Bankruptcy Law

Can Filing for Bankruptcy Save My Home?

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When someone is facing the possibility of bankruptcy, the thought of losing his or her home is a very real and frightening one. However, the protections of the bankruptcy automatic stay can help the filer protect his or her home through a Chapter 7 or Chapter 13 filing. The key to this protection rests heavily on the type of bankruptcy filing and the filer’s financial situation. The bankruptcy automatic stay also offers filers who are facing a multitude of collection calls relief from their creditors, protect them from lawsuits, wage garnishment, repossession, and losing valuable property.

As soon as the bankruptcy petition is filed, the automatic stay goes into effect. After this point, creditors and debt collectors are legally barred from attempting to collect on any debt owed by the filer.

Foreclosure Defense, Foreclosures

Steps to Take to Keep Your Home and Avoid Foreclosure

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When someone is facing a difficult financial situation, one of the main concerns that person may have is losing his or her home. If a person is not able to pay day-to-day expenses, one of the biggest bills that will go unpaid is the mortgage bill. However, if the mortgage is not paid on time for more than 180 days, the lender may decide to proceed with a foreclosure action. The key is to respond quickly to avoid losing your home through foreclosure.

student loan debt, Student Loans

The Presidential Candidates Campaign Proposals for Student Loan Debt

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One of the major issues at the center of the 2020 Presidential Election is student loan debt, an issue that affects 44 million American borrowers. Each of the Democratic presidential candidates have his or her own proposal on how to handle this massive issue that seems to be growing every year. Some of these plans would reduce the outstanding balances borrowers hold while others call for a complete elimination of the debt.

It is said that student loan balances have surpassed credit card debt and auto debt. The average undergraduate college graduate leaves school with at least $30,000 in student loan debt, which is triple what graduates had in the 1990s. Every day, 3,000 borrowers go into default on their student loans, which is why all the candidates are calling for some level of reform.

Bankruptcy Law, Medical Debt

Why So Many Americans Over the Age of 55 are Filing for Bankruptcy.

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Bankruptcy offers filers a fresh financial start, but for many bankruptcy petitioners, that start comes later in life. In the past three decades, the number of people over the age of 55 who have filed for bankruptcy has gone up significantly. This increase has many financial experts wondering why so many individuals nearing retirement are filing for bankruptcy.

According to a paper by Robert Lawless, the percentage of older Americans, specifically between the ages of 55 and 64, increased by 66 percent between the year 1991 and 2016. The number of bankruptcies filed by individuals between 65 and 74 increased by more than 200 percent between this time period. In fact, approximately 12 percent of all bankruptcy filers are over the age of 65.

Credit Card Debt, Debt Relief

Credit Card Debt Can Be Bad for Your Health, According to Recent Study.

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Having large amounts of credit card debt can not only stress you out, but according to a new study it can also be bad for your health. The high levels of stress associated with the debt can get so serious that it can adversely affect the person’s health, according to a study from CompareCards.com.

According to the report, fewer cardholders can pay their balances in full at the end of each month. Anything left on those balances roll over to the next month and are compounded even more by interest. Before long, those balances inch closer and closer to the maximum balance allowed. One in three consumers surveyed by WalletHub reported being fearful that they will max out their credit cards when making a large purchase. Most of those polled said they considered a large purchase was anything more than $100.

Bankruptcy Law

Steps for Filing Chapter 7 Bankruptcy in Florida

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If someone is considering filing for Chapter 7 bankruptcy, the path that person needs to take may not always be clear. While everyone’s situation differs in some respects, certain steps must be taken when it comes to proceeding with Chapter 7 bankruptcy.

Review Your Financial Situation

Before proceeding, it is always recommended that the filer sit down with an experienced bankruptcy attorney and go over what types of debt the person has, as well as what property would be protected by Florida’s bankruptcy exemptions.

Debt Relief, student loan debt, Student Loans

Senior Education Official Resigns, Calls for Massive Student Loan Debt Forgiveness

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A senior official appointed by U.S. Department of Education Secretary Betsy DeVos has resigned, declaring the student loan system to be “fundamentally broken” and calling for the forgiveness of billions of dollars of student loan debt.

The official, A. Wayne Johnson, was appointed as the Chief Operating Officer of the Department of Education’s Office of Federal Student Aid. This office manages the country’s outstanding student loan debt, which stands at an estimated $1.6 trillion. During his tenure, Johnson worked in a role specifically dealing with managing how student loans are serviced.

Foreclosure Defense, Foreclosures

Foreclosure Rates in U.S. Dip to a 20-Year Low

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 The national foreclosure rate has fallen to the lowest levels seen in two decades following housing reports from July 2019. Financial experts believe this drop is due to a stronger job market and a lower unemployment rate.

According to Bureau of Labor Statistics, the national unemployment rate fell to a 50-year low of 3.5 percent as of September 2019 with 136,000 jobs being added to the market. In addition, the hourly earning for all employees has gone up 2.9 percent from the prior year. As Americans have more money to spend, the chances of them falling short of meeting their monthly expenses also goes down.

Debt Relief, student loan debt, Student Loans

Recent Court Decision Sheds Light on the Deceptive Practices of Student Loan Service Providers

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A recent Seventh Circuit court ruling is providing hope to many student loan borrowers who are finding themselves in a difficult financial situation due to the heavy burden of their debt. The Seventh Circuit has ruled that a student loan servicer may be liable for damages caused as a result of their promises to advise student loan borrowers on how to handle their financial situations, directing them into plans that only benefit the lenders and hurt borrowers in the long run.

The case at the center of it all is Nelson v. Great Lakes Higher Education,  which was a case brought by student borrower, Nicole Nelson. Nelson paid for her college education through federal student loans, which she began repaying in 2009. However, she soon found herself in a tough situation when her income dropped due to a job change two years later.