Student loan debt has always been a hot topic, and talk about loan forgiveness has certainly become a divisive issue, especially given recent news events regarding the Biden-Harris Administration's federal student loan forgiveness plan. Even before that recent big announcement, as Phoenix bankruptcy attorneys, it's been a common inquiry from clients who come to us [...]
The average loan debt is thirty thousand dollars per student and more than 25% of people are behind on their payments or have defaulted. However, the Obama administration frowns upon borrowers discharging their government student loan debt by filing bankruptcy. The administration wants to protect the integrity of the federal student loan program. The Brunner [...]
For many people, a college education and student loans have long been synonymous. With student loan debt now at approximately One Trillion dollars and income levels for college degree holders down 14.7 percent, the stage has been set for college graduates entering a struggling economy to be overwhelmed by financial challenges. For many of them, [...]
The struggling economy, unemployment and unexpected life changes have been the cause of financial challenges for many Arizona residents over the past few years. Meanwhile, many college students have struggled with credit card debt that has caused some of them to file for personal bankruptcy, particularly as they have dealt with tuition and diminished job [...]
Many Arizona citizens are familiar with the general concept of bankruptcy, but are not sure exactly what the process entails. Federal law includes two different statutes that allow consumers to receive debt relief by filing for bankruptcy. These are called Chapter 7 and Chapter 13 bankruptcy. A person's credit report will be affected for 10 [...]
Students who acquire student loans need to be aware of the ways in which student loans are differentiated from traditional loan products. Almost two thirds of the students in America, including those in Arizona, will take out student loans to finance their education. Many students are encouraged to do so. However, student loans are based [...]
For years, discussions about student loan defaults have largely centered on unemployment and other financial challenges that made loan repayment difficult for graduates. Federal law precludes student loans from being discharged in personal bankruptcy, so debt relief was impossible for some college graduates to achieve. Help appeared to have arrived in the form of a [...]