Month: September 2010

Bankruptcy Petition – Things To Keep In Mind Before Filing For Bankruptcy

A bankruptcy petition is the application which a debtor submits in court to declare bankruptcy. Once the bankruptcy petition is approved by the court, then the proceedings to repay the debt officially starts. This document is very important as it not only starts the repayment proceedings, but also prevents any creditor to file a lawsuit against the person filing for bankruptcy.

Bankruptcy and Student Loans – Ways to Get Rid of Student Loans

Before taking out a student loan, it is important to know that no matter what, you do have to pay it back. There are some exceptions under chapter 7 bankruptcy and student loan can be discharged then but it is extremely rare. Under chapter 13 bankruptcy, student loans can be repaid by working out a repayment plan. But the best way, is to talk with your lender and come up with a solution beneficial to both the parties.