What are your options for student loan repayment?
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It’s far too easy to take on student loans. Federal loans to students don’t require a credit check, and they don’t cap the amount you borrow based on your ability to repay. When it comes time to pay back Uncle Sam, there are different repayment options. Today we’ll dig into those and also consider what happens if you can’t afford to pay at all.
Plagued by calls from debt collectors?
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Owing debt you can’t afford can be scary - especially when aggressive collectors are involved. Many debt collectors follow the letter of the law, but others cross the line and can threaten or try and intimidate you. Wilmington bankruptcy can stop aggressive debt collectors and shut them down for good while also relieving your debt. It offers instant peace of mind.
Student loan changes are coming
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Currently, most student loans are federal student loans. But there are significant changes afoot for student loan borrowers. The current presidential administration is looking to redefine the college loan market to make it more competitive and possibly more affordable. Will these shifts come to fruition is one question. Initiatives don’t always make it to the law or regulation stage. Plus, whether they’ll benefit borrowers, as intended, is another concern. Here is what’s in the wind.
Is the clock running out on your debt?
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From the moment you go delinquent on debt in Greensboro, North Carolina, the creditor can come after you to collect what is owed. They have the right to use whatever legal means are available to get the money from you. They will also tack on late fees on top of the debt and collection agency fees if they enroll an outside firm to help. These efforts may continue until you pay or the statutes of limitation expire. But what does that mean?
Are you borrowing too much in student loans?
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Not all debt is bad. Some debt is good because it empowers you to make changes to your life that you couldn’t if you had to pay cash for everything. That applies to a home and college education, in particular, since most cost too much to pay out of pocket in a lump sum. But if you get in over your head, the opportunity could turn into a financial crisis. When it comes to student loans, how much is too much?
More seniors than ever are filing bankruptcy
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An unprecedented number of seniors are now filing bankruptcy. New research has shown that since 1991, bankruptcy filings for Americans 65 and older have tripled. Data from the Consumer Bankruptcy Project shows that seniors now make up a larger percentage of bankruptcy filers than ever. The takeaway is that bankruptcy is the last hope for many older Americans and the problem is growing.
Gaming your way out of student loan debt
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Student loans are no fun, but a new TV show would convince you otherwise. While college debt continues to rise, Americans are looking for new and creative ways to unload their student loans. A new game show on Tru TV aims to put the fun in finance and help contestants eradicate debt.
More seniors than ever are filing bankruptcy
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New research from the Consumer Bankruptcy Project recently reported that older Americans (aged 65 and above) are increasingly filing bankruptcy. The research used bankruptcy cases and questionnaires completed by 895 respondents between the ages of 19 to 92. They found a 204% increase in the number of seniors who file bankruptcy.
Looking for a solution to student loan default?
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Student loans get more burdensome by the year, and many people struggle to conquer this debt. If you miss one payment, that’s not good. From the first missed payment, you’re considered delinquent. If you keep missing payments for 270 days, you go into default for most types of loans. Federal Family Education Loans (FFEL) go into default after 330 days of non-payment.
Stressed over a Wilmington tax lien?
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Getting behind on your state and federal income taxes can be stressful. The government has some incredible powers of collection and can attach your wages, personal property, bank account, and more. When you’re late on taxes, one of the most grievous outcomes is a tax lien. If possible, you should deal with your tax trouble before there's a lien.
Find a job with student loan benefits to get out of debt faster
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Student loans are more than an individual debt concern. It’s becoming a national economic crisis. With over 44 million Americans in debt to the tune of over $1.5 trillion, student loan debt is a growing concern of employers, with good reason.
Are you behind on child support?
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With Greensboro bankruptcy, you can tackle most any debt. From the moment you file, bankruptcy makes sweeping changes to your life. It puts an end to overwhelming debt and gets you a new lease on your financial life. No matter whether you choose Chapter 7 or Chapter 13, bankruptcy helps with its automatic stay, debt reduction, and discharge.
IRS ruling may help student loan debtors
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With more than $1.5 trillion now owed in student loans, it’s a debt crisis with no end in sight. One of the issues facing consumers with student loans is deciding how (and even if) they can save for retirement while dealing with this debt. Workers of all ages should be saving for retirement, but it’s more critical if your employer offers a 401(k) match.
What's the best time to file Wilmington bankruptcy?
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Deciding to file Wilmington bankruptcy can be overwhelming. Many people feel it’s admitting failure. It’s not. It’s acknowledging that you need help. There’s nothing wrong with that. Life events out of your control trigger most bankruptcy filings. Divorce, illness, job loss, and similar circumstances are factors in most bankruptcy cases. Filing sooner rather than later can restore you to financial health faster.
Exploring student loan forgiveness
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Student loans are unfairly burdensome on many Americans. Because of the emphasis on college over all other career paths, it’s problematic. Where once a degree set you apart, now it makes you one of the job-hunting herd. Combine that with the unfairly exploding cost of college tuition, and it’s a recipe for a crisis that’s just beginning.
Renting after bankruptcy is possible
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After Greensboro bankruptcy, you might need to explore housing options. Some people use Chapter 7 bankruptcy to unload an unaffordable mortgage and need a new place to live – or you might be ready to relocate for work or because your existing lease is expiring.
New legislation promises hope for student loan borrowers
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Student loans are a plague on many consumers, so it’s always good to see news of hope for college debt relief. HR 5549, the HIGHER ED Act, introduced in April by Democratic Representative Peter DeFazio of Oregon, could see a loosening of the standard of “undue hardship” required to discharge student loans in bankruptcy.
Millennials crushed by medical debt
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Medical debts are one of the most common debts incurred and many people struggle to pay. One in six Americans has past-due health bills on their credit report. Even those with insurance might have unaffordable medical bills because of ever-higher deductibles across most Affordable Care Act insurance plans. Wilmington bankruptcy can help shed this debt.
Bankruptcy and student loans
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When considering debt relief programs, one to examine is bankruptcy. But before you jump into something, you should think about the effect on your credit score and future financial opportunities. If you’re thinking of returning to college or have a child headed to university soon, you’ll want to know if and how it could affect your ability to obtain student loans.
Get your fresh start today
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Choosing Greensboro bankruptcy is a big step towards getting your finances in order and on a path to a better future. So, how do you get started? When clients come in to see us, desperate for a meaningful debt relief solution, once they hear how bankruptcy can change their lives for the better, the next thing they want to know is how to begin. Look at the five steps to get your Greensboro bankruptcy started.
