Combined data taken from the U.S. Census Bureau and the Federal Reserve found that in 2016, credit card debt for the average American household was about $5,700. Sometimes, credit card companies try to collect outstanding debts by filing a lawsuit against the debtor. The debt collector will either be the credit card company or a…
How to Get Rid of Student Debt Through Student Loan Bankruptcy
Student debt has now topped $1.3 trillion. Millions of Americans have had no choice but to default on their student loans, and managing this debt is a burden on our entire country. Student loan debt is a hot button topic right now. Recently, a bill has been introduced by congressman John Delaney that would reform…
How to Dispute an Error on Your Credit Report
Credit reports decide a number of important things for Americans. From renting an apartment, to finding a new job, your credit report can be reviewed to decide if you meet the requirements. Your credit score will affect what interest rates you have on your loans, and if you can be approved for them at all.…
Why Is Flint, MI Threatening Foreclosure on 8000 People?
In an ongoing fight for clean water in Flint, MI that has lasted over three years, 8000 people now face foreclosure for not paying their water bills. People had been getting credits for their water bills from the city until earlier this year, when it was found that the amount of lead in the water…
What Happens When You Declare Bankruptcy on a Mortgage?
The vast majority of Americans will have to take on significant mortgage payments to pay for their homes. A simple change of fortune like the loss of a job, or development of a medical condition, could cause many people to struggle to afford their mortgage payments. Mortgage debt can add up extremely quickly, and there…
There Are Many Ways to Get Credit Card Debt Under Control
Most Americans have credit card debt. According to a survey by the Federal Reserve, the average U.S. household carries over $16,000 in credit card debt. More than half of Americans surveyed by the Federal Reserve have said that they carried a credit card balance at some point in their lives. Many Americans spend more than…
Foreclosure Tips: How to Take Action Against Unfair Mortgage Lending
Unfair mortgage lending practices can mean a multitude of different things including: taking advantage of an unassuming borrower, charging excessive points and fees, and engaging in fraudulent and deceptive conduct during the formation of the loan process. There are protections for borrowers under the Truth in Lending Act (TILA), and an amendment to the lending…
What Happens to the Debt of the Deceased?
The average American dies with an average of over $60,000 in debt. The most common form of debt carried by the deceased is credit card debt, followed by mortgage debt, auto loans, personal loans, and student loans. Many people will die with a combination of multiple debts. Some of your debt will disappear when you…
What Do I Need to Know About Bankruptcy?
Millions of Americans are living with limited savings, and the need to declare bankruptcy can come without any warning. One emergency room visit or the loss of a job could send you over the edge. The Federal Reserve found that in 2016, nearly 46% of American families would struggle to pay emergency expenses of just…
Can I Convert My Chapter 13 Bankruptcy to a Chapter 7?
Chapter 13 bankruptcy requires debtors to enter a three to five-year payment plan to pay back their debts. After completing the payment plan, you can keep your most important possessions and remaining unsecured debts are discharged. Depending on the circumstances, there may be benefits for converting your Chapter 13 bankruptcy to a Chapter 7 bankruptcy.…
