New income and expenses figures are now available for bankruptcy Means Test calculations, effective May 1, 2012. In New York, median incomes and expenses are generally up. Under the means test, a debtor's household income for the previous six months is compared with...
The one thing everyone knows about bankruptcy is that student loans are not discharged. Prior to 2005, non-dischargeable student loans were loans guaranteed by the government or provided by not-for-profit educational institutions. But as part of the changes made to...
Elizabeth Warren, a Harvard Law School bankruptcy professor tapped by President Obama to chair the committee organizing the new Consumer Financial Protection Bureau (see, Dana Milbank article Sept. 16, 2010, by Bradly Dennis), has come under fire from Republicans in...
Sallie Mae, the student loan servicing organization, provides more than just government-insured loans. The "Career Training Loan" administered by Sallie Mae Bank, is, according to their website, "a private, credit-based student loan for technical training or trade...
Section 707(b) allows a Chapter 7 bankruptcy case to be dismissed as an abuse. Section 707(b)(2) allows a case to be dismissed if the debtor fails the "means test"; that is, if the debtor's income over the previous six months exceeds the expenses allowed by the IRS...