Articles Posted in student loans

Brian V. Lee, the District of Columbia State Chair for the National Association of Consumer Bankruptcy Attorneys (NACBA) and principal attorney for  Lee Legal, met with District of Columbia Congresswoman Eleanor Holmes Norton to discuss the student loan discharge in Chapter 7 bankruptcy.  The meeting was part of “Hill Day at Home,” which allows NACBA…

In 2016, 43 million Americans carried a total of over $1.3 trillion in student debt. More than 40% of the nearly 22 million borrowers with federal student loans were in default or behind on their payments. Student loan defaults have been compared to the subprime mortgage meltdown of 2007-2010. In 2017, Americans owed over $1.48 trillion in student…

Retirement is supposed to be a time to leave behind the hassles and stress of the workforce. In many ways, retirement is the reward for a lifetime’s contribution to the economy and country. We usually consider student loans to be a problem for the young. But today’s retirees increasingly face crushing student loan burdens. Believe…

Settled debts must be included in your income taxes If you settle a debt for less than you owe, the balance canceled or forgiven is taxable income. You must report any cancelled or forgiven debts as part of your gross income on your income tax return. The creditor will send you an IRS Form 1099-C…

Once you file Chapter 7 bankruptcy, you will be flooded with new credit card offers. It may seem counter-intuitive, but you should get a credit card after bankruptcy. Credit card companies are not doing you a favor. Once you receive a bankruptcy discharge, you actually become an excellent credit risk. After all, you have zero…

Today, the average student in the United States graduates with $29,400 in student loan debt. High youth unemployment may make it very difficult for many of these students to repay their student loans. As a result, young people struggle with monthly payments they cannot make. Many wonder: Will bankruptcy get rid of student loans I…

In most bankruptcy cases, the main purpose of filing is to obtain a discharge.  The bankruptcy discharge is essentially a legal injunction against the enforcement or collection of debts. To obtain your bankruptcy discharge, you must complete two separate courses: credit counseling and debtor education. Via different providers, you can take these courses either online…

According to American Student Assistance, around 60 percent of all students attending college or pursuing higher education borrow money to pay for tuition. As of 2012, the average student loan balance among all age groups was $24,301, with around a quarter of borrowers owing more than $28,000. These high student loan balances are a major…

Today, one of the biggest debt problems that many people face is student loan debt. According to American Student Assistance, around 60 percent of college students — or 12 million college students each year — borrow money to cover the costs of attending school. Washington, D.C. has the most student debt in the nation. So can…

If you are coping with foreclosure, bankruptcy could save your home. While bankruptcy might not just make your mortgage go away, if you want to keep your home, bankruptcy gives you options. Whether or not you’re facing foreclosure, bankruptcy could make your home both more affordable and more valuable. You have other options besides bankruptcy,…