Chapter 7 Miami bankruptcy attorney Archives - Page 6 of 12

Medical Expenses Lead to More Than 60 Percent of Personal Bankruptcy Filings

Posted on July 1, 2019by Admin

Many different factors play into why a person decides to file for bankruptcy. For many consumers, the cost of healthcare and staggering medical bills play a major part in why they file bankruptcy.

According to a recent report published by the American Journal of Public Health, 66.5 percent of all bankruptcies are related to medical debt, whether it be the cost of medical care or the time away from work required due to the injury or illness. The study reviewed court filings for a random sample of 910 Americans who filed for bankruptcy between the years 2013 and 2016. They found that 530,000 families file for bankruptcy annually due to either a medical issue or medical bills.

Medical bills often come at a completely unexpected time, which is a big reason why they play such a major role in personal bankruptcy. The cost of medical care is high enough as it is, and it only takes one major medical crisis to set someone back thousands of dollars. When a person is already living on a limited income to pay for basic living expenses, these unexpected medical bills can put him or her in a serious bind. If a major medical crisis also leads to the loss of a job or if the person is under-insured, the results can be even more devastating. Even if someone does have savings, one trip to the hospital could quickly deplete that account.

Medical expenses were not the only reason people filed for personal bankruptcy. The study also reported that 45 percent surveyed cited not being able to afford their mortgages as their reason for filing. Other factors also included student loan debt, a major life event, such as a divorce or job loss. Many consumers reported a combination of two or more of these factors as a leading cause of why they filed for bankruptcy.

Other factors that played a role in personal bankruptcy filings had to do with the location of the filer. The report showed that someone who lives in a larger, metropolitan area is more likely to fall behind on their basic living expenses when compared to someone else who lives in a more rural part of the country. Additionally, medical debt statistically is more common in certain areas of the country when compared to others.

The filer’s age and stage of life also plays a role the reason behind filing for bankruptcy. The number of bankruptcy filings for individuals between the ages of 18 and 54 declined between 1991 and 2016. However, bankruptcy filings have gone up for individuals over the age of 55. In fact, the number of individuals over the age of 65 who filed for bankruptcy have tripled since 1991. Many filers in this age group attributed the cost of healthcare as to why they filed for bankruptcy.

The good news is if medical debt does make up a large part of the total debt the filer is carrying, this category of debt is considered unsecured and can be discharged in a Chapter 7 or Chapter 13 bankruptcy case. Unsecured debt is debt that is not otherwise tied to an asset, including credit card and medical debt. Rather than struggle with paying medical bills for too long, a consumer who finds himself or herself in a troubling financial situation due to a medical crisis should consult with a bankruptcy attorney to see if bankruptcy is a good option for him or her.

How is Medical Debt Handled in Bankruptcy?

In bankruptcy, medical debt is treated the same as credit card debt. Medical bills are listed as general unsecured debt and can be easily wiped out in a Chapter 7 bankruptcy filing. Making the decision to file for bankruptcy is never an easy one. It can be difficult to get past some of the myths associated with filing for bankruptcy. Sometimes by waiting, an individual facing a lot of debt can find himself or herself in an even worse situation. Filing for bankruptcy can help protect valuable assets, including your home, car, IRA and social security. It will put an end to wage garnishment and any lawsuit being filed to collect on the debt, thanks to the protections of the automatic stay.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Source: https://www.businessinsider.com/causes-personal-bankruptcy-medical-bills-mortgages-student-loan-debt-2019-6

Bankruptcy Law

Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer 6 Consecutive Years

Posted on June 11, 2019by Admin

Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken has been selected for inclusion in Florida Super Lawyers 2019, in the practice area of consumer bankruptcy. This is the sixth consecutive year Kingcade has been selected to the Florida Super Lawyers list (2014-2019). The prestigious honor is awarded to only five percent of lawyers in the state.

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and Chapter 13 filings for the Southern District of Florida. As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.

Super Lawyers is a listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement, representing the top 5 percent of Florida lawyers. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. The result is a credible, comprehensive and diverse listing of exceptional attorneys.

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Miami-based Kingcade Garcia McMaken, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

student loan debt

Why Student Loan Debt is Worse for Women

Posted on June 7, 2019by Admin

An estimated $1.46 trillion is owed nationwide in student loan debt, affecting nearly 44 million borrowers. However, nearly two-thirds of those borrowers are women, owing a collective $929 billion of the total student loan debt, according to a recent report issued by the American Association of University Women (AAUW). Of these female borrowers, a large percentage of them are women of color.

The AAUW report also showed that the amount of student loan debt women graduate with is more than the average debt carried by their male counterparts. A woman graduating with a bachelor’s degree leaves with $21,619 in undergraduate student loans while a male student leaves with $18,880 in student loans. The AAUW report also showed that it takes women two years longer than men to pay off their student loans. Black and Hispanic women were reported as taking longer to pay off their student debt.

One of the reasons given for the disparity in time it takes women to pay off student loans has to do with the gender pay gap, as well as childcare issues. A female borrower may have to take time off work after having children or work only part-time, which would make it understandable if she took longer to pay off student loans than a male borrower. These issues of pay and childcare also seem to affect minority women more than others, which could also be a leading cause for why this group of borrowers takes even longer to pay off their loans.

According to figures from PayScale.com, women make 79 cents for every dollar a man makes. Even if a female borrower does not take time off to have children, she is at a disadvantage to her male counterparts when it comes to paying off loans. The lack of affordable, quality childcare also presents an issue, especially for minority women, which also contributes to the disparity in how long times these borrowers to pay off their loans.

To help offset these issues, many grants and scholarship programs are available for female undergraduate students. However, these programs only go so far and will only help those students who are either aware of these programs or have the resources to apply for them.

Please click here to read more.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. There are ways to file for bankruptcy with student loan debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Credit Card Debt, Debt Relief

25 Percent of Americans Going into Debt Paying for Daily Living Expenses

Posted on May 31, 2019by Admin

More Americans are struggling to pay for their daily expenses and are using credit cards to pay for basic necessities, according to a recent report by Experian. This reliance on credit cards to pay for necessary living expenses puts consumers even deeper into debt. In fact, the report showed that American consumers carry an average of $6,506 in credit card debt.

Approximately 23 percent of those surveyed said that they struggled with paying for their most basic necessities, including rent, food, and utilities, and had to pay for these expenses with their credit cards. Of those consumers surveyed, 12 percent of them reported paying for medical bills with their credit cards.

It has been reported that the middle-class cost of living is now 30 percent more expensive than it was 20 years ago. The costs for essentially everything has increased over the years. According to the Economic Hardship Reporting Project, the cost of tuition at public universities and housing prices have quadrupled between 1996 and 2016.

Not only has the cost of living increased, but the amount of money Americans have in savings has decreased remarkably. A majority of American consumers say they have less than $1,000 in savings. Additionally, 70 percent of them report that they would not be able to get by if their paycheck was delayed by a week, which has many financial experts concerned.

Not all Americans are using their credit cards to pay for daily expenses, however. Many say that their discretionary spending on non-essential items, including entertainment, travel, and clothing, has led to their credit card balances. It is reported that Americans spend an average of $483 a month on eating out, entertainment, and travel, according to Schwab’s 2019 Modern Wealth report.

The average credit card APR is at an all-time high of 17.73 percent, according to CreditCards.com, which makes paying off large credit card balances, very difficult. With an average balance of $6,354, consumers could potentially be paying on these cards for years, if not decades. In fact, if someone has a credit card balance at this national average with a credit card that charges the average APR, he or she could be paying the minimum payment on that card for over 17 years before it is paid off in full. This scenario only works if the consumer stops using the card and does not add any new charges to the outstanding balance.

People living in the Miami metro area, which includes both Fort Lauderdale and West Palm Beach, carry the second-highest credit card debt balances in the country. As bankruptcy attorneys, we see credit card debt as one of the most common problems facing those with serious financial challenges. It is not surprising with the high interest rates, unreasonable fees, harassing debt collection calls, penalties and never-ending minimum payments that do not even make a dent in your actual debt. We offer additional tips for eliminating credit card debt on our blog.

Click here to read more on this story.

If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Protections of the Bankruptcy Automatic Stay

Posted on May 17, 2019by Admin

One of the best tools available to bankruptcy filers is the automatic stay. When a person files for bankruptcy, the court will issue an order called an automatic stay. This puts an immediate stop to collection attempts, creditor harassment, along with any civil lawsuits filed against the person pursuing bankruptcy.

The automatic stay also provides some much-needed relief to filers who are likely facing a number of different stressors and collection actions at once. It allows the person to be freed from those conflicts so that he or she can work with the bankruptcy trustee on the best method to deal with creditors.

Benefits of the Automatic Stay

Many times, someone going through a difficult financial situation may find himself or herself at the point where he or she is on the brink of losing the most basic of living necessities. If someone is behind on their utility bill and could potentially lose water, electric or gas, the automatic stay will give that person an additional number of days to work out the situation and hopefully avoid their utility from being shut off.

The same applies for someone facing foreclosure. The automatic stay will put an immediate halt to the proceedings. If the filer rents his or her home and is facing eviction proceedings, the automatic stay may also provide some temporary relief. If the person’s landlord already has a judgment of possession against the renter when bankruptcy is filed, however, the automatic stay will not be able to help him or her from being evicted. If it has not gotten to that point in the eviction proceeding, the automatic stay will be able to put a temporary halt to the eviction so that the person can figure out his or her next step rather than being tossed out immediately.

Many filers also find themselves facing wage garnishment by the time they decide to file for bankruptcy. A bankruptcy petition will put a stop to most garnishments, although not all, specifically child support or alimony. Other garnishments for debts that would be able to be discharged in bankruptcy, such as personal loans or credit card debt, can be stopped and will likely end up being discharged at the end of the proceedings.

The key with an automatic stay is it provides relief to the filer who is likely feeling a great deal of stress at the time of filing. As a consumer, you have rights if the creditor does not follow the proper procedure and violates the automatic stay. Any violation should be immediately reported to your attorney, as well as the bankruptcy court. Depending on the violation and the behavior of the creditor, he or she may face fines, and severe penalties for the violation.

Source: https://www.nolo.com/legal-encyclopedia/how-bankruptcy-stops-creditors-automatic-29723.html

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

How to Slay Zombie Debt

Posted on May 13, 2019by Admin

Similar to its name, ‘Zombie’ debt is debt that has literally come back from the dead. Debt collectors purchase these old debts for pennies on the dollar, hoping consumers will be tricked into paying. Oftentimes, they use intimidating tactics to scare consumers into paying the debt that is not legally owed. This is a practice that has become increasingly popular in Florida.

Some consumers will mistakenly pay on zombie debt that is past the statute of limitations because they are not aware of this legal protection. It is extremely important that you not pay on a debt that is past the statute of limitations. A single payment can reactivate the debt and reset the clock on the statute of limitations. This tactic is otherwise known as re-aging an old debt, and it is one that is commonly used by debt collectors to trick consumers into paying on a debt that they would not be legally obligated to pay.

Zombie debt can include different types of old debts, including the following:

Debts the consumer forgot about and has not made payment on past the statute of limitations;
Fraudulent charges from identity theft;
Debts that the consumer already settled with a creditor;
Debts that were discharged in bankruptcy; and
Any debt that is beyond the statute of limitations, meaning the consumer could not be legally sued for payment.

Making a payment on an account that is past the statute of limitations may seem harmless, but this single payment could bring the account back to life, meaning it is now legally collectible. Therefore, if payment is made on the old account and no further payments are made, the debt collector may be able to then take the consumer to court to get a judgment on the debt.

Debt collectors will often purchase old debt from the original creditors to do just that. The original creditor can sell the old debt from their books, and the debt collector will then try to trick the consumer into making payment. Unless the consumer knows the laws, they may be scared into making payment when they are not obligated to do so.

If you receive a phone call from a debt collector and suspect that the call involves zombie debt, the first step is to get information on the debt. Consumers are entitled to ask for written confirmation on the debt. Look through old records to compare what the debt collector is telling you with what you have regarding what you owe. If the numbers do not match up, or if the debt is beyond the statute of limitations, do not make payment. Never let the debt collector pressure you during this initial phone call. You are within your rights to request confirmation on the debt in a debt validation letter, which must include the name of the original creditor, the amount owed, and how you can challenge the debt.

The statute of limitations in Florida varies depending on the type of debt. If the debt comes from a written contract, the statute of limitations is five years. For other debts, such as oral contracts or revolving accounts, which include credit cards, the statute of limitations is four years. If the last payment on the account makes the debt past the statute of limitations, the creditor or debt collector no longer has legal rights to sue to collect the money owed.

If the debt involved is “zombie debt,” the consumer has several different options. If the debt has, in fact, been paid or legally discharged, the consumer should write a letter to the debt collector, informing them that they must cease contact regarding the debt. If the debt does not belong to the consumer or is invalid, the consumer should write a letter challenging the debt within 30 days of contact with the collector. If the debt is legally collectible, and the consumer can pay, make sure to get a payment agreement or arrangement in writing with the collector before making any payment. If the consumer does owe it but cannot pay the debt, other options, such as credit counseling or even bankruptcy could help with the situation.

The key is to get any agreement or communication in writing. Written communication will produce a record to protect your rights in the event the communication continues or if any legal action is taken by either party.

Please click here to read more.

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

Student Loan Debt Can Affect Your Job in These 13 States

Posted on May 10, 2019by Admin

It is hard to believe that student loan debt can cost you your job. But in 13 states it is legal to revoke a professional license if the borrower defaults on their student loan debt. These states include:

Arkansas
California
Florida
Georgia
Hawaii
Iowa
Louisiana
Massachusetts
Minnesota
Mississippi
South Dakota
Tennessee
Texas

All of these states have laws on the books that make it possible for a professional license to be revoked in the event a borrower defaults on his or her student loans.

This situation puts borrowers at a distinct disadvantage in these states. After all, you need to be able to work to continue making student loan payments every month. However, if your professional license is revoked due to your student loan burden, how are you able to continue paying on your loans?

Many different professions require a license for a person to work in that specific career field. According to the National Conference of State Legislatures, approximately 25 percent of all U.S. workers need to hold a license to work in their field, including lawyers, doctors, nurses, teachers, and hair stylists. For many of these individuals, not only did they need to go through years of education to work in their profession, but they also had to obtain a license, which can be a difficult and expensive process. Without that license, they are not able to earn a living in their respective fields.

Recently, more than 100 Florida healthcare workers lost their licenses to practice medicine due to their inability to repay their student loans. If someone is struggling to pay his or her student loan obligations, it can often be beneficial to first reach out to the loan servicer to see if an arrangement can be made. For federal student loans, borrowers have the option of forbearance or deferment. However, this option can add thousands of dollars to the loan balance, as the interest will continue to accrue.

Bipartisan legislation was introduced last month in Congress that would prohibit states from taking these types of measures to penalize student loan borrowers who default on a federal student loan. Six states, including Alaska, Illinois, Kentucky, North Dakota, Virginia and Washington already have enacted laws that prohibit this practice.

Related Resources:

https://www.usnews.com/education/blogs/student-loan-ranger/articles/2019-04-10/these-states-could-revoke-your-professional-license-over-student-loan-debt

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

How Divorce Can Hurt Your Credit Score

Posted on May 9, 2019by Admin

Divorce can not only wreak havoc on your emotional state, it can have a significant impact on your financial health as well. Many people discover this too late and end up having to file for bankruptcy within a year of divorce.

The process of divorce itself does not automatically hurt a person’s credit score. In fact, a person’s marital status is not even reflected on a his or her credit report. Problems arise when decisions made during settlement negotiations in a divorce come back to haunt one or both parties later. What complicates the issue is that divorce can lead to a lot of non-dischargeable debt, such as spousal or child support, which cannot be discharged in bankruptcy.

A divorce decree will take joint assets and debts and assign responsibility for these debts or ownership of the asset to one party. However, when it comes to creditors, the divorce decree is only a piece of paper. For the most part, creditors or debt collectors do not honor divorce decrees, which means if your ex-spouse was ordered to pay on a debt but does not follow through on this obligation, your credit could suffer, as well.

Additionally, joint accounts will continue to stay on both spouse’s credit reports, regardless of the divorce decree. If your ex-spouse is responsible for continuing to pay on a joint account and misses a payment, this late payment will not just show up on the ex-spouse’s credit report but yours as well.

Studies have shown that divorce can be financially harder on women’s credit although the impact is not necessarily direct. According to a study by Experian, 54 percent of divorced women surveyed said that their credit score dropped after the end of their marriage. Because of the unique challenges that women face when it comes to finances and family dynamics, they can be at a distinct disadvantage after a marriage ends.

Certain steps can be taken to protect your credit following a divorce. After the divorce is final, make sure and close any joint credit cards shared with your ex-spouse and remove him or her as an authorized user from any of the credit cards that are in your sole name. It can also help to freeze your credit with all three credit reporting agencies in the event your ex-spouse tries to ruin your credit actively by opening fraudulent accounts in your name.

Sometimes, no matter how hard you try, your credit will take a hit after a divorce. For example, if you were a stay-at-home parent in a marriage and are suddenly responsible for extra expenses, you may struggle with making payments on time, which could hurt your credit. Many individuals find themselves filing for bankruptcy following a divorce to receive protection from creditors and get their financial future back on track. If you are struggling with insurmountable debt following your divorce, our experienced Miami bankruptcy attorneys can help.

As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.bankrate.com/personal-finance/credit/divorce-hurts-credit-women/

Bankruptcy Law, Debt Relief, Student Loans

Another Broken Promise to Student Loan Borrowers: Public Service Loan Forgiveness

Posted on May 8, 2019by Admin

Public Service Loan Forgiveness Program Proves Unforgiving for Borrowers

A program that was once promoted as a way for student loan borrowers to receive forgiveness for their student loans is now coming under fire after it has been discovered that 99 percent of its applicants have been rejected.

The Public Service Loan Forgiveness Program was created in 2007 and promised to cancel any remaining student debt for those who work government jobs or for non-profit organizations and have been making continuous payments on their student loans for 10 years. Many teachers, public defenders, Peace Corps workers, and law enforcement officers have applied for the student loan forgiveness offered by the program.

It is estimated that over 73,000 borrowers have applied for debt forgiveness as of March 31, 2019, according to data from the U.S. Department of Education. However, only 864 of these borrowers have had their loans forgiven. In fact, only one percent of all Public Service Loan Forgiveness (PSLF) applications submitted were approved for loan forgiveness. This rate of approval leaves borrowers frustrated and confused as to why they worked so hard to qualify for a program that is now failing them.

Consumer advocates claim that the legislation was poorly written while others claim that mismanagement by loan servicers has led to the issues these borrowers are now facing.

According to the breakdown from the U.S. Department of Education, 16 percent of the denials were due to the borrower having the wrong type of loan while 25 percent were due to information missing in the applications. In addition, 53 percent of applications were denied due to the borrower not making enough payments.

One of the major issues that borrowers are discovering is that while their loans are federally-guaranteed, they are actually privately owned. Many law schools have been accused of offering only private student loans in their financial-aid packages but not clarifying this fact to the borrower. Congress has fixed this issue by eliminating federally-guaranteed private loans as of 2010, but if you are a borrower who took out one of those loans before that time, this fact may hurt your chances of qualifying for the loan forgiveness.

Government officials have also been accused of not properly educating borrowers on the requirements of the program or publishing clear guidelines on which employers qualify as a public-service organization and which do not, another issue that has resulted in denials for many borrowers.

Click here to read more on this story.

Bankruptcy Law, Student Loans, Timothy Kingcade Posts

99 Percent of Public Service Student Loan Forgiveness Applicants Rejected

Posted on May 7, 2019by Admin

According to recent U.S. Department of Education statistics, more than 99 percent of people who have applied for available public service student loan forgiveness have been rejected. As of December 31, 2018, it was reported that 65,500 total applications for the public service student loan forgiveness program had been submitted. However, of this total, 58,000 applications had been processed with the majority of them resulting in denials. An additional 7,200 applications were marked as pending.

The program’s requirements are complicated, and not well-explained to qualifying borrowers. Approval requires more than simply working in public service. The Public Service Student Loan Forgiveness Program is offered through the federal government and requires the borrower work full-time, meaning more than 30 hours per week, in an eligible federal, state or local public service job. The borrower can also work for a 501(c)(3) nonprofit, so long as the position is a full-time, eligible one. The borrower must make 120 eligible on-time payments to qualify.

Several different reasons were given for these denials. Seventy-three percent of these rejected applications were denied due to the applicant not meeting the “program’s requirements.” These requirements could mean either the borrower did not have student loans that were eligible for forgiveness, did not have qualifying employment, or did not make the 120 consecutive required qualifying student loan payments. Another 25 percent of these student loan forgiveness applications were denied because the applications were incomplete or had missing information on the employment certification form.

The report indicated that only 610 applications for student loan forgiveness had been approved and that 338 borrowers had received a collective amount of $21.1 million in public service student loan forgiveness. Less than 0.5 percent of the applications submitted were successful.

Click here to read more on this story.