Legal Question in Bankruptcy in California

Is money received from student loans after your tuition is paid considered income for bankruptcy filing purposes? If so I would like the bankruptcy code that applies to this question.


Asked on 8/19/10, 4:22 pm

1 Answer from Attorneys

David Gibbs The Gibbs Law Firm, APC

If you are borrowing money, it is not income for means testing purposes. You have to repay it, so it does not fit the definition of income.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. �528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code."

Read more
Answered on 8/24/10, 5:10 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in California