To discharge credit cards, other debt and student loans, do I file a Chapter 7 or Chapter 11?

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To discharge credit cards, other debt and student loans, do I file a Chapter 7 or Chapter 11?

And how do I go about filing?

Asked on October 13, 2012 under Bankruptcy Law, California

Answers:

Timothy Trott / Law office of Timothy J. Trott

Answered 9 years ago | Contributor

Chapter 7 is appropriate for you. Chapter 11 is used primarily for business reorganizations. One difficulty posed by your question is the student loan. These do not get discharged under bankruptcy except in the most extraordinary circumstances. The court has ruled that students have gained a benefit, however small it might be, from the education financed by student loans, and therefore the bankruptcy code renders these loans largely non dischargeable. I wish I had a better answer for you on the student loan, but the law is very strict on these.


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