Blog Posts in May, 2013

Proposed Legislation May Reclassify Student Loans in Bankruptcy

Even as the economy begins to improve, many new graduates struggle with repaying their student loans. The United States Student Association estimates that borrowers hold $730 billion in student loan debt, with 60 percent ($440 billion) in deferment or default. With student loan debt outgrowing credit card debt, some are considering bankruptcy, even though current law does not allow discharge of ...

Study Shows Bankruptcy Filings Among Senior Citizens Are On the Rise

According to a study released by AARP, the amount of bankruptcies filed by people ages 65 and older has increased exponentially in recent years. The study, which was conducted by the Consumer Bankruptcy Project, found that between 1991 and 2007, bankruptcies among seniors increased by 150 percent. For those aged 75- to 84-years old, bankruptcy filings increased over 400 percent during that time. ...

Dealing with Medical Debt Through Bankruptcy

With today's economic conditions, serious injuries or illnesses can cause serious financial upheaval. Prolonged ailments requiring long recovery periods can deprive people of their ability to earn a living. It is common knowledge that most people are one severe illness away from being in financial ruin. It's true that many working Americans still have health insurance through their employment. But ...