While the obvious answer may be “yes”, there is a growing concern among many college students (current and former) that they will never be free of this burden. The United States cannot count itself among the several developed countries that offer virtually free college education. Crushing student loan debt is stopping many millennials from buying cars, homes, and even basic necessities.
Student loans have become a hot topic in the United States of late. Many feel overwhelmed by the term and size of their loan(s). Some are trapped in sky-high interest rates and they believe this is permanent. Unfortunately, in some cases, this is true, but in a lot of cases, student loans can be refinanced. There may not be a better time to explore this option than right now.
Puerto Rico’s government is in significant financial disarray. The country’s finances and fiscal policy are controlled by separate entities that cannot agree on what is best for the country. The government is more than $123 billion in debt, and the country lacks the infrastructure to climb out the hole. The citizens are shouldering much of the burden of the country’s bad fiscal management.
When someone thinks about New York City, taxi cabs are often part of the mental image. What most people do not realize is that drivers and/or taxi operators must purchase the right to drive in NYC. A “taxi medallion” is often purchased by investors or the drivers themselves. These medallions are treated similarly to a stock. The value goes up and down, but the market is much less regulated. Over the last 20 years, drivers have been duped into terrible loans required to purchase their medallion and bankruptcies are on the rise.
If you own a company and have had to file for bankruptcy from 2017-2019, you maybe be interested to know that a court case has been filed against the fees implemented by the federal government. These extreme fee hikes are in effect in every state except Alabama and North Carolina, which may strengthen the unconstitutional label the court case is trying to attach to the federal government’s actions.
WOW Air was an Icelandic Airline company that breathed its last breath on the 29th of March 2019. It started back in 2011 as one of the most successful low-cost airline companies providing cheap flights between Iceland and Europe. However, what caused the demise of the apparently successful company was its wish to transform into a more prominent global business.
We have seen many giant retailers succumb to the pressures of an ever-changing retail landscape. The traditional retail business model is all but obsolete. The latest hobbling giant is Pier 1 Imports. While they have not filed for bankruptcy, they have tapped into some resources which are indicative of debt restructuring.
Married couples often share the same debts, but that is not always the case. There are bankruptcy filing options for both situations. One partner may need to wipe out their debts but want to avoid harming the other partner’s credit. In some states, it can be beneficial to file for bankruptcy jointly. Before deciding, you should know the pros and cons of each filing option for married couples.
One Spouse Filing for Bankruptcy
If a couple is in a situation where only one of the two partners needs to file for bankruptcy, filing individually may be the right choice. An individual can file for chapter 7 or chapter 13 bankruptcy.
Foreclosure is the last thing you want when you are already having trouble in life. There is a multitude of reasons you may find yourself in financial trouble bad enough to warrant bankruptcy, a short sale, or foreclosure. The situation may seem hopeless, but there may be an option you are unaware of. In some cases, you may be able to sign over the deed to your house to the lender and release yourself from the burden of the debt.
A Deed in Lieu
Rather than losing your house through short sale or foreclosure, you may be able to convince the bank to take your deed. Some banks are not willing to let you short sell. In this case, while you may not feel compelled to help the bank, you could free yourself of the debt by giving them the deed. While this may be a good option for many, it is far from a sure thing.
A homeowner can sell their home for less than they owe if the circumstances are right. This is called a “short” sale. Short sales are often beneficial for the seller, the buyer, and the creditor. A person can market the sale as a short sale to attract buyers. This may sound like an easy out for someone who cannot make payments, but there are negative consequences to be considered when considering a short sale as a debt relief option.
So, What Is a Short Sale?
A “short” sale of a home is when the seller sells their house for less than they owe the mortgage lender. If someone is behind on payments, they may consider this as an option to avoid foreclosure or bankruptcy. In order to be able to utilize the short sale option, the seller (debtor) must apply for permission from the bank (creditor). Why would a bank agree to this? In many situations, they can recuperate more of the owed money than they might be able to if the debtor files for bankruptcy or the home is foreclosed on.