Question:
Has any one out there ever won an adversary proceeding to discharge student loans under bankruptcy code section 523(a)(8) undue hardship since 2005? My loans are private loans for Sallie Mae?
Answer:
Short answer, yes! A good case out of Missouri, Marie v Citibank NA, Adversary Num. 07-6032, allowed the debtor to discharge all but $36,658 [...]
Question:
My chapter 13 was dismissed and I would like to do a motion to reinstate, where can I find a form or is there a better option?
Answer:
In general, most motions do not have a standard form. However, you should visit your Bankruptcy Court’s website as it will usually have most forms. You should [...]
Question:
I am a Denver resident considering Chapter 7 bankruptcy. I own a horse. Since horses are defined as ‘livestock’ by both state and federal government, will he fall under the Colorado livestock exemption? (The question is: Will I be able to keep my horse?)
Answer:
Generally, unless your (the debtor’s) principal occupation is agricultural in [...]
Question:
We appear to be in a catch-22 situation in regards to IRA distributions. My wife is employed but only makes $35k/yr, and I am unemployed. We have been filling in the gaps with IRA withdrawals from each of our retirement accounts. Our attorney says this puts us over limit for filing Chapter 7 bankruptcy. My [...]
The Making Home Affordable Program (MHAP), funded by the federal government, is designed to help millions of Americans stay in their homes and avoid foreclosure. There’s a simple online calculator that will tell you whether you qualify for help. Here are the steps to learn whether you’re eligible for an MHAP loan modification:
Use the calculator [...]
Great article from Wall Street Journal Online:
When It’s OK to Walk Away From Your Home (Brett Arends)
The most challenging aspect to my position is providing people with objective perspective on their financial lives; reason being, I need to tell them what they might not want to hear. In the current real estate climate, I often [...]
Question:
Long story short, I filed a pro se bankruptcy and had received my tax refund the day after filing. The trustee had requested it be surrendered, however, the situation was dire and I used the refund to pay rent. I spoke directly with the trustee as I could have amended the petition and exempt [...]
Question:
The Maine Homestead Exemption and the Wildcard: If you rent can you use the Homestead exemption part in the Wildcard for personal property up to $6000?
Answer:
I cannot speak to the specific interpretation of Maine’s so called “wild card” exemption, but the statute in question is Me Rev. Stat. Ttl. 14, ch 507, sec 4422(16) [...]
Minnesota Attorney General sues 6 debt settlement companies. I maintain that debt settlement is the true last resort, not bankruptcy. Debt settlement is expensive, just as damaging on your credit report, and usually fails. The Minnesota AG warns that consumers using these companies still end up with endless collection calls, ruined credit, lawsuits and wage [...]
Question:
We filed chapter 13 bankruptcy on 12-09, could a tax refund for 2009 (filed in Jan/Feb 2010) be considered an asset? I would like to use Georgia’s wild card exemption to keep a little of it.
Answer:
Strictly speaking, income of any kind is a type of asset. In chapter 13 bankruptcies a tax refund is both [...]
