Applying Decades Of Experience To Solve Modern Legal Issues
Many people in Iowa feel that bankruptcy is an insurmountable barrier to rebuilding credit, credit history and good credit score. It is true that one of the unavoidable consequences of filing bankruptcy is the effect on your credit. However, the presence of a Chapter 7 or Chapter 13 bankruptcy filing on your credit history is not enough reason to discount…
If a Chapter 7 debtor fails to reaffirm his obligation on his mortgage during the pendency of his bankruptcy case, his mortgage lender may refuse to refinance his mortgage loan post-bankruptcy. The lender’s refusal to refinance usually stems from two concerns. First, any postpetition agreement to repay a prepetition debt may be unenforceable. To be enforceable, a debtor’s agreement to…
In many ways the bankruptcy process involves issues of accounting and finance. One particular aspect of bankruptcy that requires accounting knowledge is an understanding what is and what is not an asset. An asset is anything that is owned by a person and can be used to pay off debts or meet commitments. Assets by definition have value. However, in…
In previous blogs, we have discussed discharging student loan indebtedness in a bankruptcy, federal student loan repayment plans, federal student loan discharge and forgiveness options, and private student loan settlement options. This blog will discuss other available options to assist a borrower with loan indebtedness. Even if you cannot discharge your student loans in a bankruptcy, a bankruptcy may be…
If discharging your student loan indebtedness in a bankruptcy is not a feasible option and your student loans are private student loans, you may want to explore settlement options. Federal student loans are funded by the federal government whereas private student loans are made by a lender, such as a bank, credit union, state agency or a school. Even though…
If discharging your student loan indebtedness in a bankruptcy is not a feasible option and your student loan is a federal student loan, you may want to explore the following discharge and forgiveness programs: Total and Permanent Disability Discharge – If you are unable to engage in gainful employment and expected to remain in that condition for the foreseeable future,…
If discharging your student loan indebtedness in a bankruptcy is not a feasible option and your student loan is a federal student loan, you may want to consider one of the following repayment options: Standard Repayment – You pay a fixed amount each year for up to 10 years. Graduated Repayment – Your payments are lower at first and then…
Pursuant to 11 USC §523(a)(8), student loans are nondischargeable in bankruptcy unless you can prove the student loans will impose an undue hardship on you and your dependents. To ask the Court for an Order discharging your liability on these obligations, you must file a lawsuit within your bankruptcy case and the burden of proof is on you to prove…
Farmers play a big role in helping to sustain this great nation. While food can be hard to come by in other countries, the United States is very fortunate. Farmers, without skipping a beat, provide our communities with fruits, vegetables and meats. From raising livestock to growing crops, we owe a lot of gratitude to these hard-working Americans. A Growing…
Chapter 12 farm bankruptcies are designed to enable financially distressed family farmers to propose and carry out a plan to repay all or part of their debts. However, there are several factors to consider when determining if you are eligible to file a Chapter 12 bankruptcy. There are 2 categories of “family farmers” under the Bankruptcy Code: 1. Single or…