You know there are various types of bankruptcy that can be utilized when debt gets to be too much, labeled as "Chapters", such as Chapter 7, Chapter 13, and Chapter 11. Can you simply pick which one you want to use?
Can you ever discharge student loans in bankruptcy?
Bankruptcy generally helps anyone who has unsecured debts. Specifically, in the case of Chapter 7 bankruptcies, individuals use this method to have debts from credit cards, mortgages or other financial institutions dismissed. However, student loans and taxes are secured debts, making them hard to get rid of. In most cases, you can't get rid of student loans in bankruptcy. Here are three facts about student loans and bankruptcy you need to know.
Is your Chapter 13 bankruptcy discharged after the court case?
You file for Chapter 13 bankruptcy, go to court, get approved and then move forward with the repayment plan. Once that court case is over, has your debt actually been discharged?
6 common bankruptcy and student loan myths you shouldn't believe
Making the decision to file for bankruptcy isn't an easy one. You must think about what options you have for handling your debts. Before you decide if bankruptcy is the right thing for you to do, especially if one factor in your case is student loans, make sure you aren't falling for these myths.
Why might bankruptcy be denied?
When you apply for bankruptcy, it's important to understand that it can be rejected. This shouldn't worry you or make you reconsider. It's just crucial to know that it's possible so that you take the time to do everything in your power to make sure yours is accepted.
Secured loans come with risks
Unsecured loans don't have any collateral behind them. For example, credit cards are short-term unsecured loans. They're not backed by anything, but they're given out based on your credit history and income. That's also part of the reason the interest rates are so high if you don't pay. Lenders can't take collateral, so they try to extract more money.
Gander Mountain gets ready for bankruptcy
Gander Mountain got its start in Wisconsin. Back then, it was just based out of a small town, and it was a catalogue company, allowing people to order what they wanted and have it shipped to them. This was long before the Internet era, in the 60s, and the company thrived.
