People will hold off on filing for bankruptcy for several reasons, especially if they are in the midst of a pending divorce case. The fear is that a bankruptcy case will affect the ability of the parties in a divorce case to divide their property. While a bankruptcy case will not affect a family law court’s ability to handle child custody and child support matters, the bankruptcy will prevent the court from finalizing a division of marital property.
Common Credit Card Misconceptions to Avoid
Many consumers handle their finances under the assumption that carrying a balance from month-to-month on their credit card(s) will give their credit score a boost. This common misconception will not only keep the consumer with a credit card balance, but it also may not do anything beneficial for their credit score.
Student Loan Debt Relief Scams on the Rise- Here are the warning signs:
Student loan scams existed before President Biden made his executive order regarding federal student loan forgiveness. However, with the latest announcement of widespread student loan forgiveness, the number of scams has increased, significantly. It is important that borrowers know the warning signs to avoid being scammed.
How to Find the Right Bankruptcy Attorney
When someone decides to file for bankruptcy, one of the most important decisions they will make is who will represent them in court and guide them through the bankruptcy process. Finding the right attorney can take time, but it is important that the filer does his or her research before hiring a bankruptcy attorney.
New Legislation Introduced To ‘Simplify and Modernize’ Bankruptcy Proceedings
New legislation has been introduced that could completely overhaul the consumer bankruptcy system. The legislation was proposed by two Congressional Democrats, Rep. Jerry Nadler (D-NY) and Sen. Elizabeth Warrant (D-MA) and is titled the Consumer Bankruptcy Reform Act of 2020 (CBRA).
Foreclosure Filings Start to Reach Pre-Pandemic Numbers
Foreclosure filings are starting to inch closer to the figures seen before the start of the COVID-19 pandemic in 2020. As pandemic relief programs end, these numbers are expected to continue to rise.
As Fed Increases Interest Rates, Credit Card Interest Rates Should Follow
Credit card interest rates are anticipated to increase after the Federal Reserve increased its benchmark interest rate an additional three-quarters of a point. For consumers who rely on credit cards to keep up with the increasing costs of gas, groceries, and other necessary expenses, this news does not come at a good time.
Protecting Your Home During a Bankruptcy Case
One of the biggest fears bankruptcy filers have before proceeding with a bankruptcy case is the fear of losing their home. Depending on the type of bankruptcy case being pursued and whether the home has already fallen into default or even foreclosure, it is possible for filers to keep their home during a bankruptcy case.
Understanding the Difference Between Bankruptcy and Debt Consolidation
When dealing with debt, there are different options consumers have available to them in terms of eliminating that debt. When it comes to debt consolidation and bankruptcy, it’s important to understand the differences between these two approaches, as well as the pros and cons of each.
How to Apply for the New Student Loan Debt Forgiveness
With the recent announcement made by the Biden administration regarding widespread student loan debt forgiveness, the Congressional Budget Office has estimated that approximately $400 billion in student loan debt is subject to this executive action. The announcement has left student loan borrowers wondering how they can apply to receive this debt relief.