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March 2015 Archives

Options for managing student loan debts

It's no secret that student loans in America are continuing to climb out of control. With over $1 trillion in collective student loan debts, there are thousands of Americans who are desperately searching for ways to manage their debts. This article lists many of the most common repayment options, but it may not tell indebted individuals what they want to hear. Unfortunately, when it comes to student loans, your only real option is to pay them.

Can I file for Chapter 7 bankruptcy?

People have many different reasons for not filing for bankruptcy. Perhaps they fear what their friends and family will think, or they are worried that it will affect their credit score for years to come. Some people do not even consider bankruptcy an option because they believe that they cannot file. While it's true that there are some people who do not qualify for bankruptcy, most people do.

Bankruptcy can start you on the road to financial recovery

The economy appears to be on the road to recovery, but not everyone can find the access ramp. There are still many Americans who are struggling under the trillion dollar collective student loan debt across our country and many who can only afford to live by charging multiple credit cards. Unfortunately, those credit card debts will only continue to grow if you do not pay them off, and for those who are too far in debt, there may seem like no viable option.

Payday Loan Scam Alert

We have seen an increase in the number of clients, both still in bankruptcy and that have received their discharge, that are being contacted through phone calls and emails by 3rd party payday loan collectors. Our clients are reporting that they are being told that the bankruptcy did not cover the payday loan and they are going to be sued or arrested.

Personal bankruptcy filings are decreasing

According to Fitch Ratings, the number of personal bankruptcy filings across the United States has been dropping for the last four years, and it will likely continue to drop. It is expected that the figures will level off as lending guidelines become less strict, but Fitch projections expect there to be another 8-10 percent dip in total bankruptcy filings in 2015. According to the Managing Director, a number of factors are contributing to this decrease, including cheaper gas prices and an increase in consumer credit.

Steps to take before bankruptcy

When you are struggling with debt, bankruptcy is a difficult choice to make, even if you need the debt relief. As your debt piles up, and you decide to file for bankruptcy, you will likely be struggling with many difficult emotions, as well as your debt. These emotions may make it even more difficult to proceed with your bankruptcy filing. Fortunately, good preparation can make your bankruptcy case much easier.

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