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I have a lot of debt including about $24000 in credit card…

I have a lot of...
I have a lot of debt including about $24000 in credit card debt, $9000 for my car loan, $20,000 in medical expenses about $138,000 in student loans. I also have my home which is about $81000. My son had an AVM Aneurysm in 2016 and was supposed to die. He has worked hard but he is disabled now and drives a power chair. He is ventilator dependent at night and when he is sick. I am a single mom because I used a donor to conceive my son. I am the only source of income coming in. The amount I make does not even cover the more than the house, the car, car insurance, household bills and the household bills like gas/electric $285 a month, garbage, water/sewer. I am in way over my head. I read on the internet that there may be a way to have my student loans forgiven or removed if I file bankuruptcy? Is it possiblie for my student loans forgiven or whatever it is called due to the extremely high amounts which will lead to extremely large payments considering that I have a disabled child and the monthly payment may be more than my monthly income ? Is that true? Would I be able to have my credit cards forgiven too? Would I be able to keep my house and car? There is no equity in either.
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Answered in 11 minutes by:
7/17/2018
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,987
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified

hi and thanks for your question. Student loans are generally non-dischargeable in bankruptcy. They have income driven repayment plans, where the less you make, the less you pay, even down to $0. You should look into that first. Bankruptcy will definitely clear the medical, credit card and other consumer debt. if you want to keep the car, you will need to pay the balance owed (called a reaffirmation -keep payments as they are) or pay the fair market value (what the car is worth - called a redemption - lump sum, there are agencies who would lend this amount).

Student loans can be found to be dischargeable in some instances. The caselaw is called In RE Brunner if you want to google it. Basically, you have to prove that they are an undue hardship. To do this under that caselaw, you must show you have paid them in the past, that you have no current ability to pay, and finally, that you have no future ability to pay. The courts may entertain ordering a discharge if the situation is truly dire based on the facts. They often will order an income driven plan as well, and will look to see if you took advantage of one that may be available too. You would need to keep the mortgage payments if you wish to keep the home, you aren't given windfall for the house or car, as the lender's liens still remain on the collateral, and the code allows them to take the asset back if you don't pay.

Your facts have some strength if you bring an adversary to discharge the student loans, so it would be best to meet with a local bankruptcy attorney to review the case and get you set up on the best plan of attack to discharge as much of this debt as possible. Thanks, ***** ***** know if you have any other questions. thanks

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Customer reply replied 1 month ago
how can I find a good bankruptcy lawyer near me in Kalamazoo, mi that doesnt cost an arm and a leg? I really dont have much money.
Customer reply replied 1 month ago
Where would I find a good bankrupsy attorney that wont cost me an arm and a leg that has knowledge in this field since it is kind of rare?
Customer reply replied 1 month ago
Just to clarify, my disabled son is 9 years old. I am the sole source of income for both of us.

check with the Better Business bureau, or try Thumbtack. Otherwise google, and shop around and price compare.

It's not really that rare, most bankruptcy attorneys should be able to give you proper advice regarding this matter.

I understand the facts about your son, it will definitely help the adversary to show these high expenses and needs.

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,987
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
Terry L. and 87 other Bankruptcy Law Specialists are ready to help you
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best of luck to you! Feel free to request me with any other questions. thanks! Terry

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