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August 2016 Archives

Millennials are feeling wary about credit card debt

A lot of millennials are currently suffering under a mountain of college debt and this is making them wary of having credit card debt too. Less than one-third of millennials (people from the age of 18 to 35) own a credit card. This percentage is strikingly low compared to most statistics.

What is the Credit CARD Act of 2009?

The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, is a federal law that was passed by Congress and signed into law in May 2009. The law is a comprehensive piece of credit card reform designed to foster transparent and fair practices on the part of credit card companies.

Choosing between Chapter 7 and Chapter 13 bankruptcy

Kentucky residents filing for bankruptcy tend to worry the most about the idea of losing their homes during the process. Especially for those who file for Chapter 7 proceedings, where assets are sold off in order to pay off debts, the idea of losing one's most prized possessions -- like the family home -- could be a serious deterrent.

Gawker Media, owner, and employee seeking bankruptcy protection

Hulk Hogan has gained legal control of assets belonging to Gawker's ex-chief editor, who was largely in charge of posting the scandalous sex tape of Hogan engaging in sexual intercourse with the ex-wife of his friend. Hogan won a favorable $100-plus million verdict against the founder and co-owner of Gawker Media, Nick Denton, who was also instrumental in the release of Hogan's tape.

A few things to try before filing for bankruptcy

The bankruptcy process can be a financial lifeline for Kentucky residents who fall into debt problems. Indeed, filing for bankruptcy can stop foreclosure proceedings in their tracks and help Kentucky families keep their homes. Once successfully navigated, bankruptcy will also provide individuals with a new financial lease on life by relieving them of financial burdens they have carried for years.

New Debt Relief and Collection Rules Proposed

New debt collection rules have been proposed by the Consumer Financial Protection Bureau (the CFPB), which is the governmental agency in charge of making these rules after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. If enacted, these rules would result in much needed changes to the debt collection industry, and possibly help people avoid debt relief through bankruptcy.

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