Current Bankruptcy News

 

Student Loans vs. SBA Loans: Why the Bankruptcy Double Standard?

Posted by Jeffrey Butwinick | May 09, 2023 | 0 Comments

Those who believe that student loan debts should not be discharged in bankruptcy often argue that it is unfair to taxpayers. They argue that taxpayers should not have to pay for the debts of others, especially when those debts were incurred voluntarily. However, this argument does not hold up when it comes to SBA loans. SBA loans are also government-backed loans, and they can also be discharged in bankruptcy. So, if it is okay for taxpayers to pay for the debts of SBA borrowers, why is it not okay for taxpayers to pay for the debts of student loan borrowers?

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Student Loans: The New American Nightmare....

Posted by Jeffrey Butwinick | May 05, 2023 | 0 Comments

The Department of Education recently issued new guidance that makes it easier for borrowers to discharge their student loans in bankruptcy. The guidance sets forth a new process for borrowers to apply for bankruptcy discharge, and it provides more flexibility for borrowers to receive a bankruptcy discharge of their student loans.

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**Filing for Bankruptcy: A Fresh Start**

Posted by Jeffrey Butwinick | Apr 20, 2023 | 0 Comments

If you're struggling with debt, you're not alone. Millions of Americans are in the same boat. And while there are many different ways to deal with debt, filing for bankruptcy can be a great option for some people. Bankruptcy is a legal process that allows you to get out of debt. When you file fo...

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United States Department of Education and the Department of Justice issued new guidelines on November 17, 2022 regarding the discharge of student loans in bankruptcy.

Posted by Jeffrey Butwinick | Mar 30, 2023 | 0 Comments

To discharge student loans in bankruptcy under the new guidelines, borrowers must first file an adversary proceeding in bankruptcy court. The adversary proceeding is a lawsuit filed against the lender or servicer of the student loans. In the adversary proceeding, the borrower must prove that repa...

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How does bankruptcy impact your credit score?

Posted by Jeffrey Butwinick | Mar 14, 2023 | 0 Comments

Bankruptcy is a tradeoff. It typically wipes away debt that you can't afford to pay, but it tells the world that you're a credit risk. The bankruptcy may be noted on your credit report for 7 to 10 years, but it doesn't  impact your ability to obtain credit that entire time. For example, many peop...

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Bankruptcy & Your Credit Score

Posted by Jeffrey Butwinick | Mar 14, 2023 | 0 Comments

Bankruptcy is a tradeoff. It typically wipes away debt that you can't afford to pay, but it tells the world that you're a credit risk. The bankruptcy may be noted on your credit report for 7 to 10 years, but it doesn't  impact your ability to obtain credit that entire time. For example, many peop...

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Can you keep your car in a bankruptcy?

Posted by Jeffrey Butwinick | Feb 28, 2023 | 0 Comments

Yes, you can keep your car! Or even buy a new one!People often ask what will happen to their car if they file for bankruptcy. The answer depends on what type of bankruptcy they choose to file, as well as their personal situation. If a debtor chooses to file for chapter 7, and if there is no lien ...

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Bankruptcy Filings Increase in January

Posted by Jeffrey Butwinick | Feb 23, 2023 | 0 Comments

According to Epiq Bankruptcy, compared to December 2022, every new filing chapter except Chapter 12 increased.  Epiq Bankruptcy is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations, and is the leading provider of U.S. bankruptcy filing...

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