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Blog Posts in 2016

  • Divorcing and In Debt: Reasons to File Bankruptcy First

    | 8-Dec-2016

    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 on hostile terms with your soon to be ex-spouse, but ideal if ...
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  • 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 was disclosed in a report on Wednesday when the ...
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  • Can You Inherit Debt?

    | 5-Oct-2016

    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 not adequately pay off remaining debts, ...
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  • Medical Debt and Bankruptcy

    | 22-Sep-2016

    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 the tens to hundreds of thousands of dollars depending on the procedure. In some cases, medical bills also include out-of-network expenses — such as assisting doctors ...
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  • What Is The Brunner Test?

    | 9-Sep-2016

    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 paying them would cause an undue hardship. In order to determine ...
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  • If I Need to File Bankruptcy, How Can I Afford an Attorney?

    | 12-Aug-2016

    When a person makes the decision to file bankruptcy, it is because they are no longer able to afford their financial obligations. They may fall behind on credit card bills, personal loans, and other payments. With the addition of late fees and interest, they are not only unable to pay the original amount, but are driven even further into debt. With the decision to file bankruptcy, there comes the ...
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  • CFPB Proposes 3 Rules That Could Change the Payday Loan World

    | 2-Jun-2016

    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. In fact, the average payday loan borrower ...
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  • Government to Forgive Student Loans of 400,000 Disabled People

    | 19-Apr-2016

    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 status – nearly 180,000 of which have ...
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  • 8 Tips for Paying off Student Loans Faster

    | 18-Mar-2016

    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 young age and often without lucrative jobs. As college costs ...
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  • Is an IRS Tax Settlement Right for Me?

    | 21-Jan-2016

    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 at Wadhwani & Shanfeld can contact the IRS or state tax board and negotiate a ...
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  • 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. Two out of three people claim that they do ...
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  • How Much Does Your Post-Holiday Debt Really Cost?

    | 7-Jan-2016

    The holidays are over, but many Americans will continue to be reminded of them when their credit card bills come in the mail. In fact, holiday spending is responsible for a more than 25 percent spike in calls to consumer credit agencies seeking help for debt during the first few months of the year. If you have credit card debt from the holidays that you are not sure you will be able to pay off ...
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