Archive for November, 2009
Author: Private Student Loans and Dischargeability thru Bankruptcy
Bankruptcy Discharge Student Loans
Can I discharge my student loans in bankruptcy?
by: Andres Montejo, Esq.
As filings for Bankruptcy increase in these trying times, more and more debtors are inquiring about their single biggest debt in their credit profile, Student Loans.
In general bankruptcy attorneys will generally try to stay away from these and tell you that these types of debts are generally non dischargeable thru bankruptcy, and generally they are right.
I would like to make a distinction between Government based student loans, and Private based student loans. Government based student loans are loans which all the terms such as interest rate, lending criteria, repayment terms, and all others are dictated by the Government. Usually their lending limits are capped, but on the other hand the lending criteria are very flexible and permits lending to many that would not otherwise qualify.
On the other hand, Private sector loans have much tighter lending criteria in order to qualify, but the terms are set by each lender, and therefore one could actually borrow much more.
So the question is whether the fact that the student loan was obtained thru the private sector changes the equation and allows it to be qualified for discharge thru bankruptcy.
The answer is not a simple one, and I will try to respond to this in general and layman terms. Everyone should speak to their own Bankruptcy Attorney about their specific case, to evaluate their specific circumstances.
There are two main issues in responding to the question.
One has to do with the undue hardship exclusion of the exemption to Bankruptcy. This means that if one is able to prove undue hardship, then one would be able to discharge student loans whether they are Government based or Private sector based. I can imagine all the eyes opening here, and all saying “Wow, I can qualify for that, and discharge all my student debt.”
But not so fast honcho….. Actually being able to prove undue hardship is not that simple, and actually very difficult. Obviously one would think that if one is filing for Bankruptcy it is because of a current hardship, but courts are very cautious on accepting the undue hardship claim. The undue hardship in itself is a topic for another blog, and I will leave it at that, just remember that it is very unlikely that you will qualify for the undue hardship exclusion.
With that said, it leaves us with the second main issue, and it has to do on whether the loan was school certified or not. Loans that were school certified generally will not be permitted to be discharged from bankruptcy. If you are in doubt, I would ask you to call the lending institution and ask them to send you a copy of the certification provided by the school to them prior to the disbursement of the loan.
Does this mean that if the loan was not certified, then it can be discharged? Maybe, but one would have to look at whether the amount of the loan was within the definition of cost of attendance or whether it exceeded the expected family contribution. This means that a Private sector loan that was not certified but was within the definition of cost of attendance and did not exceed the expected family contribution generally may not be discharged thru bankruptcy.
So if you’re looking to discharge your student debt thru bankruptcy, you have a long hard road ahead, and more likely than not, a dead end. I recommend that you consult with your attorney before making any decision
When good people have serious financial problems, they owe it to themselves and their families to consider bankruptcy. There is no reason not to take advantage of our free office consultation and personalized evaluation from an honest and caring bankruptcy lawyer
When good people have serious financial problems, they owe it to themselves and their families to consider bankruptcy. There is no reason not to take advantage of our free office consultation and personalized evaluation from an honest and caring bankruptcy lawyer
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It’s the worst experience any parent can endure: their child is missing and a frantic search results in the most horrific news possible. The murder of a child is a pain that most people cannot even begin to comprehend.
Somer Thompson was a bright 7-year-old who attended elementary school in Orange Park, Florida. On Monday, October 19 she was walking home with her sister and some friends when the conversation turned to an argument that Somer had with another girl that morning. This upset Somer, and she ran off on her own. Her sister saw her disappear into a distant crowd. It was the last time she saw Somer alive.
The search for Somer Thompson received national media attention. An Amber Alert was set up immediately and law enforcement officials labored desperately to find the young girl. Missing child posters that prominently featured Somer’s smiling face were placed on every available surface between the Thompson home and the school. America held its breath as we waited to hear what had happened.
On Wednesday, October 21, police officers discovered the body of a young girl in a Georgia landfill near the Florida border. She was first identified based on a birthmark and her clothing, then later confirmed using dental records. They had found Somer Thompson.
Florida Sheriff Rick Beseler made the most difficult call of his life and notified Somer’s parents, Samuel and Diena Thompson, that their daughter had been murdered. The Thompson’s were devastated to have their deepest fear confirmed; their beautiful baby girl had been violently taken away from them.
Following this tragic news another intensive search began. FBI agents started working with police officers to find the person who committed this heinous crime. Florida officers immediately searched for registered sex offenders within a five-mile radius of the school Somer attended, but so far they have no suspects. Their search will continue in earnest until the murderer is found.
Although the Thompson family is overwhelmed by their loss, they remain dedicated to finding the predator responsible for this appalling deed. Somer’s mother told the world, “I want you to know that I will not sleep until this person is found. I hope they get you and I hope they make you pay for a long, long time.” Somer’s father boldly stated, “Gold help the sons of bitches who hurt my daughter. They better find them.”
Our hearts go out to the entire Thompson family. They have received an incredible outpouring of support from their community. On Thursday, October 22, people from all over the area walked to the Thompson’s home to hold a candlelight vigil. The group sang songs, dropped off hundreds of gifts and let the grieving family know that people care about them and the horrible ordeal they are suffering through. They are not alone.
Investigators believe that they will be able to track the killer down. The search is on, the net is being thrown out and as we all watch we can only hope and pray that the guilty party will be found quickly. Somer was last seen in a busy residential area, and there is optimism that someone may have seen something that might be useful. If you have any information that could help, please call the Sheriff’s Tip Hotline at (877) 227-6911.
Today Internet has made easy everybody’s life. With the help of web, one can learn new things, can update one’s knowledge. Now-a-days, Online Education is accepted by the students of all over the world. But many people do not want to join online classroom because they think that traditional schools and colleges are much better than virtual classroom. There are many benefits of it and I am going to provide in this article some of them.
- Do you have any difficulty in continuing your education along with your job? If yes, then there is a great benefit for those who are working and want to earn an accredited degree or course certificate.
- By Joining Online Classroom, you can save your time of daily going to the institute for attending the classes. And for that, you have to attend on the regular schedule and there is no choice of time too. So it may also be the perfect reason for joining online classes for e.g. busy in your daily schedule in job, look after your kids, manage home and family etc. This is the great way to update your knowledge.
- Everybody knows about recession and many of us are facing financial problems. So this is the right time to enhance our knowledge. By doing so, you can earn a lot of money as well as can achieve higher position in your current company.
- If you are living in a place where there are no good schools, colleges, universities, then online education is the safe and secure solution for you.
- Moreover, you are living in a place from where your school or college is very far, So you should search for a good online school or college that offer high quality education and accredited degrees.
- Many of us do not feel comfortable going back again to university or schools due to age. So they can go for online course and can get accredited degree from the best schools all over the world.