The good news is that the Congress reached an agreement on student loan interest rates, and because 10-year Treasury bills are low, student loan interest rates are apt to be low for a while too. The bad news is that once the economy improves and interest rates start rising generally, it will cost student debtors …
Many people who were badly hit by the housing bust might have avoided talking to a bankruptcy lawyer because they heard about the so-called “lock-in effect.” The “lock-in effect” hypothesizes that underwater homeowners will refuse to move to new locations where work is available because they don’t want to sell their homes at a loss, …
Don’t Let Stories About the ‘Lock-In Effect’ Keep You in Your Underwater House Read More »
Although things looked bleak for federal student loan borrowers a month ago, Congress has legislated away the doubling of the subsidized Stafford loan interest rate that went into effect on July 1st of this year. The rise from 3.4 percent to 6.8 percent for undergraduates would have increased interest paid on a 10-year repayment plan …
7 Things to Know About the New Student Loan Interest Rate Law Read More »
Brooklyn bankruptcy attorney Bruce Weiner was interviewed last week by NYC Financial Advisor Sara Stanich for her blog “Cultivating Wealth”. The interview covers questions about bankruptcy and divorce, debt negotiation and when to consider filing. Here’s an excerpt from the interview: Sara Stanich: “I work with people going through divorce and debt is often a …
Bruce Weiner Interviewed On Bankruptcy, Divorce And Other Financial Issues Read More »
The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. Then, mere months after obtaining a discharge, the banks start aggressively sending out letters offering new credit cards with low rates and high credit limits. This doesn’t make any sense at all. Why …
Why Do Banks in New York Offer People Credit Cards after Bankruptcy? Read More »
For some reason, New Yorkers and others often think medical debt is somehow protected from bankruptcy. This is completely untrue. “Medical bankruptcies” are sadly quite common, and worse, they grew in the last decade. The American Journal of Medicine proved as much when it published research covering medical bankruptcies between 2001 and 2007. Here’s what …
Medical Debts Are Dischargeable in New York Bankruptcy Read More »
This is the second post in a two-part series on the Department of Education’s Income-Based Repayment (IBR) program for federally backed student loans. Under an IBR plan New Yorkers and other Americans with eligible loans can make lower monthly payments to the government based on their disposable income if their income is too low to …
Income-Based Repayment Plans for Student Loans in 10 Points (Part 2 of 2) Read More »
Aside from mortgage debt, one of the more common problems New York debtors face is student loans. These debts can be challenging for debtors to deal with because in 1998 the federal government subjected all federally backed student debt to the undue hardship test for bankruptcy dichargeability. In 2005, it extended it to private student …
Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2) Read More »
The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It’s quicker than Chapter 13 and allows people to discharge many types of debt. In some cases, though, a person may be ineligible for Chapter 7 and must file in Chapter 13, which is often called a “wage earners …
Chapter 13 Debt Limits Won’t Stymie Your New Bankruptcy Read More »
The New York Times recently published an article about debt collectors who resort to using pseudonyms when calling debtors. They justify this behavior because they claim the debtors their agents call routinely threaten them with violence. The Times did manage to point out that the Federal Trade Commission reported that the number of complaints against …
Debt collectors using pseudonyms in New York may be breaking the law Read More »
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