Thomas F. Miles, Attorney and Counselor at Law
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June 2015 Archives

Case focused on student loans in personal bankruptcy

Most California consumers are aware that it is very difficult to have student loan debt discharged during bankruptcy. The U.S.Bankrupcy Code requires an individual who wishes to include student loans within personal bankruptcy to meet three standards, and the courts have a great deal of leeway when it comes to interpreting how those standards are met. In a recent case, a disabled woman with virtually no income was unsuccessful in having her student loan debt discharged, and her case is illustrative of the difficulty that many others face.

Tips for handling unmanageable debt

When an individual's level of debt has passed his or her ability to pay, a high level of stress and anxiety kicks in. Often, debt grows over time, and many people are unaware just how serious the situation has become until something triggers a closer look. Once unmanageable debt is in place, it can be very difficult to regain control over one's finances. The following suggestions may offer assistance to some in California who are trying to gain the upper hand on mounting debt.

Can consolidation help with unmanageable debt?

For many California consumers, a financial turning point comes with the realization that there is simply no way to gain control over one's current volume of debt. Unmanageable debt can be stealthy, as it builds in increments. People simply live their lives and find a way to make ends meet every month, until one day it dawns on them that continuing on that path is simply not possible.

After recent ruling, Chapter 13 still best option for many

For California homeowners who are struggling under insurmountable debt, bankruptcy offers a real solution. That said, knowing which type of bankruptcy to file can be a challenge. Many consumers pursue Chapter 7 bankruptcy, due to the fact that it can lead to the discharge of many types of consumer debt. After a recent Supreme Court ruling, however, some will find that Chapter 13 offers a better fit for their financial needs.

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