In an article titled "Millennials get woke to economic woes" Dave Lee of The Los Angeles Times examines how the COVID-19 pandemic is hitting Millennials particularly hard, economically. The pandemic tends to affect those of older generations more harshly. Millennials are forced to shoulder the economic burden by not working during their peak earning years. These are years where they are trying to climb the financial income ladder and many have entry level jobs. Additionally, Millennials have some of the [...]
Status Of Debt Payments Does Not Affect Bankruptcy Eligibility I get asked this question often. People think the gateway to bankruptcy relief requires being delinquent on payments. There is no such requirement. You can file bankruptcy if your credit score is 900 and never missed a payment in your life. The truth is: If you wait until you are missing payments, you are probably waiting too long to file bankruptcy. Why do I say that? Because if you are eligible [...]
Credit card and student loan payments do not factor in to Chapter 7 eligibility. It seems not a day goes by that I'm not trying to explain to a potential client why their payments to debts owed to unsecured creditors do not count in their budget in determining eligibility to file for Chapter 7 liquidation relief of the Bankruptcy Code. They certainly aren't an allowed expense on the dreaded "means test", which uses specific expenses allowed by the IRS. But [...]
The bankruptcy of one party does not affect the liability of another party, whether they be a co-signer or co-obligor on the debts. Bankruptcy discharges the obligation to pay on a debt; it does not eliminate the debt itself.
You can still get rid of credit card debt and certain taxes in Chapter 7 bankruptcy cases
credit cards cause interest rates?