student loan debt

1,500 Former Students Will Receive Student Loan Debt Forgiveness by the Department of Education

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At least 1,500 former students from two closed for-profit schools will have their student loan debt forgiven following an investigation from the Congressional committee, as well as a class-action lawsuit.

The schools involved are the Art Institute of Colorado and the Illinois Institute of Art. These two schools followed several other for-profit college chains involved in similar scandals. The fallout began with Corinthian Colleges filing for bankruptcy in 2015 and ITT Educational Services closing one year later. Another for-profit institution, the Education Corporation of America closed in late 2018, leaving students who were attending the institutions with nowhere to go and thousands of dollars in student loan debt.

Bankruptcy Law, Debt Relief, Medical Debt

How the Insured Fall into Medical Bankruptcy

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There was a time when having health insurance was enough to assure someone that his or her medical expenses would be adequately covered and that he or she would not fall into debt due to one major medical crisis. However, today’s high deductible insurance plans and skyrocketing medical costs have made it impossible to stay out of medical debt. It is for this reason that so many American consumers are falling into what is called “medical bankruptcy” or bankruptcy due to medical debt.

According to a study published by the American Journal of Public Health, 530,000 bankruptcies are filed annually due to medical debt. Even with coverage offered through the Affordable Care Act, consumers are still struggling to afford their medical bills. A lot of this has to do with the insurance coverage options and healthcare plans offered.

Foreclosure Defense, Foreclosures

Foreclosure Scams to Beware of

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When someone is at risk of losing his or her home, that person may be willing to take any offer, even one that sounds too good to be true. Many foreclosure scams exist, built on false promises and deception. It is important that consumers be aware of these scams and recognize the red flags in advance.

While the types of foreclosure scams vary, they do have one thing in common. They are built on false promises, and prey on financially distraught homeowners who fear losing their homes. These companies swoop in and take advantage of someone when they are at their most vulnerable and are desperate for any type of assistance.

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.