i currently have a loan that went to court through Sallie Mae, the loan was from 2005-2007. since that time frame they have sued me and won, is it possible to declare bankruptcy? i also live in michigan, so any information that would be helpful for this state.
Country relating to Question: United States
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.
Michigan bankruptcy law follows the Federal bankruptcy code, in terms of a student loan debt, it can only be discharged in a bankruptcy if you have a severe or undue hardship that makes it impossible for you to pay it.
For example, if you have a Disability, that you no longer can work, that would be a hardship.
However, if sallie mae is trying to garnish your Wages, or freeze your accounts, a bankruptcy filing would stop their collection activities, and and allow you to discharge all your other debts, in a chapter 7 case.
if i declared bankruptucy would i be able to retrive a repossed vechile?
Filing for Bankruptcy Protection creates an "automatic stay" that prevents creditors from proceeding with any collection action on debts owed by the bankruptcy petitioner. Even though your vehicle had already been seized for enforcement of a judgment, the automatic stay enacted by the court has stopped the creditor from proceeding with an auction of the property, as would normally happen after seizure. Until the automatic stay is lifted, the creditor cannot sell the vehicle.
10 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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