The Navient settlement today reflects a broad shift in the understanding of higher education debts that can be summarily discharged in bankruptcy. The case is Homaidan v. Sallie Mae Inc., Bankr. E.D.N.Y., No. 17-01085, motion filed 7/21/23. If you are considering bankruptcy to fix your finances, make sure to get…
Parent Plus loan borrowers and grad loan borrowers have received the short stick for all the recent announcements post the Supreme Court decision on student loan forgiveness. The new bankruptcy rule will allow debtors to create a Chapter 13 Plan to easily provide IDR credit: Changes: We have revised §685.209(k)(4)(iv)(K)…
Can I do All This Myself or Do I Need an Attorney? Yes, dealing with your debt is something you can do yourself. But like anything, sometimes it is better to hire someone who does this day in and day out. Particularly if you have a lot of debt or…
Basically, a Rule 2004 exam is just like any other deposition. In every bankruptcy case, a 341 creditors meeting is set approximately five weeks after a bankruptcy petition is filed. A 341 examination is usually short (about 15 minutes on average) and viewed as the only opportunity for a creditor,…
We received this inquiry today from a fellow bankruptcy attorney: I have a client who had a Chapter 13, which due to it being a 100% plan, ended off paying off the Proof of Claim Amount at 100% in the bankruptcy. Years later, (Insert Private Student Loan Company Here) is…
The FHA Covid-19 Forbearances allow for reduced or suspended payments without specific terms of repayment, for six months at a time, up to 18 months. Deadline for applications was May 11, 2023. The end of the health emergency is now over. If you’ve lost your income, job change or divorce…
The United States Trustee Program (USTP) has resumed audits of individual chapter 7 and chapter 13 bankruptcy cases under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 on March 13 ,2023. What does this mean if your case is selected? The USTP contracts with independent firms, utilizing certified…
A bankruptcy claims trading platform called Xclaim just closed a $7 million fund raising round after adding a focus toward crypto claims. If you have funds stuck in one of several centralized crypto related companies which filed bankruptcy last year, this may be of interest to you. I have no…
“It is now time”, states Judge Klein who is charting a path for discharging student loans without being reversed. For years, bankruptcy judges were wary of ruling in favor of debtors who asked for a discharge of federal student loan debt. In part, because those Judges knew their rulings would…
One of the little known facts in a Chapter 13 bankruptcy, is that someone can repay a vehicle loan using the Till rate of interest rather than contract rate, as well as value the vehicle at it’s current market value. That can be important if the vehicle is “underwater” and…