Can Student Loans Be Discharged In Bankruptcy? It is possible to include student loan debt in your bankruptcy filing and get it approved by the court if you can prove undue hardship. While most student loans are not automatically discharged in bankruptcy, engaging a skilled Honolulu debt relief attorneys can increase your chances of having your student debt forgiven....
Continue Reading2 Years to 720 Credit Score After Filing For Bankruptcy Filing for bankruptcy can be a challenging decision, but it can also be a fresh start. However, it’s crucial to comprehend how bankruptcy will impact your credit score. This is where our Honolulu debt relief law firm, Blake Goodman, P.C. can help you understand the nuances. One question we hear...
Continue ReadingWhat to Expect at a Consultation with a Maui Bankruptcy Attorney Before your attorney can advise you on debt relief options, they need to know about your financial situation. The bankruptcy consultation gives you the chance to share your financial information and explain what led you to seek bankruptcy. A consultation also lets you meet with a Maui bankruptcy...
Continue ReadingIf your debt has been forgiven, you may be wondering if or how it impacts your tax obligations. The IRS considers any cancellation of debt as ordinary, taxable income. Although forgiveness of debt on a Form 1099 comes with tax consequences, there are some exceptions and exclusions. Today, we will take a look at debt forgiveness income and its...
Continue ReadingBankruptcy is a powerful tool for improving your spot in life. If you’re struggling to pay your bills, exhausting your savings, and dodging collection calls day and night, you might have options. For the right individual, there can be several advantages to filing bankruptcy in Hawaii. This can help eliminate the amount you owe and give you a fresh...
Continue ReadingIn 1967, the Hawaii State Legislature made “for-profit” debt settlement illegal in Hawaii. The legislature explained that prohibition is the only feasible way to control the abuses of debt settlors. A usual sequence of events is that either the creditors, or some of them, fail to accept the plan or the debtor finds it impossible to live with; and...
Continue ReadingWhat Can Happen If I Fall Behind on Debt? If you fall behind on a debt, the creditor has several options to collect: They can engage in its own collection efforts Enlist a third party to collect on its behalf, or Sell the debt to a debt buyer who would then step into the shoes of the original creditor....
Continue ReadingBankruptcy Can Give Debtors a Fresh Start It’s always in the back of our client’s minds on the eve of filing bankruptcy. What sort of interest rates will I get when applying for a future car loan? Will I ever qualify for that home loan? Are credit cards going to be beyond my reach for the next 10 years? These...
Continue ReadingCreditors have a variety of methods at their disposal to collect debts in the form of levies, liens, and garnishments. These processes can leave debtors feeling like unprotected divers swimming in a sea of sharks! Thankfully, the bankruptcy code offers a proverbial shark cage to protect debtors and their property in the form of an automatic stay. It’s this protection...
Continue ReadingDebt Personal User Personal interest rates for consumers are very low right now. This provides an incentive for all of us, in an attempt to achieve a cheaper interest rate and lower total charge, to take advantage of refinancing our personal loan debt. The phrases debt restructuring and debt consolidation used interchangeably are common to hear, but they are...
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