Bankruptcy, Foreclosure & Loan Modification Posts in February, 2017

Can Student Loan Debt Be Discharged in Bankruptcy?

Student debt cannot easily be discharged through bankruptcy like other types of debt, such as credit card and medical debt. This is because of 1970s legislation that arose over fears of federal student loan borrowers taking advantage of their ability to discharge their debt through bankruptcy. The legislation was extended to include private student loans in 2005. Now, individuals with substantial amounts of student debt often feel trapped by their debt because of the assumption that it cannot be discharged through bankruptcy....
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Should Illinois Cities be Permitted to File for Bankruptcy?

Many Illinois cities are facing financial difficulties that can potentially be resolved through bankruptcy. According to the policy nonprofit Manhattan Institute, this is exactly what needs to happen. When a municipality is unable to pay back its debt, it may file for Chapter 9 bankruptcy, which allows certain contracts to be broken so the intervening trustee can reallocate money to help the municipality repay its debt....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com