Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).