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Louisville Kentucky Bankruptcy Law Blog

Can bankruptcy help concerning student loans?

There is a mistaken impression among people owing student loans that bankruptcy will provide them no benefits. Indeed, you will likely never be able to discharge such loans in their entirety. However, as one particular news article mentions, it is still possible to use bankruptcy as a tool to make your student loans more manageable.

Under Chapter 13 bankruptcy, it is possible to treat these differently than other unsecured debt. And such a filing can in some instances provide relief from other debts, thus allowing you to keep up with your student loans.

Five misconceptions about bankruptcy

Managing an insurmountable amount of debt can be nerve-wracking. Yet, the prospect of filing for bankruptcy may leave you anxious about how bankruptcy could affect you both now and in the future.

The decision to file for Chapter 7 or Chapter 13 bankruptcy in Kentucky is certainly not one to take lightly. However, because of the misinformation surrounding bankruptcy, it can be helpful to sort out the facts from fiction.

What should I look for in a bankruptcy lawyer?

Contemplating bankruptcy is stressful enough, what with the financial pressure and your own expectations resting on your shoulders. While having to find and work with a bankruptcy attorney may sound like an additional chore, in reality, it should offer a bit of relief. Especially if you know what to look for.

With that in mind, here are some tips on what to consider when picking a bankruptcy attorney.

Basics of bankruptcy: Chapter 7 v. Chapter 13

Though regular readers of our Louisville Bankruptcy Law Blog have certainly heard of Chapter 7 and Chapter 13 bankruptcies, not everyone is sure of differences between the two.

Let’s take a quick look at some of the main distinctions between these two common ways to help people reduce or eliminate serious debt.

Medical debt continues to be leading cause of personal bankruptcy

If you’re struggling with significant debt but can’t bring yourself to consider bankruptcy, it may be due to the stigma associated with bankruptcy and the narrative that is too often attached to people with debt problems. The narrative goes like this: people who file for bankruptcy were irresponsible with money, accumulated too much credit card debt and lived beyond their means. They didn’t want to pay the money back, so they filed Chapter 7 instead.

Does that sound familiar? You may even believe this narrative. But you should know that while this stereotypical bankruptcy client does exist, he or she is only a fraction of those who seek bankruptcy protection. Most filers are responsible, hardworking people who experienced unforeseen circumstances that they couldn’t recover from.

What is a bankruptcy qualifiers test and how does it work?

Financial trouble doesn’t make you a failure. Sometimes financial catastrophe strikes from unexpected medical conditions or sudden job loss. Perhaps, you were never taught how to budget your money, save or spend wisely. You are not alone. There are many Americans who struggle with financial debts.

If you are considering filing for bankruptcy, you need to know if you will first qualify to start the process. Depending on the type of bankruptcy you wish to file (chapter 7 or 13), you will need to take a “means test” to see where you stand with your debts and income.


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