Many people in Tennessee have student loan debt that they cannot afford to pay back. On Jan. 7, a bankruptcy judge ruled that a former law student with over $220,000 in unpaid student loan debt could have his debt discharged. The 46-year-old lawyer was a 2004 graduate of Cardozo Law School in New York, and he represented himself in court.
The single word answer to this question is, "yes." However, there is much more to be said and many more complexities regarding this subject. It is not impossible to obtain a discharge of a student loan within a bankruptcy, but it is certainly no easy task. It is also not a task that is often successfully completed.
For individuals facing crushing debt, every day can be stressful. Personal bankruptcy options exist to help struggling consumers facing the weight and stress of overwhelming debt. It provides layers of protection struggling consumers considering filing for bankruptcy should be familiar with, including bankruptcy exemptions.
Homestead laws are an important part of the Chapter 7 bankruptcy process. As a result, it is helpful for struggling consumers considering Chapter 7 bankruptcy protection in Tennessee to understand Tennessee homestead exemption laws and how they can help filing parties with concerns they may have associated with a family home during the bankruptcy process.
While bankruptcy is an all-around protection for struggling consumers faced with overwhelming debt, bankruptcy exemptions provide an additional layer or protection for the filing party's property. The way it works is that bankruptcy exemptions protect certain categories and amounts of property so those seeking bankruptcy protection should be familiar with what those property exemptions are.
The debt discharge at the end of the bankruptcy process is one of the most important parts of the personal bankruptcy process because it provides relief from debt and allows the filing party to enjoy a fresh financial start. As a result, filing parties and parties considering filing for bankruptcy should understand the details of the debt discharge.
During the bankruptcy process, and when considering filing for bankruptcy, it is important to be familiar with the differences between exempt property and non-exempt property and what the different designations mean for the filing party. Chapter 7 bankruptcy protection is an important option for struggling consumers to consider which is why they should understand how it may affect them and their property.
Chapter 7 bankruptcy is a debt discharge bankruptcy option that many struggling consumers may prefer. As long as the filing party does not exceed the income limit to qualify for Chapter 7 bankruptcy, they may be able to retain nonexempt property and liquidate other property to repay creditors and enjoy debt relief.
Chapter 7 bankruptcy protection is one of the two big types of personal bankruptcy protection protecting struggling consumers and their families from the crush of overwhelming debt and financial obligations they cannot meet. Medical debt and other everyday concerns can get struggling consumers into trouble they may wonder how to fix which is why personal bankruptcy options are available to help.
Bankruptcy exemptions are an important aspect of Chapter 7 personal bankruptcy protection to be familiar with. Chapter 7 bankruptcy protection involves liquidating assets to repay creditors but not all assets must be liquidated and that is important to know.