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Should Elderly People Declare Bankruptcy?

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

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?

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?

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

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

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?

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

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

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.

Ways to Spot and Avoid Student Loan Debt Relief

As a matter of fact, students in the United States have a collective loan debt of $1.5 trillion and with that the number of scammers is increasing. Recently the CFPB (Consumer Finance Protection Bureau) has taken the initiative to educate the masses by issuing warnings and has taken appropriate measures to shut down a few scamming companies too. Here is a list of top signs you need to notice in the company to know whether they are scammers.