The student loan repayment pause which was set to end February 1st is now been extended until May 2022. The pause on the repayment of federal student loans in response to the Covid-19 pandemic has provided many Americans with needed financial relief with the extension giving those who have fallen behind financially a few more months to come up with a plan to tackle their financial difficulties. For some, chapter 7 or 13 bankruptcy is a good strategy to recover from the economic downturn that … [Read more...]
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Chapter 7 Means Test at a Glance
If you are in a difficult financial situation, dealing with significant debt, chapter 7 bankruptcy protection may offer a way out so that you can get a fresh financial start. Although, you may be required to surrender certain nonexempt property, which is then liquidated to repay the debts you owe, Chapter 7 bankruptcy will allow you to discharge unsecured debt such as credit cards or medical bills so you are no longer required to pay them. To qualify for chapter 7 bankruptcy protection, you … [Read more...]
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When Medicare is Not Enough | The Graying of Bankruptcy
Many believe that Medicare will cover the healthcare needs they have as they age, but there are substantial expenses above and beyond what Medicare pays that can have significant financial consequences for seniors. Many older Americans quickly realize they are on the hook to make up the difference for medical costs Medicare does not cover or pay for additional insurance to bridge the gap and then some. Older Americans Seeking Bankruptcy on the Rise Americans 65 and older spend an average of … [Read more...]
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Can I Qualify for Chapter 7 Bankruptcy?
You may be facing financial difficulties and wondering if you are eligible to file for a Chapter 7 bankruptcy to eliminate your debt. To figure out if you may be eligible, you can start by determining your monthly income and comparing that to the median family income in your state for the same size household. If your income does not exceed the state median income, you may be able to file for Chapter 7 bankruptcy. To calculate your 'current monthly income', you will use your average monthly … [Read more...]
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