Bankruptcy & Private School Issues
For a variety of reasons, many parents in the U.S. choose to send their children to private schools. It can be a good fit for some children, but it does come at a cost. These school costs can become an issue if one or both parents file for bankruptcy. While a lot will depend on your specific situation, it is important to be aware how bankruptcy courts view private school if you are seeking to discharge your debts. Chapter 7 Filings Those debtors wishing to file for bankruptcy under Chapter 7 may worry that private school education expenses may affect their eligibility to file for bankruptcy. Generally, the bankruptcy court does not consider private school a necessity and it may consider the funds spent on…
