Yearly Archives: 2016
Divorcing and In Debt: Reasons to File Bankruptcy First
When considering divorce and bankruptcy, it is crucial to time these actions in a way that best makes sense for your circumstances. Generally, it is most beneficial to file for bankruptcy first since filing for both simultaneously delays any distribution of assets or liabilities. Filing for bankruptcy first may be difficult if you are… Read More »
The United States to Forgive a Minimum of $108 Billion in Student Debt
According to a new article published by The Wall Street Journal, the federal government is currently on track to forgive United States student loan debt by about $108,000,000,000 as more consumers are seeking help to pay down their student loans, leading to lower revenues for the US’s program to finance higher educations. This information… Read More »
Can You Inherit Debt?
For many family members, the stress of dealing with debt left behind can sometimes eclipse their grief for the loss of their loved one. Typically, the deceased person’s estate assets satisfy the claims of any creditors before they are distributed to beneficiaries, sometimes leaving survivors nothing to inherit. Even if the deceased’s assets do… Read More »
Medical Debt and Bankruptcy
In the United States, one of the top causes of personal bankruptcy is medical debt. The healthcare industry is responsible for more collections of debt than credit card companies. This is because medical expenses can reach into tens to hundreds of thousands of dollars depending on the procedure. In some cases, medical bills also… Read More »
What Is The Brunner Test?
When someone decides to file bankruptcy, they often wonder what kind of debts are dischargeable. One of the debts brought up most are student loans. While these are extremely difficult to discharge during bankruptcy, it is not impossible. Courts may consider allowing the student loans to be discharged if it can be demonstrated that… Read More »
CFPB Proposes 3 Rules That Could Change the Payday Loan World
Anyone who has ever had to use a payday advance knows that these short-term loans could have long-term implications. With sky-high interest rates (around 390% on average), one loan could spell years of repayments – essentially leaving a borrower already living paycheck-to-paycheck in an endless cycle of debt that is incredibly difficult to escape…. Read More »
Government to Forgive Student Loans of 400,000 Disabled People
The government has already begun sending letters to nearly 400,000 eligible people with permanent disabilities, informing them of the steps they can take to discharge their student loan debt. The letter campaign, which began yesterday and will continue over the next 16 weeks, included 387,000 people who have been identified as having permanent disability… Read More »
8 Tips for Paying off Student Loans Faster
Millions of Americans are saddled with thousands or tens of thousands of dollars in student loan debt. In fact, student loan debt has become a national crisis, with $1.2 trillion worth of outstanding debt in the United States. Approximately 70 percent of bachelor’s degree recipients graduate with massive amounts of debt, all at a… Read More »
Is an IRS Tax Settlement Right for Me?
If you are struggling with old tax debt, you may be eligible for an IRS tax settlement, also called an “offer in compromise.” Through this process, which is similar to a credit card settlement, taxpayers who are unable to pay what they owe can settle by paying a fraction of that amount. An attorney… Read More »
Survey Shows 2 out of 3 Americans Unable to Handle a $500 Surprise Bill
While our nation’s economy has largely bounced back from the last recession, the majority of Americans are still living paycheck to paycheck and are struggling to save money for emergencies. An eye-opening study published by Bankrate.com has revealed that roughly 63 percent of Americans are one unexpected bill away from a major financial disaster…. Read More »