Should I File For Bankruptcy? – Reasons Why Bankruptcy May Be Right For You

The decision to file for bankruptcy is a tough one no matter how you cut it. Going through the bankruptcy process takes time and money. Once a petition is filed, a person’s entire financial situation is a matter of public record and open to others. The process will take an emotional toll on the filer and his/her family and loved ones as well. So – again – the decision to file for bankruptcy is a tough one. One that should not be taken lightly and Read More +

Bankruptcy Abuse Prevention & Consumer Protection Act Of 2005 (bapcpa) Part Ii

Part II – Changes in Bankruptcy Law [See related articles on this blog: The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), “Part I, Rationales” &Part III The “Means Test in Bankruptcy”] The enactment of the Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA) in April, 2005, wrought significant changes in the law embodied in Chapter 7 of the United States Bankruptcy Code. Changes were also affected in Chapter 13 of the code, but such changes in that section were not as broad or as Read More +

The Bankruptcy Abuse Prevention & Consumer Protection Act Of 2005 (bapcpa) Part I

Part I–Rationales [See related articles on this blog: “The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), ‘Part II, Changes in Bankruptcy Law’, and “Part III, The Means Test in Bankruptcy”] The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was a “bankruptcy reform” measure passed by Congress during the fifth year of the Bush (#43) Presidency. According to a report by the U.S. House of Representatives’ Judiciary Committee (Report 109-031), the BAPCPA “represented the most comprehensive set of bankruptcy reforms in more than twenty-five Read More +

The Millennial Generation: “selfish Slackers” Or Next Modernist Generation?

Who are the “Millennials”? According to a recent study by the Pew Research Center, “Anyone born between 1981 and 2000 (ages 18 – 37 in 2018) is considered to be a Millennial… anyone born from 2001 onward will be part of a new generation”. As stated on its website, the Pew Research Center is a “non-partisan ‘fact tank’ that informs the public about the issues, attitudes and trends shaping the world.” The Center is a subsidiary of the Pew Charitable Trusts, the primary funder of Read More +

Internal Revenue Service Use Of Private Collection Agencies

In December of 2015, Congress passed a transportation bill entitled Fixing America’s Surface Transportation Act, and included in the Act was a provision requiring the Internal Revenue Service (IRS) to use private collection agencies for the collection of certain outstanding tax debts.  The Act provides that the private collection agencies will only prosecute select accounts where the tax debt has been removed from the IRS inventory due to a lack of resources or an inability to find the taxpayer, more than one-third of the limitation Read More +

Cosigner Liability On Student Loans, Chapter 13 Bankruptcy, And Negative Credit Remarks – Part Ii

When the cosigner of a student loan files Chapter 13 bankruptcy such debtor will often offer to pay a portion of the student loan through the Chapter 13 plan.  In the example posed in Part I, the debtor offered to pay 50% of the student loan through the Chapter 13 plan.  Assuming the borrower has made no additional payments on the student loan within the duration of the debtor’s Chapter 13 bankruptcy, the remaining balance on the student loan will be $10,000 together with additional Read More +

Yes Virginia-student Loans Can Be Discharged In Bankruptcy (part 3)

WITH STUDENT LOANS IN BANKRUPTCY, THE FACTS DETERMINE THE LAW PART THREE OF THREE By Jay Weller Please refer to Parts One and Two of our Blog Series on the Discharge of Student Loans in Bankruptcy, for context and understanding. Many Articles found in the mainstream media references Student Loans in Bankruptcy decry the difficulty of Discharging such Student Loans.  However, in reality, many Student Loans can be Discharged in Bankruptcy, but the Debtors do not seek such relief that they may be eligible. A Read More +

Yes Virginia-student Loans Can Be Discharged In Bankruptcy (part 2)

WITH DISCHARGE OF STUDENT LOANS IN BANKRUPTCY THE FACTS DETERMINE THE LAW PART TWO OF THREE PARTS By Jay Weller This is our Second Part in our Blog Article regarding the Discharge of Student Loans in Bankruptcy.  Please refer to Part One for context and understanding. The Cases of Tetzlaff and Conway teach us some valuable lessons in terms of when a Student Loan may be Discharged in Bankruptcy.  One such lesson is that in Legal Matters, the Facts often determine the Law.  Mr. Tetzlaff Read More +

Yes Virginia-student Loans Can Be Discharged In Bankruptcy

WITH DISCHARGE OF STUDENT LOANS IN BANKRUPTCY THE FACTS DETERMINE THE LAW PART ONE OF THREE PARTS By Jay Weller The mainstream media is reporting on a recent case pertaining to the Discharge of Student Loans in Bankruptcy, in which the Supreme Court elected to not hear on Appeal, as an indicator that Student Loans will remain essentially impossible to Discharge in Bankruptcy.  This reporting is misleading regarding the availability to Discharge Student Loans in Bankruptcy. For example, The Wall Street Journal Articles first sentence Read More +

Bankruptcy And Student Loans

Before Bill Clinton became President, Student Loans were Dischargeable in Bankruptcy provided that the Student Loan was over seven years old, absent any deferrals.  Congress, with Clinton’s cooperation, removed the seven year rule. In 2005, Congress and George W Bush, enacted new Bankruptcy Legislation that provided that almost no Student Loans can be Discharged in Bankruptcy.  One of the few ways that a bankruptcy attorney can provide for a Student Loan to be Discharged in Bankruptcy is if he or she can successfully convince a Read More +