Bankruptcy & Student Loans: Breaking Down the Process
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- Опубліковано 13 жов 2024
- You can file bankruptcy on your student loans. It's just hard to do. Plus it takes an extra step.
First, you file bankruptcy. Either a chapter 7 or chapter 13 will do.
Next, you have to file an adversary proceeding.
The adversary proceeding is a lawsuit where you argue to the court that you should be able to discharge your student loans because they're an undue hardship to you and your dependents.
Filing the adversary proceeding will costs you extra attorneys fees; it's not included in the money you paid the bankruptcy attorney to file your case.
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You are real asf for an attorney that was surprising.
Nora is so cute. Thank you for all the information you share. God bless you.
Tate, is it possible for you to contact This Week Tonight w/ John Oliver? They just talked about bankruptcy on the most recent episode (dated today!) and they passed along the myth that student loans only go away when you die.
You'd be great on the show!
Thank you for your time.
I'll have to make that happen!
@@stanleytate I would love to see *you* set the record straight!
@@stanleytate about 4 years ago my grown son said it would be impossible for me to get rid of my student loan debt because of something Hillary Clinton had passed in the laws where if you file for bankruptcy it would no longer include getting rid of your student loan debt .
I was devastated when he told me this because he knew I wanted to file bankruptcy .
I wish I had known 4 years ago what you're saying now .
Hey, thanks for the input. If your student loans are forgiven under an income-based repayment plan, don't you have to pay tax on that amount? This could prove to be an extreme undue hardship as one approaches retirement age, presuming the balance balloon out under an IBR plan. I live in Florida and am going to start looking for an attorney willing to file an adversary hearing with a chapter 7. The issue is I went to graduate school and my degree program shuttered after I had a draft of my thesis in hand. They helped some students graduate and not others, which I can prove, and I was not able to obtain the benefit of the degree I essentially completed. If I can't find a lawyer, I will file the suit myself. Most attorneys tell you to file a second bankruptcy on the tax bill at the end, which isn't, in my opinion, reliable advice.
For the next 5 years, you don't have to pay taxes. Congress passed a law earlier last year to remove the tax liability. That may change in the future.
Thank you for the video! How would I go about finding a good lawyer for this? I have $33,000 in private loans and $194,000 in federal. Also, some of the loans are from a graduate program I did not complete and I do not use my bachelors degree for the work I do now.
Why do you think you should not pay the debt that you created ?
Stop being a deadbeat and pay your loans !
It’s no my fault that you borrowed money and then didn’t even finish your degree so stop thinking I should pay for your loan !
I paid every bill I ever created in my life !
You was stupid and you borrowed money you could not pay that’s not my fault cupcake
@@fuzzyelm1 Yeah but the government jacked up the price of the loans, which is not fair for students. The only way to get an education is to be forced to borrow 200K, otherwise no education.
@@Mkvine not everyone needs to go to CoLlege.
@@Mkvine people gotta be smart about going to college. If a person is trying to be a doctor, lawyer, or teacher then yeah they do need a college degree. But if someone is trying to be a police officer, journalists, or professional cook, some higher education maybe required, but they don’t need to go 100k in debt doing so.
Thank you 🙏🏻
You may have your federal student loan discharged in bankruptcy only if you file a separate action, known as an "adversary proceeding," requesting the bankruptcy court find that repayment would impose undue hardship on you and your dependents.
C. Bib
Just watched this Loan Wolves Documentary on Peacock TV.
Westwood was closed for fraud, and still I owe 100k to student loan, to aidadvantage. And my son loan is complete cancelled, why is difficult to my like parent.?
They go after anyone that co signed the loan.
and where is a person declaring bankruptcy suppose to get the money to hire a lawyer?
Income based repayment is not “super low.” I absolutely hate that this is out there. My “reasonable” income based repayment is over $600 and that means nothing towards reducing the principal. Not affordable unless you’re making $150k or so.
What’s your current income, current salary and job and what was your degree?
Lost me with the cursing….unprofessional.
Hope you find the vibe you need to get the information you need.
Do it while Biden is in there. Because, after him, no way. IRD program is 100 a month payment for 20 yrs, get it. Keep deferment