Author Archives: Site Administrator
Understanding Debt Settlement vs. Bankruptcy
When it comes to financial difficulties, debt settlement or bankruptcy can both be capable solutions for getting out of a tough situation. But which one is the best for your particular situation? The answer depends on many factors that a professional should examine before making decisions. Here we’ll look at what each option entails… Read More »
Did the Justice Department Just Make It Easier to Discharge Student Loan Debt Through Bankruptcy?
Late last year, the Department of Justice and the Department of Education unveiled a streamlined process to assist borrowers in having their federal student loans discharged through bankruptcy proceedings. Do These Changes Help Make It Easier to Discharge Student Loan Debt Through Bankruptcy? Prior to these changes, the U.S Congress had set a very… Read More »
Supreme Court Says Bankruptcy Can’t Erase Debt Tied to Fraud
The Supreme Court recently ruled that debtors cannot get out of paying creditors whom they have defrauded, even when they aren’t directly involved in the fraud. This means a debtor can’t escape the consequences of fraudulent activity by filing for bankruptcy. If you think you may have fraudulently obtained debt, here’s what you need… Read More »
Biden Administration Simplifies Discharging Student Loans in Bankruptcy
According to the Wall Street Journal, the Biden administration has released new guidelines for discharging student loans in a bankruptcy. The goal is to simplify the process for economically distressed student loan borrowers. Under these new Justice Department and Education Department guidelines, borrowers are required to prove their economic distress. They can, however, avoid… Read More »
Student Loan Debt: Were Federal Cancellations Enough?
Student loan debt is a growing problem in America. In 2019, the total student loan debt surpassed $1.6 trillion and continues to climb as college costs rise yearly. For many borrowers, this means that their monthly payments take up a large portion of their income, making it difficult for them to put money aside… Read More »
Inflation Rates: Impact on Bankruptcy Filings
The devastating impacts of the COVID-19 pandemic and the current inflation rate have made life increasingly difficult for many Americans. Over the past 12 months, the consumer price index (CPI) has risen by 7%, a figure not seen since the summer of 1982. This level of inflation has significantly impacted people’s ability to keep… Read More »
Tips to Prepare for 2023 Tax Season with Debt
When it comes to taxes, most people want to do everything they can to avoid owing the government any money. But what if you’re dealing with overwhelming debt? What if you don’t think you can pay your taxes this upcoming year? Filing for bankruptcy is always an option, and in some cases, it may… Read More »
New Study Finds that Medical Debt Affects 1 in 5 Households in the U.S.
A new study has found that medical debt is leaving many people in the U.S. unable to afford groceries or pay their mortgages — even among the insured. The study analyzed three years of data from the Surveys of Income and Program Participation, a survey conducted by the U.S. Census Bureau meant to provide… Read More »
Do I Qualify for Student Loan Debt Forgiveness?
If you’re struggling to make your student loan payments, you may be wondering if you qualify for student loan debt forgiveness. The good news is that several programs are available to help you get relief from your student loan debt. But how do you know if you qualify? Here’s a quick overview of the… Read More »
Why You Should File for Bankruptcy Sooner Rather Than Later
It can be very difficult to deal with debt, especially if you are struggling to make ends meet. If you are considering filing for bankruptcy, it is important to understand the benefits of doing so sooner rather than later. Many COVID-19 financial assistance programs are set to expire soon, and filing for bankruptcy can… Read More »