On Thursday, November 17, 2022, the Justice Department announced new guidelines in coordination with the Department of Education, which may significantly help debtors discharge student loans in bankruptcy. The new guidance aims to make it easier to have federal student loan debt discharged in bankruptcy – a particularly difficult legal process under the previous policy. The move represents the most substantial shift by the federal government on the discharge issue in decades. Read on to learn what these changes to student loans in bankruptcy may mean for you.
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Steps to Take When Preparing for Bankruptcy
If you’re contemplating filing for bankruptcy, there are some essential do’s and don’ts to be aware of. With nearly 20 years as a bankruptcy law firm, we have key insights on the best steps to take. Here is what we recommend when it comes to preparing for bankruptcy.
Frequently Asked Questions About New York Chapter 13 Bankruptcy
If you are feeling overwhelmed with debt, you’re not alone. Most people who come in to see us are not only behind on credit card debts but also falling behind on their rent, mortgage, or car payments. Others are behind on their student loans or owe taxes to the IRS or State. When this is the case people often turn to Chapter 13 bankruptcy for help.
Bankruptcy can be confusing for anyone unfamiliar with what it is or how it works. Dantzman & Dantzman has helped countless individuals and families obtain successful, court-approved Chapter 13 plans. If you’re unsure if this option is right for you, here are answers to 4 common questions about New York Chapter 13 bankruptcy.
Making Sure Chapter 13 Bankruptcies are Successful
Chapter 13 bankruptcy is a type of reorganization bankruptcy, which allows you to consolidate many different types of debts. Dantzman and Dantzman have helped countless individuals and families obtain successful, court-approved Chapter 13 plans. While Chapter 13 is often used as a way to help people keep their homes or cars, Chapter 13 also allows individuals to consolidate debts such as credit cards, loans, medical bills, and even student loans into one convenient monthly payment. Often these types of debts can be paid back at pennies on the dollar. Because there can be many benefits to filing for Chapter 13 bankruptcy, we want to help make sure your case is a success. Here are some practical steps you can take to make sure your Chapter 13 plan is approved.
Can I Keep My Tax Refund After I File For Chapter 13 Bankruptcy?
You may be wondering whether you should file for Chapter 13 bankruptcy or are in the process of deciding to file for Chapter 13 bankruptcy, and now you have some questions about that. What income will I be able to keep? How are secured debts and unsecured debts distinguished? Another question might be, can I keep my tax refunds, can I sell my home while in Chapter 13 after I file? Unfortunately, there is not a cut-and-dry answer to all of these questions. So, we have put together some information to give you a sense of what might happen in a typical case post-bankruptcy filing. Additionally, we touch on what Dantzman & Dantzman may help you do during the process to secure your tax refund after filing for Chapter 13 bankruptcy in New York.
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