Dsouza and Strachan Lawgroup | Legal Blogs | Bankruptcy Attorney FL

Going Bankrupt After 55 Years of Age

Posted On November 12, 2019
Categorized In Bankruptcy
Written By Jim Mielke

Bankruptcy is easily one of the worst fears anyone has to deal with. Even worse, being bankrupt and old without anyone to cater for you is dreadful. This is, unfortunately, the case for many Americans. According to research, the rate of older adults (above 55 years) who have become bankrupt has skyrocketed up to 66% since 1991. Basically, older adults of above 65 years make a total of 12% of bankruptcy filers. Also, what’s astonishing is that older adults within this age group, spend most of their income offsetting accumulated debts.

Should Elderly People Declare Bankruptcy?

Posted On November 4, 2019
Categorized In Bankruptcy
Written By Jim Mielke

With the tax rates, pensions and income decreasing, and medical costs rising, it has become increasingly hard for senior citizens. Your income becomes off-balance compared to debt which is why filing for bankruptcy might seem like the next best step. With Chapter 7 and Chapter 13 bankruptcy, seniors get a way to deal with their debt trouble.

Bankruptcy Assistance for Low Income Families

Posted On November 4, 2019
Categorized In Bankruptcy
Written By Jim Mielke

Did you know that it can cost a lot of money to file for bankruptcy? If you didn’t, don’t fret as not many people are prepared for this financial burden. These costs might be hard especially for low-income families. However, there are different bankruptcy assistance options available to help these low-income families pay for a bankruptcy lawyer. In this article, we will discuss the different bankruptcy aids available for those who cannot pay for a bankruptcy lawyer.

What Happens to Retirement Accounts in Bankruptcy?

Posted On November 4, 2019
Categorized In Bankruptcy
Written By Jim Mielke

Even with numerous debts, retirees can now depend on their retirement accounts to fund their lifestyles as a result of the law passed by the United States Congress a few years ago. Also, a significant amount of retirement accounts are excused from bankruptcies – with each state having its exemption sets. However, several limitations exist.

Federal Versus Private Student Loans: Which Is the Right One for You?

Posted On October 17, 2019
Categorized In Bankruptcy
Written By Jim Mielke

A lot of people have student loans, but you must understand the difference between private and federal student loans as it could help save you money. Currently, there are over 40 million student loan borrowers who owe over $1.5 trillion in the United States. Approximately $1.4 trillion of these loans is in the form of Federal student loans and the remaining is in the form of private student loans. What exactly is the difference between these loans? Here, we will discuss the pros and cons of these different student loans.

Parent PLUS Loans

Posted On October 17, 2019
Categorized In Bankruptcy
Written By Jim Mielke

It has become common practice for parents to take out loans to finance the college costs of their children. A Brookings Institution report stated that over 3 million people owe almost $90 billion in parent PLUS loans. It has been noted that some parents even go as far as taking out these loans for their multiple children thereby increasing their debt. Nowadays, the eligibility for these loans has expanded so even parents who have poor credit scores can get approved.

What to Do If You Miss Student Loan Payments

Posted On October 17, 2019
Categorized In Bankruptcy
Written By Jim Mielke

Almost everyone has missed a student loan payment at least once. According to the Federal Student Aid Department, as of December 2018, over 3 million borrowers have been at least a month behind on the payments of their federal direct loans. Even though this is common, you will be punished for missing a payment.

What is Student Loan Rehabilitation?

Posted On October 11, 2019
Categorized In Bankruptcy
Written By Jim Mielke

Student loan rehabilitation is the best option for borrowers to remove the default status from federal student loans. However, this rehabilitation program does not work for private student loans. Even though student loan consolidation helps with default recovery, student loan rehabilitation is the superior option as it gets your loan out of default and removes extra collection costs. In this article, we will discuss student loan rehabilitation, how it works, pros, as well as cons.

Negotiating Student Loan Interest Rates

Posted On October 11, 2019
Categorized In Bankruptcy
Written By Jim Mielke

It is a widely known fact that tuition fees in major parts of the country are very expensive, and not everyone can afford it. Here come the student loan borrowers who take out student loans to pay their tuition fees. What most borrowers don’t understand, however, is the compounding nature of student loan interest over time. Fortunately, negotiating a lower interest rate on your student loans can help you avoid situations like that. Even though the student loan terms (either federal or private) are fixed, you can still get a lower interest rate. In this article, we will discuss what student loan interest is and how to negotiate a lower rate.

More States are Offering Tuition-Free College

Posted On October 11, 2019
Categorized In Bankruptcy
Written By Jim Mielke

Tuition-free colleges were once unfathomable, especially in the US but now, we have over ten states offering free college to prospective students. Tuition for both private and public schools increased drastically over the last decade. Now, prospective students who can’t afford the tuition have the opportunity to attend college for free.

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