Category Archives: Debt
Why You Need a Lawyer for Debt Negotiation
If you have regular income but can no longer afford to make the minimum payments on your unsecured debt — credit card bills, medical bills, apartment leases, cell phone bills, utilities — your debt may be a good candidate for negotiation. Creditors may agree to accept less than the full amount of your debt under […]
Managing Your Household Budget May Keep You Out of Bankruptcy
Sticking to budget is not easy for anyone. Even the rich and famous turn to business managers to help them handle their budgets and avoid going into debt. A business manager’s job is to provide support in curbing spending impulses. For young celebrities whose wealth may have come all of a sudden, a business manager’s […]
Risks of a Reverse Mortgage
Losing a home can happen to anyone. Charles Wheeler, the revered former Kansas City mayor, lost his home of more than 40 years when financial trouble hit. Medical bills, back taxes and insurance payments on the house became too big to handle. Seeking a source of cash, Wheeler took out a reverse mortgage on his […]
Short Sales Increase Across Pennsylvania
Short sales are on the rise across central Pennsylvania. A short sale is a potential way to avoid foreclosure for homeowners who find themselves underwater on their mortgages. It allows home owners to sell their properties for significantly less than they owe with permission from their mortgage holders. The Central Penn Business Journal reports some […]
Stop Harassment from Debt Collectors
Phone calls to your home or office from debt collectors can be stressful and embarrassing. But you have the right to stop calls when they become harassing. Federal and Pennsylvania laws protect you from offensive creditor behavior. The laws are called the Fair Debt Collection Practices Act and the Fair Credit Extension Uniformity Act. Illegal […]
Five Facts to Know About Student Loans Before You Borrow
American students and graduates now owe an estimated $1 trillion in student loan debt. On average, recent graduates leave school with $22,900 in outstanding loans. With tuition costs rising, this number is likely only to increase. Before you or a family member borrows money for school, be sure to know these basic facts about student […]
Drop in Bankruptcy Filings Signs of Improved Economy
Consumers are considering options outside of bankruptcy for confronting their debt management problems. According to the American Bankruptcy Institute, the number of bankruptcies filed nationally declined 14 percent from the year-earlier period. There were 921,219 bankruptcies filed nationally through September. These numbers may seem high, but at this rate of decline the year-end totals stand […]
Supreme Court Offers No Guidance on Student Loan Undue Hardship Test
After receiving a general release from his debts under Chapter 7 bankruptcy, Roger Traversa filed for release from his $60,000 student loan debt, claiming that it would be an undue hardship for him to repay. Traversa testified that it was difficult for him to obtain and hold onto employment opportunities because of issues with depression, […]
Chapter 13: What You Need to Know About Excluded Debt
Bankruptcy may be a “fresh start” but it may not leave the debtor completely debt free. Certain types of debts survive Chapter 13 bankruptcy and are not discharged. As a rule, the discharge releases the debtor from all debts provided for by the plan or disallowed, with the exception of certain debts. To the extent that they are […]
Understanding Automatic Stays and Motions for Relief from Stay
By the time many people consider filing bankruptcy, they are buried in creditor collection calls or perhaps even threatened with wage garnishment, foreclosure or repossession. Consequently, it is a relief to understand what an automatic stay does for you. Filing a bankruptcy petition automatically triggers a court order called an automatic stay. An automatic stays […]
