I'm thinking that while bankrupt for 1-2yrs, my income (e.g. the payments to me from the student loans company) would be managed by an insolvency practitioner. Would my income therefore be taken away from me to pay off my debts?
2007-03-06 02:13:21 · 5 answers · asked by Tony W 2 in Business & Finance ➔ Personal Finance
I think it all depends on how much debt you have if you are considering this. If it is pretty deep you can either try chapter 7 or 13. Chapter 7 is a payment plain where they add all the debts together, divide them by how many you have, then each of the creditors gets an even amount. Chapter 13 is a complete wipe out of the balance. You can chose either but be aware that this will really mess up you credit score.
2007-03-06 02:26:14 · answer #1 · answered by scrow_80 3 · 0⤊ 0⤋
a large team of OWS human beings desire their pupil loans to be forgiven. because pupil loans are literally presented by technique of the authorities, which could advise, again, the tax payer could be left preserving the bag. it truly is suspected that the pupil personal loan application will finally end up very resembling the housing bubble because of the subsidies causing the fee of training to flow up different cases swifter than inflation and the very undeniable truth that in reality 1/2 the graduates can get a activity, at modern-day there is over 1000 billion money in ideas-blowing loans. i don't have self belief financial ruin will ever be an decision because the money is equipped by technique of the U. S. authorities. those who've subject matters alongside with incapacity and different severe issues, may manage to get out of their personal loan yet very not often. on condition that there is not any wish of ever repaying it. also the authorities is permitting the funds to be a percentage of their income quite than a chain volume. They used to allow extensions for time sessions even as unemployed. Default is a severe count number number.
2016-12-05 07:58:05 · answer #2 · answered by ? 4 · 0⤊ 0⤋
if you go bankrupt then as long as the debt in your name it will be all gone it costs between 400 and 500 to do but you must include everything at the time not later and it will only be for 12 months but if you do it a second time it lasts for 5 years
2007-03-06 02:24:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Student loans can not be written off, even through bankruptcy. Sorry, but that is the god honest truth, at least in the US.
2007-03-06 02:28:03 · answer #4 · answered by exiletheking 2 · 0⤊ 0⤋
Get a job and pay it off like the rest of us. Students get a bad name for doing this type of thing.
2007-03-06 02:28:50 · answer #5 · answered by Liam S 1 · 0⤊ 1⤋