CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What you should know about possible changes in bankruptcy for consumers.

Transcription:

I’m attorney Robert Geller and I am a consumer bankruptcy attorney in Florida. Today, I want to talk to you briefly about what you should know about proposed bankruptcy law changes. The changes pertain mostly to people who are considering filing a chapter 7 or chapter 13.

With the new presidential administration and new Congress, there are lots of things being posted online about potential changes. There’s also news that there may be some changes to the bankruptcy laws and people want to know what those changes are and when they might happen.

Let me start by sharing a little bit about my experience with the bankruptcy laws that changed about 15 years ago.

The most important thing to know is that it takes a long time for bankruptcy laws – and most laws – to change. The last time the laws changed, about 15 years ago, the proposed legislation went on for many years before anything happened.

And with everything going on in our country right now with COVID and the stimulus package, I don’t think we should expect that any of our current bankruptcy laws will change that quickly.

But what are the potential changes being proposed?

Potentially they can make student loans dischargeable, meaning that you wouldn’t have to pay them back. Personally, I doubt this will happen completely. I assume there will be certain criteria in place that allows some people to do it some to not do it. In the old days, when I first began filing bankruptcy cases for clients, 30 years ago, student loans were dischargeable, if someone owed for more than seven years. And you were in default for seven years, I think potentially down the road that the student loans might be dischargeable under that scenario.

But now, I don’t think they’re just going to let you file a chapter 7 bankruptcy and discharge your student loans right away. No matter how much people want it, banks and lenders don’t want it.

If you have any questions about filing for bankruptcy, please feel free to reach out and call us right now or feel free to schedule an appointment.

Video Testimonials

Tampa Bankruptcy Law Blog

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

5 Things That Boost Your Credit Score

Your credit score has a major impact on your financial life. You can be a great person with a bad...
Read More

How to Correct Errors on Your Credit Report after Bankruptcy

How do you deal with errors on your credit report after bankruptcy? In a perfect world, you could ignore your...
Read More

Tips for Rebuilding Your Credit after Bankruptcy

One of the primary goals after filing for bankruptcy is rebuilding your credit. As tempting as it might be to...
Read More

I’m Starting a New Life and I want a Financial Fresh Start – Should I File for Bankruptcy Now or Wait?

As the say goes, “when it rains it pours.” If you’ve found yourself experiencing financial difficulties while also dealing with...
Read More

What Does It Mean to Get a “Financial Fresh Start” in Bankruptcy?

Financial Fresh Start You’ve probably heard it before. “Bankruptcy gives you a financial fresh start.” It’s something stated on this...
Read More

Tips for Overcoming the Negative Emotions of Bankruptcy: How Can an Attorney Help Me with My Finances?

As advantageous as bankruptcy is when you are struggling financially, it’s still a stressful experience. Some people have a tough...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions