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Exactly about Steering Clear Of The Means Test: Education Loan Debt

In case a debtor’s liabilities are predominantly (i.e., a lot more than 50%) non-consumer financial obligation, they’re not susceptible to the means ensure that you the U.S. Trustee’s Office cannot object to discharge under Section 707(b). This means greater earnings earners with disposable earnings can declare Chapter 7 minus the constraints associated with means make sure can avoid a Chapter 13 payment plan. It’s not unusual for debtors to possess significant education loan debts. Classification of the education loan debts as non-consumer debt may help a debtor be eligible for a Chapter 7 bankruptcy. But courts have struggled with whether student education loans should be considered customer or debts that are non-consumer.

A bankruptcy court in Texas found that student loan proceeds used for direct educational expenses for dental school with the intent that the education received would enhance the borrower’s ability to earn a future living are not consumer debts to outline the inconsistent results in determining whether student loans are consumer debts for purposes of the means test. The debtor testified which he visited school that is dental the intent to become a small business owner plus in hopes of creating a higher earnings to aid their household and downplayed the private improvements linked to the status for the level. (más…)

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