Which is the better option? Debt management plans have no guarantee that the creditor will accept a negotiated discount. Debt consolidators charge a fee regardless of whether a settlement is reached and often years go by with credit scores dwindling each month. It’s often better to reach a deal with…
Faced with a nearly impossible standard to discharge federal student loan debt in bankruptcy due to undue hardship, creative debtors’ attorneys and the bankruptcy courts are continuing to create pockets of relief wherever possible. Finding that “non-dischargeability does not immunize the student loan claim from modification,”a bankruptcy court confirmed the…
The new median income figures are out this week. Whether you are above or below these figures is not the only factor that is looked at however. But many of the expenses allowable under the Means Test have increased and if you were borderline last year, you may qualify for…
Debt is to be used sparingly. It allows you to make purchases which you cannot afford. In other words, debt allows people to live beyond their means or to spend more than they earn. While this may appear to be a good thing when an emergency arises, there are serious…
On January 31, 2019, Judge Stong of the Eastern District of New York denied the Motion to Dismiss filed by SLM Corporation, Sallie Mae, Inc., Navient Solutions, LLC and Navient Credit Finance Corp. In this Memorandum Decision, the Court dealt a blow to the private student loan defendants when it permitted…
Generally, approval is needed from the bankruptcy court to take on any new debt in the form of a new federal or private student loan. This would include the filing of a refinance or even a consolidation application – as these are considered new loans. ECMC, the guarantor of FFEL…
When you are thinking about hiring a bankruptcy attorney, what should you consider? – besides all the regular stuff like client reviews, years of practice, cost, availability, knowledgeable, friendliness of attorney and staff etc. One thing to keep in mind is what other areas does that law firm handle and…
Most of us still use the New Year as an opportunity to review the past year and set goals for the New Year. My own practice has grown tremendously from this goal setting. We target the best strategies to grow our practice and help our clients to get back on…
The Fair Debt Collection Practices Act (“FDCPA”) and its Florida counterpart, the Florida Consumer Collection Practices Act, (“FCCPA”) require a debt collector or creditor to cease all collection efforts once a consumer acts to preserve their rights. But you have to ask first, and in writing by sending a cease…
There a lots of reasons a debtor needs to file a bankruptcy. However, debtors should be warned that they are likely giving up valuable rights to fight a foreclosure of their home if they do so — unless they reaffirm the mortgage. Over the last few years, many debtors elected…