what happens to student loans in chapter 7

What Happens After Declaring Bankruptcy

The option of declaring bankruptcy has been made available to people in a lot of states in this country, and a big part of the reason what that is the case has to do with the fact that sometimes people will have no other option than to liquidate their assets and cut their losses while they still have time in which they can go about doing so. Figuring out a top notch bankruptcy strategy is great and all, but you need to have a good idea of what you are going to be in for at any given point in time.

You will not be able to take any loans for a while after you hire a professional attorney to declare bankruptcy, but this is not the only thing that you should be preparing yourself for. You would also be required to attend at least two classes that are going to teach you a thing or two about how you can relearn your financial basics. The first class is generally going to last about ninety minutes whereas the second one might last around an hour.

You can take more classes if you find them to be helpful but most people don’t do this since the classes themselves are mostly for show and they do not provide you with any truly useful information about how you can go about looking into far better financial planning in the long run. Besides, the classes cost about $50 each and if you are bankrupt you probably don’t have that much money on you anyway so it would be better for you to just do the classes that are required of you and move on immediately after them.