Articles

The 7 requirements for a loan to be a “qualified education loan” to be non-dischargeable in bankruptcy:

In order for a “student loan” to be non-dischargeable in bankruptcy, it must meet the following 7 requirements to be a “qualified education loan”: 1) The loan must have been incurred by an individual borrower. Loans incurred on behalf of a business or other organization do not meet this requirement.

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Some Student Loans ARE Dischargeable in Bankruptcy

While most student loans cannot be discharged in bankruptcy without meeting a very high standard of “undue hardship”, there are some exceptions that may make a student loan dischargeable in bankruptcy.

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The “Undue Hardship” Test for a Student Loan to be Dischargeable in Bankruptcy

The Bankruptcy Code allows student loan to be discharged if preventing the discharge would impose an “undue hardship” on the borrower or the borrower’s dependents. Although this is often an extremely difficult standard to meet, it is important to understand what the court will consider in your case. In California, courts apply what is called the “Brunner Test” to determine …

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Debt Relief Options: Short Sales in San Diego

When faced with the prospect of foreclosure, another debt relief option is short sale. One of those options is called short sale. A short sale is when a property sells for less than the balance owing on the mortgage. A short sale transaction is typically more advantageous than foreclosure for both the homeowner and lender, as the property will most …

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Debt Relief Options: Foreclosure in San Diego

Foreclosure occurs when the lender forces the sale of a home that was used as collateral to secure a mortgage loan that the debtor can no longer re-pay. Home foreclosure a very stressful financial situation and unfortunately an all to familiar debt relief option. Fortunately, under California law there is anti-deficiency protection for loans that forecloses in many cases. This …

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Anti-Loan Deficiency Protection In San Diego

A loan deficiency occurs when the amount owed on a loan is greater than the value of the property. This is problematic because when a house sells (either through foreclosure or short sale), money received from that sale will not be enough to satisfy the total amount of the loan. In many cases, the lender can file a lawsuit against …

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Suburban

Tax Liability under Mortgage Forgiveness Act of 2007, California

Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act enacted by the Congress in 2007, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. Keep in …

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Available Options When Mortgage is in Default

When a homeowner is no longer able to continue to make mortgage payments to the lender, the homeowner should explore several available options before the lender begins the foreclosure process, i.e. short sale, deed in lieu of foreclosure, loan modification, and bankruptcy. When considering these options, every homeowner should be primarily concerned with the following 2 liabilities:

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Is LegalZoom Worth the Cost Savings?

A popular website called LegalZoom advertises top quality legal documents without paying top dollar. The truth is LegalZoom will provide quality documents, but it may not be accurate. LegalZoon will ask a few key questions and then provide the correlating legal document. The problem is you can’t be sure that the document you get will be best suited for your …

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What Happens After a Judgment Is Entered in California?

Once a judgment is entered, a creditor does not automatically have the right to come over and seize your property. Instead, the judgment must be enforced through lien execution, wage garnishment, or account levy. If a creditor establishes a lien on your real property (land or house), they will have an interest or right to this property if you do …

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