Under today’s bankruptcy laws, it’s very difficult to receive a discharge of student loan debt. While some lawsuits and proposed laws might signal a change in the way student loans are handled in individual consumer bankruptcy cases in the future, they are currently almost always excepted from discharge. In order to have a student loan
It’s very common for a bankruptcy to follow a divorce, and the legal settlements that a divorce establishes can be affected in various ways with a subsequent bankruptcy filing. While domestic support obligations, such as alimony and child support, are typically excepted from discharge in any bankruptcy filing, many other obligations incurred through a divorce
Bankruptcy can be a highly complex legal process. However, it can and will help you permanently resolve debts you can’t repay. Understanding the nuances of bankruptcy law typically requires a law degree and extensive experience. While it’s possible to file for bankruptcy without the help of an attorney, it’s certainly not recommended. The bankruptcy court
At Behm Law Group Ltd., we provide legal guidance, support, and protection for individual Chapter 7, 12, and 13 bankruptcy cases as well as Chapter 7 and Chapter 13 business cases. Chapter 7 works to discharge your debts in exchange for the liquidation of your non-exempt assets. Both Chapter 13 and 12 work as reorganization
Bankruptcy is a debt-resolving process that can help with common unsecured debts, like credit card bills and medical expenses, several secured debts, including mortgages and car loans, and many other miscellaneous debts, like some tax debts. When you file for bankruptcy, you also get the benefits of the automatic stay, which forces your creditors to
The two main types of individual consumer bankruptcy are Chapters 7 and 13. Chapter 7 is a liquidation process that liquidates your non-exempt assets in exchange for the discharge of your debts. You are allowed to claim exemptions to protect certain properties, such as your home and car and other property. In fact, in most
After the COVID-19 shutdowns and the peak of the pandemic, many individuals and small businesses faced financial difficulties. If you have debts you know you can’t repay, you’re not alone. There are many ways to work out that debt, from settlement to bankruptcy. For households with high unsecured debts, like credit card bills and medical
At Behm Law Group, Ltd., we’ve worked with clients in all kinds of situations filing for Chapter 7, 12, and 13 bankruptcies. The process of Chapter 7 is called “liquidation bankruptcy”. Essentially, people who file for chapter 7 bankruptcy relief have their non-exempt properties sold and the value is distributed to their creditors. The debts
In the past few years, a lot has changed for bankruptcy law. Even before the coronavirus pandemic rocked the world, Congress had put some significant changes in bankruptcy law into effect. In response to COVID-19, more changes had to be quickly put into place. Since the worst of the pandemic is hopefully behind us, there
A recent 2021 study revealed that American household debts reached $14.6 trillion. With over 80% of the country holding debt of some kind, you might feel less alone if you hold debt of your own. This doesn’t make dealing with the stress of debt any easier, though. While money can’t buy happiness, it’s undeniable that
