Bad things can happen when you default on student loans
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Credit bureau Experian reports that more than one-fourth of Americans have an item in the hands of a third-party debt collector. For many, those delinquencies are their student loans. At present, student loans have spiraled into a $1.5 trillion debt crisis for American consumers.
Bankruptcy timelines matter
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In Wilmington bankruptcy, 180 days is a magic number in many respects. In this article, we’ll look at the six-month line for income, inheritances, and other events that can affect the outcome of your case. These are things you must know before you file a bankruptcy case.
Arrested over student loans?
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When you consider the question: “Can you be arrested for not paying your student loans?” the answer should be, “absolutely not!” However, issues related to student loans could see a warrant for your arrest issued.
Overwhelmed by a social security overpayment?
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Social Security benefits are something that many older Americans rely on, but they aren't the only ones getting this type of government benefit. There are also Social Security Administration (SSA) benefits for Spouses and Survivors, Social Security Disability Insurance, and Supplemental Security Income.
Bankruptcy judges may be loosening restrictions on undue hardship
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Student loan debt in America is a crisis of epic proportions. The total cost of this debt is now over $1.5 trillion. Individual debt coming out of college averages close to $35,000. For those who can afford their student loans, it's no big deal. For others, though, it can escalate into a full-blown financial crisis. Despite the debt spiral, there is some good news lately with court decisions, and it seems that restrictions are loosening on bankruptcy forgiveness of student debt. Here's what you need to know.
Lessons to be learned from Mike Tyson's bankruptcy success story
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Most Wilmington bankruptcy filers aren’t world class boxers, never owned pet tigers, and didn’t rake in almost half a billion dollars in earnings before filing. All that applies to Mike Tyson, yet the lessons to be learned from his bankruptcy case resonate for many. Here’s a look at how Iron Mike turned around his finances to become a bankruptcy success story.
Choose your student loan repayment plan wisely
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Student loans are a national crisis at $1.5 trillion and climbing every day. If you’ve got college debt you’re struggling to repay, you may need to reconsider your choice of payment plan. Even if you can afford your payments, you might want to adopt a different strategy for repayment that better fits your financial goals.
Explore the benefits of Chapter 13 bankruptcy
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While Chapter 7 is the most common and least complicated type of Greensboro bankruptcy, it’s not for everyone. Even though Chapter 7 offers more sweeping debt relief, for many consumers, Chapter 13 bankruptcy is preferable.
A conversation about PSLF rejections
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Public Service Loan Forgiveness can be a lifeline for student loan borrowers who can’t afford their college debt. It lets you pay on a more affordable plan for 10 years while working at a qualified government, military, or charitable organization and then sees the remainder of your loan balance forgiven with no income tax consequences. It sounds great, but many problems have plagued the plan and rejections have run rampant, leaving many borrowers frustrated.
How to choose the best bankruptcy path
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Debt is a necessary evil in life. It lets you buy a home, car, and live a better life than you could if you had to pay cash for everything. But when debt spirals out of control, and you can’t pay what you owe, it can turn into a nightmare. One option to consider for unmanageable debt is Wilmington bankruptcy, but there are two types to choose from – Chapter 13 and Chapter 7. Today we look at why Chapter 7 could be the better option for your debt dilemma.
Retiring with student loans is not a good idea!
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As you head into your golden years, your prime years of earning big bucks are behind you, and your income usually settles into a fixed situation and is not nearly as high as it once was. If you can’t afford student loans now, being stuck with them while in retirement is an even worse prospect. Already too few Americans have enough in the bank for retirement and don’t need lingering college debt.
Got tax trouble?
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Owing Uncle Sam without the means to pay is a terrifying prospect. If you’re considering Greensboro bankruptcy to help dig out of debt, you should know that back income taxes might be eligible for relief in Chapter 7 or 13.
Student loan payments can be cheaper
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Outstanding student loan debt in the U.S currently stands at almost $1.5 trillion. Repaying this debt is a burden for many. If you’re struggling to make your student loan payments, deferment or forbearance can give you a respite from payments, but after that, you need a long-term solution.
Get prepared for debt relief
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Filing for Wilmington bankruptcy may be strategic if you're living paycheck to paycheck, dealing with debt collectors, and can’t service your debts. It’s best to go into the process prepared, and that starts with a free consultation with a reputable local North Carolina bankruptcy lawyer. In the meantime, here are some things to examine as you consider bankruptcy.
Looking for student loan forgiveness?
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Got a pile of student loans you can’t afford (or would love to avoid)? If so, there are several student loan forgiveness programs to consider. There are some run by the federal government, some by state and local government, and others by employers. Today we take a look at five programs that can lessen or eliminate your college debt.
Avoid using credit cards to pay medical bills
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Even with health coverage from your employer or through the Affordable Care Act exchange, Greensboro consumers might find medical bills overwhelming. Hefty deductibles, coinsurance, and copays can add up, and if you don’t have health insurance, even a minor medical issue can result in severe financial hardship. When the medical provider or debt collector comes calling, it may be tempting to settle your debt with plastic, but here is why that’s the last thing you should do.
Undue hardship standards may change
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When your student loans are unaffordable, one life-changing option to consider is bankruptcy. Private student loans are easier to discharge in bankruptcy than federal loans, but even federal loans are dischargeable under certain circumstances. To achieve discharge of federal school debt, you must demonstrate “undue hardship.”
Yes, the bankruptcy court could take your guns
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The Second Amendment is a hot button issue these days. Those that have guns wish to keep them while others want stiffer gun control laws. As it stands, North Carolina law allows open carry throughout the state and is generally permissive in its standards on gun ownership. But what happens to your guns if you file Wilmington bankruptcy? Can the court take your guns? Maybe!
Drowning in student loan debt?
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Can you imagine owing a million dollars or more in student loans? For more than 100 people in the US, it’s a terrible reality as their college debt has mushroomed out of control. Just five years ago, it was less than 15 borrowers who had racked up that much in school debt. So what do you do with more than a million dollars in student loans and not enough money to vanquish your debt?
Be careful with your debit card!
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Greensboro consumers should be aware that some locations are hot spots for debit and credit card fraud. Of the two, debit card theft and fraud is the more financially troublesome. For fraudulent charges on your credit card bill, you alert the card issuer as soon as you notice, and they decline the charges and reverse them. You usually have 30-60 days to do so, depending on applicable terms and conditions.
