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April 2016 Archives

Credit access challenges shouldn't necessarily be a reason not to pursue bankruptcy, P.2

In our last post, we began looking at the use of credit and what one can do to help improve one's credit health following a bankruptcy filing. As we noted, giving up credit will not help improve one's credit score since credit use frequency is among the factors used to calculate credit score. A better strategy is to make cautious but strategic use of credit to quickly improve one's credit score.

Credit access challenges shouldn't necessarily be a reason not to pursue bankruptcy, P.1

Access to credit is essential for most people who make big purchases, and bankruptcy can throw a wrench into a debtor's access to credit. To be clear, bankruptcy may be a very wise course of action under the circumstances and its negative impact on credit access may not outweigh its benefits, but it is still important to understand that rebuilding credit health after bankruptcy

Bankruptcy case looks at issue of discharge for private high school education, P.2

Last time, we began looking at an out-of-state case which raises the question of whether student loans incurred to pay for private high school tuition may be discharged in bankruptcy. In this case, the lender is arguing that the undue hardship requirement applies to the student loan debt because it falls in a third category of debts: those incurred for an "educational benefit."

Bankruptcy case looks at issue of discharge for private high school education, P.1

We have previously looking on this blog at the requirements for student loan debt to be discharged in bankruptcy. As we noted, it is very difficult for a debtor to meet the requirements for discharge, and it is generally the case that most debtors will not be able to discharge these student loan debt.

Medical debt and bankruptcy: looking at the connection, P.2

Last time, we began looking at recent information gleaned from a poll conducted in Florida regarding the connection between medical debt, financial difficulties and bankruptcy. As we noted, even those with health insurance are not protected from financial hardship caused by medical debt and we know that bankruptcy is among the most common forms of debt cited in bankruptcy filings.

Medical debt and bankruptcy: looking at the connection, P.1

Medical care is considered a necessity, a basic cost of living, in the same way that food, clothing and shelter are consider basic needs. Unfortunately, medical care can be very costly, especially those who are still without insurance or who have high premiums and high deductibles. As many Americans have learned from difficult experience, though, even insurance doesn't guarantee protection against financial ruin induced by medical bills.

Looking at the relationship between receivership and bankruptcy

In our last post, we mentioned the ongoing bankruptcy troubles of Milwaukee businessman Robert Kraft. As we noted, Kraft has filed for Chapter 11 bankruptcy--and, more recently, personal bankruptcy--and his Chapter 11 filing came after one of his companies was placed in receivership.

Milwaukee businessman deep in bankruptcy process

Wisconsin readers who keep track of business news may have heard that Robert Kraft, former CEO of the now out-of-operation First Edge Solutions Inc. and World Marketing Holdings LLC, filed for personal bankruptcy earlier this month. Kraft's filing, which was made under Chapter 7 of the bankruptcy code, comes little more than half a year after he filed a Chapter 11 case for World Marketing.

Student loan debt and the undue hardship requirement, P.3

We've been looking in recent posts about the issue of discharging student loan debt in bankruptcy. We've already spoken briefly about how courts determine whether undue hardship is appropriate. Generally speaking, as we've noted, it is very difficult for a bankrupt graduate to satisfy the undue hardship standard.

Student loan debt and the undue hardship requirement, P.2

In our last post, we looked briefly at the undue hardship test used in bankruptcy courts to determine whether debtor is able to have his or her student loans discharged. As we pointed out, a debtor must be able to show three things: (1) inability to maintain a minimal standard of living (2) for a substantial portion of the loan repayment period, (3) despite good faith efforts to repay the loan.

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