A piece of big news covered by The New York Times provides one more reason not to trust student loan servicers to advise debtors of the best New York bankruptcy alternative for repaying their loans. The Consumer Financial Protection Bureau (CFPB) sued Navient, an offshoot of student loan giant Sallie Mae, for misleading debtors about …
CFPB Sues Student Loan Company Navient for ‘Cheating’ Borrowers Read More »
At the end of every year, it seems, Bankrate.com conducts a survey on how much money Americans have saved in case of emergencies, and this year the numbers are not good. As of late 2016, more than four Americans in ten did not have enough money saved for an emergency costing at most $1,000. The …
Only 41 Percent of Americans Have $1,000 Saved for Emergencies Read More »
New York bankruptcy lawyers usually tell their clients to obtain a credit report before filing bankruptcy. Most debtors should be able to do this for free because the Fair Credit Reporting Act (FCRA) requires the three big credit reporting bureaus, Experian, TransUnion, and Equifax, to provide consumers one free credit report per calendar year, which …
CFPB Penalizes Credit Bureaus for Credit Score Marketing Abuse Read More »
Late last year, I wrote about online privacy, particularly the possibility of identity theft through cell phone numbers, and the necessity of using secure passwords to protect personal information. The topic is relevant to New York bankruptcy debtors because identity theft can lead to serious financial difficulties. But late October 2016 brought good news to …
Internet Service Provider Privacy Rules Might Be Abolished Read More »
Auto loan debts might become more common in New York bankruptcy, going by a report from the Federal Reserve Bank of New York. In a blog post, its researchers found that lending for cars increased steadily after the Great Recession, but since the first quarter of 2010, originations in subprime auto loan debt (FICO scores …
NY Fed: Subprime Auto Loan Delinquencies Are Rising Read More »
Income-driven repayment (IDR) plans came into prominence in 2007, and in the last decade the Obama administration has promoted them and broadened their scope, e.g. by proposing new ones like REPAYE. IDR plans reduce debtors’ monthly payments and ultimately forgive loans after a certain number of years, usually 20. For many years, federal student loans …
Will the Federal Government Reform Income-Driven Repayment Plans? Read More »
One way New York bankruptcy benefits debtors over debt settlement or other non-bankruptcy options is that debtors do not need to pay income taxes on cancelled debts. Normally, cancelled debts are considered income, so when lenders forgive debts greater than or equal to $600, they are obligated to send debtors IRS Form 1099-C, which leads …
Debtors to No Longer Receive IRS Form 1099-C for ‘Non-Cancelled’ Debts Read More »
One might think that The New York Times‘ “Your Money” article on a company that offers to swap student debt for mortgage debt is an advertisement, but it’s an alternative to New York bankruptcy worth considering. SoFi, a nonbank lender, with the help of the government mortgage entity Fannie Mae promises student debtors the opportunity …
NYT Discusses Program for Swapping Student Debt for Mortgage Debt Read More »
Back in February, I discussed the surge in student debt “borrower defense” discharge claims. Student debtors discovered an obscure 1995 rule that permitted them to administratively discharge—that is, outside the bankruptcy process—their student loans if they could show that their schools somehow defrauded them. The development occurred just as the for-profit Corinthian Colleges shuttered its …
Education Department Publishes Regulations for ‘Borrower Defense’ Claims Read More »
The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General filed a complaint against a debt collection agency based in Buffalo, N.Y., for deceiving millions of consumers. (Surprisingly, many debt collectors make Buffalo their home.) Two men operated three companies, Northern Resolution Group, Enhanced Acquisitions, and Delray Capital, and up to 60 related …
CFPB and N.Y. Attorney General Go After Vast Debt Collection Scheme Read More »
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