As part of the bankruptcy process, you must include all secured, unsecured, priority, and nonpriority debts, regardless of whether the property securing the debt is considered essential for your livelihood; this is the case for both Chapter 7 and Chapter 13 bankruptcy. We're assuming that those filing Chapter 13 are doing so because they can afford the new payment plan and wish to keep some or all of their personal property. But what if you're filing Chapter 7 bankruptcy and you don't want to lose your home or car? Enter the reaffirmation agreement.

The pressure of student loan debt isn't limited to new grads. Americans fifty and older make up roughly twenty percent of those paying down student loans. The number of people sixty and older with student loan debt has grown faster than any other age group. Many who owe student loan debt acquired it as a consignor or by taking out loans to pay for their children and grandchildren's education. The CARES Act has given breathing room to many struggling to pay for baseline living expenses such as rent, mortgage, food, and utilities. Keeping spirits high is the Biden administration's indication that student loan forgiveness may be closer than most think.

Going through bankruptcy is stressful enough, but when you think you’re doing something perfectly legal like paying down debt to a family member, the wrong decision can raise red flags and place your bankruptcy discharge in jeopardy. Below are some of the more common mistakes people make before filing for bankruptcy.