Unfortunately the growing number of students who have graduated college with student loan debt they cannot repay has sky-rocketed. In fact, according to Fox News, there are currently $1.11 trillion in student loans outstanding and $121 billion of them are 90-plus days delinquent or in default.
Recently on our bankruptcy forum a user asked, “I am in dire financial straits. In fact, I am considering filing bankruptcy. I have a friend who owes me $6,000. What can I do to get my money back? I have already discussed payments with them but they refuse to pay me.”
Recently on our bankruptcy forum a user asked, “I just got married and I have a substantial amount of credit card debt, unsecured personal loans, and medical debts. Can I file Chapter 7 bankruptcy without my spouse and have these debts discharged?”
Spouses may file Chapter 7 or Chapter 13 bankruptcy with or without their spouse. Assuming all of the joint debts are paid, you may even be able to file bankruptcy without jeopardizing your spouse’s credit.
Even with what experts are calling a “financial recovery,” many debtors continue to struggle to meet their debt obligations. Whether it’s a severe medical crisis, unemployment, or simply the rising costs of goods and services, you may have debts you simply cannot pay.
Recently on our bankruptcy forum a user asked, “I have substantial debts including thousands of dollars in medical bills, a house payment, and car loan I cannot afford. Can I discharge these debts in bankruptcy, and if not, what are my other options to start over?”
Sometimes, despite your best efforts, you may not be able to pay all of your bills in full each month. Whether it’s an unexpected illness, temporary job loss, or expensive car repair, it’s not unusual for many individual’s expenses to cost more than their monthly income.
Recently on our bankruptcy forum a user asked, “I have a high car payment and I have been making regular payments, but for the last several months I have not been able to pay the full car payment amount. Is the creditor legally allowed to repossess my car?”
Filing bankruptcy is a big decision, and there are some financial ramifications after it’s complete. With this in mind, filing bankruptcy may only be the first step most debtors have to take to get their finances back on track. In fact, failing to take the right steps after bankruptcy may result in another financial crisis a few years later. Continue reading
Everyone needs income to pay for their basic necessities- housing, clothing, and food. Eliminate income or have your income reduced for an extended period of time and it’s likely you will feel an automatic financial pinch or potentially face a financial crisis. Recently on our bankruptcy forum a user asked, “I live in California and I cannot pay my credit card bills and child support debt. I am afraid my creditors will garnish my wages and I will not have enough money to pay my bills. Are my creditors able to get a California wage garnishment?”
Despite what some are calling a financial recovery, many individuals have not financially recovered from the 2008 economic downturn and may still be considering filing for bankruptcy protection. Recently on our bankruptcy forum a user asked, “If I am filing bankruptcy without a lawyer how do I file my Chapter 7 bankruptcy forms?”
Although government officials claim the economy has recovered, many individuals continue to struggle to pay for their basic needs of food, clothing, and shelter. Others have had to rely on aggressive borrowing strategies, such as payday loans or high interest credit cards. Recently on our forum a user asked, “I have a job, but I am living paycheck to pay check. I am depressed and my debt obligations are growing. What can I do to improve my financial situation?” Continue reading
Each year thousands of debtors complain to the Federal Trade Commission (FTC) about violations under the Fair Debt Collection Practices Act (FDCPA). The good news is debtors are wising up to the legal rights they have under the law and are willing to fight against abusive, unfair, or deceptive practices debt collectors have used for years.
Recently on our bankruptcy forum a debtor asked, “I have heard something about a law that protects me against harassing debt collector actions. What is this bill and what can I do to stop debt collectors?”