Profile cover photo
Profile photo
Schottler & Associates
3 followers -
Experienced Attorneys Serving the West Suburbs of Chicago
Experienced Attorneys Serving the West Suburbs of Chicago

3 followers
About
Posts

Post has attachment
There are many myths surrounding filing for bankruptcy. Watch this video to learn what really happens when you choose to exercise your rights under bankruptcy law.
Add a comment...

Post has attachment
There are many myths surrounding filing for bankruptcy. Watch this video to learn what really happens when you choose to exercise your rights under bankruptcy law.

#bankruptcy   #myths   #mythsaboutbankruptcy   #consumerbankruptcy  
Add a comment...

Post has attachment
Download 3 Free Chapters of our book -- IS BANKRUPTCY FOR YOU?  This is the Easy to Read guide that can equip you to understanding and navigating personal bankruptcy.
Add a comment...

Post has attachment
If the applicant does not qualify for undue hardship for student loans, they may still file for Chapter 7 bankruptcy for other debts in order to lessen their overall debt:

If someone has more debts than just student loans, and they do not foresee other solutions, then discharging other debts will make paying off student loans easier.

http://bit.ly/1V9tXNa
#7ThingsYouNeedToKnowAboutStudentLoansAndBankruptcy   #Bankruptcy   #Infographic
Photo
Add a comment...

Post has attachment
If the applicant does not qualify for undue hardship, then he or she may be able to repay their student loans with Chapter 13 bankruptcy:

The benefit of the adjusted payment plans is they usually span between three to five years and they are based upon court-approved rates instead of the lender's rates. This "reorganization" eases borrowers' immediate financial burden and allows them to pay off other loans or expenses.

http://bit.ly/1V9tXNa
#7ThingsYouNeedToKnowAboutStudentLoansAndBankruptcy   #Bankruptcy   #Infographic  
Photo
Add a comment...

Post has attachment
The borrowers must have made a good-faith effort to repay debts:

If the borrower has previously tried to readjust their payment plans and meets the first two conditions, then he or she may qualify for discharge.

http://bit.ly/1V9tXNa
#7ThingsYouNeedToKnowAboutStudentLoansAndBankruptcy   #Bankruptcy   #Infographic  
Photo
Add a comment...

Post has attachment
The applicants must also prove that the condition is unlikely to change in the near future:

The applicants need to prove that they will not be able to change either their expenses or their income during the majority of the repayment period. Most mental impairments may pass in court, but alcoholism and other drug-related illnesses usually do not qualify.

http://bit.ly/1V9tXNa
#7ThingsYouNeedToKnowAboutStudentLoansAndBankruptcy   #Bankruptcy   #Infographic
Photo
Add a comment...

Post has attachment
In order to qualify for undue hardship, applicants must prove they will not be able to sustain a minimum standard of living if forced to repay the debts:

There have been cases, however, where courts determined the borrowers could find higher-paying jobs, and the debts were not discharged. If the job is deemed worthwhile - for example, a career in education - then they may still be applicable for discharge.

http://bit.ly/1V9tXNa
#7ThingsYouNeedToKnowAboutStudentLoansAndBankruptcy   #Bankruptcy   #Infographic  
Photo
Add a comment...

Post has attachment
Despite myths, it is not impossible to discharge student loans:
In order to discharge student loans under Chapter 7, the borrowers must prove undue hardship. The exact definition of undue hardship is not clearly defined under bankruptcy law, and it is thus difficult to prove. Most courts, however, use the Brunner Test where applicants must prove three conditions that determine if their student loans will qualify for discharge.

http://bit.ly/1V9tXNa
#7ThingsYouNeedToKnowAboutStudentLoansAndBankruptcy   #Bankruptcy   #Infographic
Photo
Add a comment...

Post has attachment
There are two options for filing for bankruptcy for student loan debt:

The first is attempting a discharge of the student loan debt through Chapter 7 bankruptcy. This type of bankruptcy can discharge the debts completely (meaning they do not have to be paid). On the other hand, Chapter 13 bankruptcy involves an adjusted payment plan, where some or all of the student loans are paid and interest still accumulates.

http://bit.ly/1V9tXNa
#7ThingsYouNeedToKnowAboutStudentLoansAndBankruptcy   #Bankruptcy   #Infographic  
Photo
Add a comment...
Wait while more posts are being loaded