After a 20 year hiatus, Student loan borrowers may finally have their day in Bankruptcy Court.
The Education Department said this week it will review when borrowers can discharge student loans - an indication it could become easier to expunge those loans in Chapter 7 or Chapter 13 bankruptcy.
The Department said it is seeking public comment on how to evaluate undue hardship claims asserted by student loan borrowers to determine whether there is any need to modify how those claims in bankruptcy are evaluated.
As of now, it is almost impossible to discharge student loans in bankruptcy. The rule of thumb in New York has always been the ...
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Consumer’s Appetite For Debt On the Rise
Interest rates are on the rise, but that hasn’t curbed Americans’ appetite for consumer debt. If anything, consumers are borrowing more on credit cards or through auto loans than they have in years, and lenders seeking growth are happy to oblige them.
Recently, a male millennial said he signed up for more than five credit cards over the past year, from issuers including Capital One Financial Corp. and Discover Financial Services, after he received offers in the mail. He also took out a $36,000 loan to buy a new Jeep Grand Cherokee. This individual, who rents, said the offers have been arriving as his credit score has improved. He ...
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Trading Social Security Benefits for Student Loan Forgiveness? – An “E” For Effort
There's a debt crisis in America right now, and it centers on the cost of education. Roughly 45 million people owe a total of more than $1.4 trillion in student loan debt, working out to an average of about $30,000 per borrower. Starting from such a huge hole, it's hard for today's millennials to chart a reasonable course forward for their finances, and the impact throughout the U.S. economy has been apparent for years.
One lawmaker is seeking to address that crisis, introducing a revolutionary new program that would allow young people to trade Social Security benefits for student loan forgiveness. Unfortunately, the program comes at a ...
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Best Practices for Small Business Owners to Avoid Lawsuits
Small business owners already have it tough when it comes to running a business. They generally have to compete with larger size firms with limited resources. The last thing that they want to face legal action relating to the product or service that they provide. Costs of a legal battle can easily deplete the bank accounts leading to a sort of financial meltdown for the company.
In this respect, it is important to take preventive steps to avoid getting caught in a legal battle in the first place. Here we will share with you some important tips on how you can avoid getting sued for your product or services.
Tips for Small Business Owners ...
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