i have a dept with salie mae. also would it take away a year of taxes or more. also can i have problems with assets during and after the process
(1) You cannot maintain, based on current income and expenses, a minimal standard of living for the debtor and dependents if forced to pay off student loans;
(2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans;
(3) You have made good faith efforts to repay the loans.
Re taxes, there are timing requirements that are difficult to assess. Basically, a tax must be at least three years past its original due date or 240 days past its assessment date, if beyond the three years but later assessed.
Re assets, if they are valuable and you can provide an exemption under VA law, then you can keep them -- otherwise, the trustee will sell them to pay your unsecured creditors. Here is a link to a list of bankruptcy exemptions for the VA jurisdiction. Review them and see if you can fit your assets within the scope of the laws.
If you have a specific question, let me know.
Hope this helps.
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