owe on it. Thus, the value of your property is very important. You are allowed to protect (“exempt”) equity

Under contract law, a “signer” and a “co-signer” are both obligated to pay a debt, and a creditor can legally collect the whole amount of the debt from either one. It doesn’t matter which name is first on the contract. If one or the other files bankruptcy, that might change.

General information about bankruptcy is available online, and some people prefer to do preliminary research before making their first contact with a lawyer. However, in bankruptcy, what happens depends on the circumstances of the individual debtor. Also, to some extent, issues are handled differently depending on which judge or which trustee is assigned. Thus, it

It’s common knowledge that you can’t “bankrupt on child support or alimony”. Obligations “in the nature of support” (even if they are labeled something else in the divorce decree) have never been dischargeable in bankruptcy. This means that you can’t get rid of them without payment.

If a person borrows money and is late in repaying it, the lender may choose to sue to collect the debt. A lender starts a suit by filing a “summons and complaint” in state court. The summons and complaint is “served” (delivered to) the borrower. The method of service should be reflected on the “return

The so called “means test” is a formula that Congress made part of the Bankruptcy Code in 2005. In revising the Bankruptcy Code, Congress decided that too many Debtors were “abusing” bankruptcy by obtaining a discharge of debt that they really could afford to repay.

In the broadest sense, the bankruptcy “Trustee” refers to the Office of the United States Trustee, which is part of the United States Department of Justice. The Trustee comes from the executive branch of the government, which is different from the bankruptcy judge, who is part of the judicial branch of government. The mission of