A recent report from the Milwaukee Journal-Sentinel Online describes a potential complication that might arise during a bankruptcy filing. Here’s a look at what happened and what it might mean for other filers.

Your Records in Chapter 13 Bankruptcy

When you file for Chapter 13 bankruptcy, you’re agreeing to the following:

• Committing to a repayment plan that lasts three to five years and satisfies part or all of your secured debt
• Completing two courses (the pre-filing credit counseling briefing and the pre-discharge debtor education course) designed to help you improve your relationship with money and credit
• Making public your records of debts and payments

It’s the last item on this list that has proved problematic. In th

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My question of the week comes from a client who wanted to know if private student loans he owed on were discharged in a bankruptcy case he filed in 2002.

For bankruptcy cases filed PRIOR TO October 17, 2005, if the PROGRAM under which a student loan was issued, insured, administered was a FOR-profit, PRIVATE (non-government) entity, the loan/debt may have been discharged. However, if the program itself, such as LAL, GSL, etc. received nonprofit funding by participation of nonprofit entities, the loan is not dischargeable in bankruptcy.

To see a ninth circuit case which examines the private vs.

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Chapter 7 Bankruptcy is a “liquidation” of your personal assets to pay your debt. Chapter 7 Bankruptcy is the most popular, quickest and least expensive type of bankruptcy. Chapter 7 Bankruptcy is available to individuals, corporations, married couples and partnerships. Under Chapter 7 Bankruptcy, a trustee is appointed by the bankruptcy court and this trustee is responsible for selling your non-exempt personal assets to pay your creditors.

Beginning in 2005, the bankruptcy laws were updated to include a means test to determine if an individual could file Chapter 7 Bankruptcy. The

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As America closes out 2009 with roughly 1.4 million bankruptcy filings, a new survey reveals the possible economic factors behind the surge.

Respondents were asked to select which economic factor forced them to consider bankruptcy, and how many people they know who had also considered bankruptcy in the past year.