Readers of our Louisville Bankruptcy Law Blog have probably heard about a movement called “Occupy Wall Street” and the offshoot “Strike Debt.” They may have even heard about the millions in debt that the group has wiped out over its existence. Most recently, the group eliminated approximately $13.5 million in debt in a single sweep. How did they do this?
Court rules inheritance part of Chapter 13 bankruptcy estate
During a bankruptcy, a Chapter 13 plan provides a debtor with flexibility in repaying some of their debts. You can pay your secured debts, like a car loan or mortgage arrears, over an extended period and you can have a significant portion or, in some cases, all of your unsecured debts discharged. In addition, you can modify the Chapter 13 plan, should your income unexpectedly be reduced.
How about a loan--for 460 percent!
The old saying that it takes money to make money seems to have a corollary, especially within the payday loan industry. There, it takes debt to make more debt. The payday loan business claims it serves an underserved demographic, that of low-income consumers who may need a loan (if they were a large corporation, it might be termed a "bridge loan") to help them out until payday.
