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April 2015 Archives

Feds stop harassing phone calls from creditors who violate laws

The Fair Debt Collection Practices Act requires creditors to adhere to certain guidelines when it comes to collecting consumer debts. Unfortunately, as many New Jersey residents have experienced, not all companies follow these guidelines when dealing with consumers. When it is discovered that debt collectors are using unscrupulous tactics to collect debts, certain agencies within the federal government often step in to stop harassing phone calls from creditors.

Increase in consumer spending could lead to more bankruptcy

Not since July 2011 have consumers spent more money on non-revolving debt than they did in February of this year. Even as revolving debt around the country -- including here in New Jersey -- is dropping, the number of loans for items such as automobiles and student loans is on the rise. This new pattern of spending could lead to more people filing for bankruptcy.

Bankruptcy and the student loan debt crisis

By now, many New Jersey residents are aware that hopeful college students have incurred more than $1 trillion in student loan debt across the nation. Students are borrowing more than just the actual money -- they are borrowing against their future as well. Unfortunately, many people are unable to make their student loan payments. This debt cannot be discharged in bankruptcy, but that does not mean that filing will not help with the burden.

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At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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