Category Archives: Loans
Life After Bankruptcy Is Better Than Most Americans Think, Says New York Times
For a growing number of Americans, filing for bankruptcy may be the only realistic solution for eliminating crushing debt. Unfortunately, many of these potential filers put off seeking bankruptcy protection because of a common misconception. Since notice of a bankruptcy filing will remain on an individual’s credit report for 7 to 10 years, most people… Read More »
Faced With Large Debts, Many Students Default on School Loans
One of the biggest financial stories of 2012 has been America’s record amount of student debt, which recently exceeded $1 trillion. Now it seems students are breaking another record, say DebtStoppers bankruptcy attorneys. The number of borrowers who defaulted on a federal student loan within two years of their first payment is on the rise,… Read More »
As Student Debt Bubble Grows, Lawmakers May Have to Rethink Requirements for Discharging School Loans
In many cases, consumers with overwhelming debts are surprised at just how quickly bankruptcy can help them get back on their financial feet. But in recent years, there’s been one form of debt that bankruptcy can’t readily relieve: student loans. Current bankruptcy laws require what’s known as an “undue hardship” to discharge student debt. Debtors… Read More »
Bankruptcy May Help Consumers Caught in Cycle of High-Interest Payday Loans
Payday loans are supposed to be a last-resort method for covering sudden, unexpected expenses. But as NBC News reports, a growing number of people are relying on these expensive short-term loans for routine costs like house payments, rent, groceries, and utility bills. Recent data shows that 12 million people used payday loans in 2010, and… Read More »
More Parents Struggling with Kids’ Student Loan Debt in Chicago
Young adults aren’t the only ones struggling with the nation’s $900 billion student debt load. Parents are shouldering the burden, too, say Chicago bankruptcy attorneys. As SmartMoney reports, borrowers over the age of 40 are responsible for about one-third of the country’s student debt. Some of these borrowers are still paying for their own school… Read More »