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It was less than a year ago that we discussed the Consumer Financial Protection Bureau’s (CFPB) proposed new rule that would have prohibited medical debt from being included on people’s credit reports. A lot has changed since then. Now, shortly before the new rule was scheduled…
The exact amount of student loan debt differs from one person to the next, of course, depending on the specifics of their degree and how many loans they actually took out. That said, there is a total of $1.773 trillion of student debt in the United…
If you are living with overwhelming debt, it certainly affects your financial decisions. It may limit what purchases you can make, and missing payments could impact your credit score. But it is important to remember that debt goes beyond just a financial issue. There is evidence…
If you want to file for Chapter 7 bankruptcy, you have to take a means test. Among other things, you have to report your monthly income. The court needs to get an idea of your assets, income, debts and financial obligations and expenses. So what happens if…
Divorce and financial strain often go hand in hand. It is common for couples going through a divorce to face financial challenges that may lead them to consider filing for bankruptcy. But how does one process affect the other? Here is what you need to know.…
If you are considering filing for bankruptcy, it may be because you have too many monthly payments to manage. You’re expected to pay out more than you earn, and it’s simply not sustainable. This isn’t due to frivolous spending—your debt has become unaffordable, and you want…
Bankruptcy is a viable option for those in financial trouble. It can provide the opportunity for a fresh start. Nonetheless, bankruptcy is not always straightforward, and it’s normal to have questions. One issue that consistently arises is whether or not bankruptcy affects employment. Here are some…
It is important for homeowners to mentally prepare for the fact that if their home is sold as a result of foreclosure, they may remain financially liable for a foreclosure deficiency balance. Understanding this reality can help homeowners to decide whether pursuing a bankruptcy in order…
If you’re considering bankruptcy as a solution to your overwhelming debt, you’re likely thinking about the effects it will have on your family. For example, it will mean that your kids will also need to live more frugally. However, you’ve probably already had to make sacrifices…
Becoming a homeowner is a cornerstone of the modern American dream. People want to establish equity in their own homes instead of paying the bills of a landlord. They may work hard on improving the home by making repairs. They may also spend as much as…
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