Financial reformers have consistently criticized payday lending. For example, several months back the Consumer Financial Protection Bureau (CFPB) proposed new rules to prevent “death-trap” payday loans, and New York State is also taking steps to regulate the lenders. New research, though, might provide additional motivation to scrutinize the industry: A paper produced by two academics …
It seems like yesterday when there were only a handful of options for dealing with federal student loans: consolidation, deferment, and forbearance. Then, in a matter of a few years, the government created a slew of acronymic hardship repayment programs: ICR, PSLF, IBR, and PAYE. Keeping these plans straight is difficult since they share so …
Government Proposing A New Student Loan Repayment Option: REPAYE Read More »
Just last week, I wrote about LegalZoom’s offer to help sign student debtors onto the federal government’s income-based repayment scheme, even though the process is meant to be done by debtors themselves for free. There were two points from that post: One was that LegalZoom might not be the usurper of traditional legal services as …
New York’s Student Protection Unit Announces Closure of Debt Relief Provider Read More »
It’s understandable for New York bankruptcy lawyers to cast a wary eye at LegalZoom, the Internet-based legal services company. Most media portrayals treat it as the innovative new business that disrupts the lawyer-dinosaurs, allowing everyday Americans to obtain cheap legal services without the help of an expensive licensed professional, including drafting wills and even preparing …
LegalZoom Charges $699 for Help With Completing Free Government Forms Read More »
When the topic of the underwater house comes up in New York bankruptcy, a few options are regularly (and rightly) listed: short-sales, offering the deed in lieu of foreclosure, staying and paying, foreclosure (the worst option), and bankruptcy. One that doesn’t come up often is moving out and renting the residence. It’s an intriguing idea …
The Risks and Benefits of Renting Out the Underwater Home Read More »
Susan Dynarski’s blog post in The New York Times’ The Upshot blog sheds a lot of light on what we don’t know about federal student loans, which are the vast majority of all student loans. Dynarski’s biggest frustration is the Department of Education’s lack of statistical expertise on monitoring this massive debt program, noting that …
NYT Calls for New Authority to Monitor Federal Student Loans Read More »
There’s more to taxes in chapter 13 bankruptcy attorney Brooklyn NY than what I’ve written about already, tax refunds and deductions, so now is as good a time as any to discuss some of the other major topics. First on the list is how do you file your taxes while in bankruptcy? The answer for …
Even after the Affordable Care Act, hospital bills are still a big enough problem that they can only be solved with a New York bankruptcy filing. Somewhat surprisingly, hospitals, even nonprofit ones that are supposed to have charitable purposes, have turned to hiring debt collectors to compel payment from patients who are behind on their …
Treasury and IRS Clamp Down On Nonprofit Hospital Debt Collections Read More »
I’ve previously warned against working with debt settlement companies on the basis that many of them are scams and just take advantage of people. However, here’s one more reason to be wary of debt settlement companies: 1099-C…. the tax document you receive signifying income when a debt is forgiven. If you negotiate a settlement so …
1099-C and Forgiveness of Debt: Another reason to be wary of debt settlement companies Read More »
I’ve written posts here previously warning individuals about debt relief companies, which often are guilty of creating more debt and no relief. But recent trends indicate that small business owners also need to watch out for debt relief scams specifically aimed at small businesses. This post on CreditSlips.org by Professor Bob Lawless notes an increase …
Small business owners: Watch out for debt relief scams like Corporate Turnaround Read More »
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