I have a friend in FL that is filing bankruptcy. I thought they passes a law a few years ago that stated you could not include credit card debt in bk. Is that true? they are telling me that you can include credit card debt.
Yes you can... but because the BK laws have changed, it will probably start at a Chapter 13 instead of a 7. in a 13, the debt might be reduced, but have to be paid back. All consumer debt can be included in any BK.
You can. it is a debt.
Yes, you can include CC debt. About the only things you cannot include are child support and student loans. (and any other money you might owe the government).
You not only can she but she MUST declare all of the debts in the bankrutcy. Knowingly leaving a debt off of her bankruptcy might cause it to be dismissed if they found out and they feel it was done to show preference to that creditor.
Now depending on her situation she may not be allowed a Chapter 7 but be moved into a Chapter 13 bankrutpcy. in a Chapter 13 they set up a payment plan to settle the debts.
When she talks to a lawyer they will walk her through the means test to determine which Bankruptcy chapter she can file for.
If they are in the Uk then yes cards can be included I know this as just helped my ex through the process, USA I wouldn't be sure but they are seen here like all debt that is not linked to property or assured by another,
Can you include credit card debt in a bankruptcy?
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The more I’ve been thinking about Q6 the more I want to look at it from purely financial standpoint. Not for Kate’s specific situation, but as an example of the situation people put themselves in with poor planning and taking on student loans then make other life choices.
Are loans haraam? :S
No. Cos you pay them back.
No student loan is not haraam..and many people (muslims) take them.
Shariq : I said AND many people take them. I never said that just cos people take loans that she should take them aswell. I just informed her that many muslims take student loans.
Latest Consumer Debt Auctions
The potential for losses on federal direct and guaranteed loans (such as student loans) is another material fisc...
Coming out of the 1982 recession, consumer debt *doubled* in the 1983-1989 period, rising from $1.6T to $3.2T.
CONSUMER DEBT CONSOLIDATION – AT YOUR SERVICE ALWAYS: Consumer Debt Consolidation – at Your Service Always Consu...
Lawyer here. I hate people who double major and then complain about student loans.
Debt can be fine as long as it is investment debt and not consumer debt. If you are investing in yourself (student loans), in a company, in real estate, or even in stocks, a little debt is fine. The government even agrees with me because they make this kind of debt tax deductible (one of the few areas the government and I agree).
hmmm well I don't know about this one. Most colleges do not give out federal backed loans (which are what student loans are).
They do however like to give out short term emeregency loans to students who apply. I would think that the collection agency is lying to you. really what you gotta do is find a lawyer if you want to contest this.. probably your bankruptcy lawyer.
Consumer Debt Shrinking, Federal Employees’ Security Clearance Remains at Risk
0% consumer debt..credit cards are evil!
How To Get Student Loans | College Parents Guide To The 8 Types Of Student Loans
Yeah, I'm 21 and have a job that pays $9/hour and living off undergraduate student loans otherwise....it's not a possibility at this point in my life.
I paid for MIT through scholarships and grants. I took out a little in student loans to help, and I had a little in savings. The vast majority of the cost was covered by a scholarship and federal grants though.
Coalescence, certainly no mater whatever we are usually talking about, means the actual pairing regarding many pieces inside the a person, as well as consumer debt is obviously your owing about cash.
The problem with the economy is collapsing demand. Crushing consumer debt and the bursting of the housing bubble mean that we’re unlikely to see the uptick we need anytime soon.
Come on, Deferment of student loans forever? Come on now, that is ridicules and irresponsible.
smith-The Death of Demand: The Post-Consumer Debt Economy #spendshift
That's awesome. I hope I can feel the same accomplishment in regards to my student loans too.
Lmfao ohhh! RT @Quaninski lmao isn't that student loans!!!!
- Pay yourself. If you have any consumer debt (credit cards, auto loans) or student loans, you get a “guaranteed return” of whatever the interest rate on the debt is.