Student Loans Bankruptcy Archives - Page 14 of 42

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Before your discharge from bankruptcy, you are permitted to lease or purchase assets, as long as the finance company is aware of your bankruptcy (if leasing), or that you are using your exempt income as calculated by the trustee (if purchasing). However, in general it is best to refrain from purchasing new assets until your discharge, as the trustee may consider them after-acquired assets available to the estate for realization.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Should I reduce debt or increase savings?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Should I reduce debt or increase savings?

I know my debt is not going away anytime soon-should I begin to save money? I have a 60,000 student debt and I pay 1700 in rent for a two bedroom apartment. I have always put off saving because my school debt is so high but I live month to month and that scares me. I am in my thirties and feel that I should have emergency money and money put away for my future. What should I do?

If you are able to make more than the minimum payment on your debt every month, it may be a good idea to begin to save 5% of your earnings. One of the principle arguments for saving is: Save first then pay your debt, expenses etc. It is always a good idea to get professional help from a trustee to develop a personal budget that suits your individual needs.

Savings generates taxable interest. Paying down debt reduces non deductible interest expense. Do what feels right for you as their is no correct answer.

Student Loans, Bankruptcy and Hardship Provision

Posted on March 1, 2015April 30, 2016 by Jordan Rumanek

Student Loans, Bankruptcy and Hardship Provision

Help! I am not able to pay back my student loans. I continue to apply for Repayment Assistance but I have been unable to start paying back my loans for over five years now. Do I have to wait two more years to declare bankruptcy? Will my student loan be included in the bankruptcy at that time?

Student loans are not usually included in your bankruptcy until seven years after full time studies and the end date is determined by your academic institution. However, after five years of full time studies and extreme hardship you may declare bankruptcy and apply for a “Hardship Provision”. If the courts accept your application, your bankruptcy will include your student loans after five years instead of seven.

In order to decide, the courts will look at various factors:

1. How did you use your student loan?

2. What efforts did you make to graduate from the program your student loan funded?

3. What efforts did you make over the years to repay your loan? Such as applying for Repayment Assistance Plan

Do I have to list all my debts?

Posted on March 1, 2015April 29, 2016 by Jordan Rumanek

Do I have to list all my debts?

Yes, it is very important to list all of your debts in a bankruptcy. Here are some reasons why:

Bankruptcy is a very powerful remedy, but the law which gives you protection also requires that all creditors be included. It’s a give and take.
Since all creditors are subject to the Stay of Proceedings, leaving some creditors out of the process (whether relatives or “just one credit card”) is granting those creditors collection privileges that are not available to the others unless they obtain court approval (using credit during bankruptcy is generally not permitted).
If you change your mind about that debt in the future, you may be liable to repay the entire amount.
The purpose of bankruptcy is to obtain a fresh start. Unless all debts are included, a fresh start is much more difficult.
Of course, if you feel that your circumstances warrant not including a particular debt, discuss this with your trustee. He or she will help find a solution to your dilemma.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Category: Student Loans Bankruptcy

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Should I reduce debt or increase savings?

Should I reduce debt or increase savings?

Student Loans, Bankruptcy and Hardship Provision

Student Loans, Bankruptcy and Hardship Provision

Do I have to list all my debts?

Do I have to list all my debts?

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When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Should I reduce debt or increase savings?

<img decoding="async" class="alignright size-full wp-image-2797" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2013/04/bankruptcy_debt.jpg?lossy=1&strip=1&webp=1" alt="Do I have to list all my debts?" width="150" height="150" />Do I have to list all my debts?

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Do I have to list all my debts?