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August 2013 Archives

Amount of student loan debt is greater than credit card debt

For students in Kentucky, another school year is beginning and with it, for many college students, the taking on of additional school loans to pay for tuition. School loans used to be seen as a safe bet for the student. A better education meant a higher paying job. The odds on that bet have gotten longer, as the ease of finding the first "good" job has become more elusive.

Time limits on refilling a Chapter 7 bankruptcy

One of the changes to the Bankruptcy Code in the 2005 Act was the time limitation on filing a Chapter 7. You can only obtain a discharge from a Chapter 7 every eight years, so for instance, if you filed in 2008, you will have to wait three more years. However, this does not mean you are without any bankruptcy options.

Credit card delinquency rate falls, as to credit debt levels

A report from TransUnion indicates that the delinquency rate for U.S. credit card holders has fallen to the lowest level in two decades. They also report that total credit card debt has dropped more than 16 percent from the July 2008 high point, down to $2.7 billion. This appears to be an encouraging trend, in that people are maintaining lower credit balances and making their payments on time.

Are your student loans dischargeable in bankruptcy?

When debts become overwhelming, it can be difficult to see any way out. Phone calls and mail are filled with demands for payment and threats of legal action. Your situation would be demoralizing enough without the constant harassment. While many people delay, at a certain point, your only real solution is to file for bankruptcy protection.

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