In an effort to minimize the risk of loss in connection with a loan default, lenders often employ creative means to make it difficult, if not impossible, for a borrower to file bankruptcy.
Overwhelming debt causes a great deal of stress. You may lose sleep, become angry, or get scared. Fortunately, the federal bankruptcy laws can restructure your debts, provide a fresh start and alleviate your stress.
The student loan exception to discharge has a fairly short, but interesting, history. Congress first established the Guaranteed Student LoanProgram under the auspices of the Higher Education Act of 1965. Designed to meet “the challenge of keeping the college door open to all students of ability. . . .”, the Program guaranteed federally-backed, low-interest loans to qualifying students. S.Rep. No. 89-673 (1965), reprinted in 1965 U.S.C.C.A.N. 4027, 4055.
The average American’s FICO credit score hit an all-time high this past April, nosing in at 692. FICO scores range from 300 to 850. Although judgment of credit scores is often in the eye of the beholder, anything between 700 and 749 is considered a good score, with the best scores ranging 750 and higher.
Chapter 13 cases last 3 to 5 years. A lot can happen in that time. In some cases, a debtor may need additional bankruptcy relief. This article will address some of the rules of filing a second Chapter 13 case after receiving a Chapter 13 discharge.
Bankruptcy is meant to provide debt relief to honest, but unfortunate individuals. For some, bad luck seems to hang around a while.
What happens when you take a homeowner who defaults on their mortgage into bankruptcy to stop the foreclosure sale? You get a situation that is disease ridden with errors.
Filing for bankruptcy protection does not necessarily mean giving up all of your property and assets. In both Chapter 7 and Chapter 13 bankruptcy filings, exemptions allow you to hold onto certain assets.
In Asarco Case, Supreme Court Will Decide Whether Fees and Costs Incurred Defending Fee Applications Are Compensable
Late last week the Supreme Court granted certiorari in the case of Baker Botts L.L.P., et al. v. Asarco, LLC to review the Fifth Circuit’s determination that section 330(a) of the Bankruptcy Code does not authorize compensation for the fees and costs counsel incur defending their fee applications in bankruptcy court.
Though often overlooked, bankruptcy sales can be a real boon to businesses looking for a great deal. Prospective purchasers must, of course, interface with the bankruptcy court, so these companies must understand the lay of the land when looking for a bargain.