Many predict that the widespread shutdowns related to Covid-19 will result in a record number of bankruptcy filings, both personal and business. Despite the Paycheck Protection Program (PPP) for small businesses and stimulus checks sent to individuals and families across the nation, many families and businesses are accumulating massive debt with limited resources flowing in. Over the next 12 months both personal and business bankruptcies may see a dramatic increase depending on how long the … [Read more...]
Personal Bankruptcy When Faced with Unexpected Medical Bills
Some believe that the Covid19 pandemic could lead to a rise in personal bankruptcy among Americans grappling with reductions in income and unanticipated medical costs. Although the country is facing a largely unprecedented emergency, medical bankruptcy is not a new phenomenon; many Americans are forced to declare bankruptcy every year because of unexpected medical expenses. Medical Bills Problematic for Insured and Uninsured Alike One of the challenges many insured face is that their employer … [Read more...]
Options for Borrowers Who Cannot Repay Student Loan Debt
On average, students are graduating college with more than $30,000 of debt translating into hefty payments often spanning a decade. Getting behind on federal student loan payments can lead to serious financial consequences so at the first sign of trouble, it’s important to act. Borrowers should first contact their loan servicer to see what repayment plans exist. Typically borrowers are enrolled in the standard repayment plan when payments begin, but there are a few to choose from that might … [Read more...]
Bankruptcy and Parent Plus Loans
Many parents take out Parent Plus Loans on behalf of dependent undergraduate students to bridge the gap between federal student loans and remaining college tuition. With college education costs at an all-time high, many parents wind up taking on substantial student loan debt to help their children get through school. Today, 3. 6 million parent borrowers owe over $96 billion in Parent Plus Loans and, unfortunately, many are struggling to pay them back. Of course, parents want their kids to … [Read more...]
Discharging Student Loan Debt Under Brunner Test
Recently an U.S. bankruptcy judge in New York discharged a Navy veterans $200,000 plus student loan debt for undue hardship creating a buzz among borrowers struggling with insurmountable student loan debt of their own. After all, the vet’s predicament was not unlike many other student loan borrowers’ stories. Like many students, he took a series of loans to pay for his undergraduate degree and a bit more when he decided to go to law school. As the years flew by, he piled on interest and … [Read more...]
Bankruptcy and Co-Signors to Student Loans
With the cost of education skyrocketing, more kids are turning to parents and grandparents to cosign on private student loans, leaving them liable for payments if the child cannot pay the loan, becomes disabled, or in the event of the borrower’s untimely death. Co-signors stepping up to the plate happens more often than one would think. The number of people over the age of 60 paying off student loan debt on behalf of a family member has quadrupled over the last decade. If you are considering … [Read more...]
Information Is King When Considering Bankruptcy Protection
Bankruptcy is often the last resort for millions of families overburdened with debt. Bankruptcy serves as a financial safety net for families trying their best to stay financially afloat when they are faced with insurmountable debt such as uninsured medical expenses or credit cards used to make ends meet. Bankruptcy law offers individuals or couples bankruptcy protection under chapter 7 or chapter 13 bankruptcy. Generally speaking, in a chapter 7, debtors surrender their nonexempt assets to … [Read more...]
Consumers in Over Their Heads on Car Loans
Reminiscent of the housing crisis, some car dealers in the U.S. appear to be fudging financial details to get borrowers approved. According to a recent article in The Wall Street Journal, inflating borrowers’ incomes so they can qualify for a car loan is a growing trend across the country resulting in some dealerships being sued by state and federal authorities. It’s not just a matter of turning a blind eye when borrowers fib about earnings, but a proactive approach on the part of … [Read more...]
Tax Exempt Hospitals Under Scrutiny for Aggressive Debt Collection Practices
Tax exempt hospitals are required by law to provide charity care to patients who cannot afford their hospital expenses. Furthermore, nonprofit hospitals cannot go after past due balances through extraordinarily aggressive debt collection actions such as suing these patients or seeking the garnishment of their wages. However, according to an investigation recently published by MLK50, a member of ProPublica, that is exactly what one of the largest healthcare systems in the country did when poor … [Read more...]
Bankruptcy Protection for Medical Debt Lawsuit
On paper, middle class earners appear to be able to afford their bills, but the reality is that many are struggling financially, particularly when you stack on medical expenses that are not covered by high deductibles. When push comes to shove, families have to prioritize payment of necessities such as housing, transportation and food, which sometimes means leaving medical bills unpaid. In the past, hospitals and clinics were reluctant to legally pursue patients with delinquent accounts … [Read more...]
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