Definition of bankruptcy

Student loan debt has skyrocketed past credit card debt in the United States. Mortgage debt is the only debt category with a higher amount owed compared to student loan debt. According to one source, over 44 million individuals owe a combined $1.5 trillion in student loan debt. Graduates in 2017 owed an average of $40,000 in student loans. Most students spend over 19 years paying off loans they received for their college education. Sadly, almost 40 percent of borrowers are expected to default on their student loans by 2023. When you consider that most student loan debt is not dischargeable in a bankruptcy case, it is difficult to comprehend what a borrower should do if he or she cannot afford student loan payments. Discharging Student Loans in a Chapter 7 Bankruptcy Case While most student loans are not eligible for a bankruptcy discharge, some debtors may qualify for a discharge of student loans. However, debtors must meet strict eligibility requirements to discharge student ...

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It’s safe to say that no one wants to file for bankruptcy. Deciding it’s something you must do is incredibly painful, humbling and embarrassing. Often the hardest part is committing to retaining a bankruptcy attorney and the recovery or financial healing process. From what I have seen, the most common causes of financial hardship is the loss of a job, divorce, death of a spouse or being sued. Rarely has someone retained me and filed because of medical bills. Doctors almost never sue you to collect, credit cards companies sue often. Once a debtor realizes and decides they must file bankruptcy, they consult with Mr. Turner. Afterward, they express relief and are confident the decision is the right one. They understand bankruptcy is not “the end,” but rather the beginning. The beginning of financial recovery, reduced stress a fresh financial start for the debtor and their family, a much needed and well deserved second chance. The financial and emotional healing has begun, the e...

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The definition of bankruptcy is the legal status of a person or other entity that cannot repay it’s debts and files a bankruptcy petition with the appropriate Court requesting the debt be discharged. In Florida, thousands of debtors file for bankruptcy every month. For most it is a measure of last resort. Many debtors try for years to pay their debt before succumbing to the realization that it virtually impossible. A recent trend is that older debtors are beginning to file bankruptcy with more frequency. The rate is more than double what it was in the early 1990’s. The rate of debtors over the age of 65 filing for bankruptcy increased over 200% from 1991 to present. This increase is caused in part by the medical bills as well as the lower incomes they receive and the nationwide decline in pension, retirement pay and interest rate earned on money saved or the death of a spouse. Many resort to living with their children or doing without necessities to pay their bills. Medicare d...