Lynch & Belch, P.C.

Indianapolis Indiana Bankruptcy Law Blog

Will student loan debt become easier to discharge in bankruptcy?

Student loan debt has been notoriously difficult to discharge in bankruptcy. They typically have to show that repaying it would cause them "undue hardship." However, a report just released by the American Bankruptcy Institute's (ABI) Commission on Consumer Bankruptcy includes recommendations that would change that.

The report addresses a number of subjects and recommendations for changes to the bankruptcy code, which hasn't seen any major updates since 2005. In the ensuing 14 years, U.S. student loan debt has grown to a whopping $1.5 trillion.

Can you discharge your tax debt in Chapter 7 bankruptcy?

As Tax Day nears, it seems like a good time to look at whether tax debts can be discharged if you file for bankruptcy. It's possible to discharge it if you file for Chapter 7 bankruptcy, but a number of criteria need to be met.

The debt must be associated with a tax return due three or more years before the bankruptcy filing. Therefore, to discharge any tax debts from this year's tax return (assuming that you didn't get an extension), you would have to wait until April 2022

The 10 U.S. cities with the most credit card debt

Credit card debt is a national problem. The Federal Reserve reports that the total U.S. credit card debt reached more than $1 trillion in 2018. A snowballing credit card bill can quickly overwhelm you. It can seem like you will never get out from underneath it.

Frightening and frustrating as it can be, situations like this are what personal bankruptcy protection are for. Chapter 7 and Chapter 13 bankruptcy are there for people who need a fresh start and do not want credit card debt to stop them from advancing their careers or finding a decent place to live.

How to eliminate medical debt

Were you injured in an accident? Were you diagnosed with an illness? Either way, you will incur a lot of bills that could turn into debt if you are unable to pay them. Medical debt is not good to have, yet thousands of people in Indiana deal with this type of debt every day. Today, we will look at how you can eliminate medical debt so you can get rid of the stress associated with it.

The first step in paying down medical debt is to handle it like all other debt. Adjust your monthly budget to account for a payment. Reduce your discretionary spending to help pay for it. Try to clear out other debts to help free up some cash to pay for the medical debt.

The surprising reason most Americans declare bankruptcy

When you hear the word ‘bankruptcy’, you probably think of credit card debt. It is true that many people fall victim to taking out multiple credit cards and misusing them as if they were extensions of their actual income. Bankruptcy in general affects millions of Americans who get in over their head with financial obligations they are helpless to satisfy.

What finally puts an anchor around someone’s foot in the waters of debt is not always credit cards. The surprising fact is that many Americans file bankruptcy due to unexpected medical expenses. When families and individuals fail to have an adequate amount of savings to keep themselves afloat, it becomes highly difficult to come out of the storm unscathed.

Overwhelmed by Student Loans? 4 Steps to Find Relief in Bankruptcy


Student loans are a growing problem for many young Americans. With an average student loan debt load of $37,172 in 2017, ballooning debts often become unsustainable and prevent graduates from doing many normal life activities - even starting a family, buying a home, or changing jobs.

Unfortunately for these borrowers, student loans are also one of the hardest debts for which to get forgiveness. While discharging student loans is possible, it's a long road. To help you get started on that road, here are a few steps to take in order to find relief from your student loans.

3 Signs You Should File for Chapter 7 Bankruptcy


After juggling bills and stressing over finances, you might be considering bankruptcy. For someone who is overwhelmed with debt, bankruptcy can be an ideal option. However, even that process can be overwhelming. For example, you could be unsure of whether you should file Chapter 7 or Chapter 13 bankruptcy. This guide lists a few signs that Chapter 7 bankruptcy might be the ideal choice for you. 

What Are the Common Causes of Bankruptcy?

If you are considering bankruptcy, you may be feeling unsure about whether or not you qualify. While anyone can attempt to declare bankruptcy, certain financial hardships are routinely dealt with and more likely to be resolved smoothly. These are six common situations that lead to bankruptcy and how they may be applicable to your unique situation.

Has A Creditor Placed A Judgment Against You? 5 Things You Must Know


Creditors have many tools at their disposal when trying to collect a bad debt, including placing derogatory marks on your credit report, turning your account over to a collection agency, and generally encouraging you to pay what's owed. One tool in particular, however, has more power than others. It's called a judgment, and it is granted by a court of law. If you have a judgment, you should know the following.

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Lynch & Belch, P.C.
7210 Madison Ave.
Suite B
Indianapolis, IN 46227

Phone: 317-528-9549
Phone: 317-528-9549
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