Many people in the Tampa, Clearwater and St. Petersburg areas have asked lately whether or not they can discharge student loans.  YES! YOU CAN! But only some…and maybe.  Read on…..

As far as student loans are considered, we can determine whether you qualify to have your student loans discharged for one of several reasons:

  • You die or become totally and permanently disabled
  • Your school closed before you could complete your program.
  • For FFELSM and Direct Stafford Loans only: Your school owes your lender a refund, forged your signature on a promissory note, or certified your loan even though you didn’t have the ability to benefit from the coursework.
  • You work in certain designated public school service professions (including teaching in a low-income school).
  • You file for bankruptcy. (This cancellation is rare and occurs only if a bankruptcy court rules that repayment would cause undue hardship.)

If you have other debt, a portion of your student loans could be discharged in bankruptcy depending on whether your loans were federally or privately funded.  If they were privately funded, we can determine what amounts were for “qualified higher education expenses”.  Anything above what is considered qualified higher education expenses stands a good chance of being discharged along with your credit card debt, medical debt and other general unsecured debts.  If the loans were only for qualified higher education expenses and/or funded federally we would not be able to discharge your student loans.

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While most tax debts cannot be discharged in either a Chapter 7 or a Chapter 13 bankruptcy, it is possible to discharge some IRS tax debts.  We offer our clients a Tax Dischargeability Analysis, in which we can look at the specifics of your case to determine whether or not your debts do qualify to be discharged.
There are several rules with tax dischargeabaility:
(1) 3 year rule: the tax return must have been originally due at least 3 years before filing  Extensions and Amendments change this time frame.
(2) 240 day rule: Also, tax debts cannot be discharged if they’ve been assessed within 240 days of filing for bankruptcy.  The 240 day period is extended in several circumstances.
(3) 2 year rule: The tax returns must have also been filed on time or at least 2 years before the bankruptcy has been filed.
(4) No Fraud or evasion rule: There must also not have been any willful attempt to evade or defraud in payment of taxes.
Federal tax liens cannot be discharged.

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Tax Refund Checks and Filing Tax Extensions

April 15, 2010

Today is April 15th and you should have either filed your taxes or filed an extension to be able to file before October 15, 2010. For those of you with excessive creditors or who are facing foreclosure on your home, you may be (or should be) contemplating filing for bankruptcy. Instead of paying [...]

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Bankruptcy Trustee’s in Florida Need Your Tax Returns

March 8, 2010

Many debtors have a difficult time locating their tax returns, which always causes delay in filing your bankruptcy. All information must be complete before you Florida Bankruptcy Attorney can file on your behalf. You must have filed tax returns in order to file bankruptcy in Tampa or Orlando Florida. For those who [...]

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Filing Bankruptcy Can Save Your Home in Florida?

March 8, 2010

Like many others in Florida, we are all facing economic hardships caused by high credit card debt, loss of job, medical bills – I could go on. Most of these problems are not your fault, but you may have fallen behind in paying your mortgage payments. Bankruptcy can help solve all of [...]

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Orlando Bankruptcy Attorney Explains 341 Hearings in Middle District (Jacksonville, Ocala, Tampa, Orlando, and Ft. Myers)

March 8, 2010

Florida 341 Bankruptcy Hearings in Tampa and Orlando Can be summed up in 35 words or less.
The hearing is very short, it’s not in court, the judge is not there and you can wear whatever you want. Make sure you bring your driver’s license and social security card.
The Basics of 341 [...]

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Credit Counseling

March 7, 2010

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 mandated debtors who file for bankruptcy protection to complete an approved credit counseling program within 180 days before they file. Debtors must also complete a debtor education course after filing, but before discharge, to have their debts discharged.
Pre-Bankruptcy Credit Counseling Course
Only pre-approved [...]

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Orlando Attorney Comments on Lien Stripping; Eliminating Second or Third Mortgages

February 27, 2010

How would you like to get rid of that pesky second mortgage (2nd Mortgage) on your house and still keep your house?
It’s quite possible, keep reading…

**** You could potentially, file Chapter 13 Bankruptcy to eliminate all your credit card debt, reduce your car payments, cure the arrears on the first mortgage, and now [...]

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Tampa Bankruptcy Attorney Explains How To Reduce Debt Without Bankruptcy

February 27, 2010

Florida’s economy has been hit hard. There’s no doubt about it and it doesn’t matter wehther you live in Tampa, Orlando or Miami. Florida’s unemployment rate, as reported by the Bureau of Labor Statistics, has jumped to 11.8 percent as of December 2009. Compare this to only 4.8 just 2 years ago [...]

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A Florida Bankruptcy Attorney in Tampa Explains How Bankruptcy Stops Florida Foreclosures

February 24, 2010

There are good Tampa Florida foreclosure defense firms that can help you fight against your foreclosure in any Florida County and give you the time you need to get a loan modification, short sale, or deed in lieu of foreclosure. However, filing for bankruptcy in Florida should always be a viable option during your [...]

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