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August 2015 Archives

Student loans could cause lots of Americans to file bankruptcy

To be clear, student loans are nearly impossible to discharge in a bankruptcy. However, the ability to repay them could be hampered by other debts a New Jersey resident incurs. Therefore, having those debts discharged in a bankruptcy could free up the necessary income to make the payments.

Making the decision regarding what type of bankruptcy to file

New Jersey residents who are struggling with financial problems may decide to file bankruptcy. Before filing, however, it may be beneficial to understand what to expect regarding the process and the fate of certain assets and debts. This information could help in determining what type of bankruptcy to file along with when it would be most advantageous.

Debt collectors can be used to prepare for bankruptcy

New Jersey residents who are having financial issues do not need the added stress that debt collectors induce through harassing phone calls and letters. However, if someone is preparing to file for bankruptcy, debt collectors can be a valuable source of information. The Fair Debt Collection Practices Act (FDCPA) requires that consumers be provided with certain information about their debts, and that information can help in preparing a Chapter 7 or Chapter 13 bankruptcy petition.

Agreement will stop harassing phone calls from creditors

The Consumer Financial Protection Bureau (CFPB) accused Discover Financial Service's private student loan division of illegal debt collection practices. In New Jersey and elsewhere, the CFPB is the federal agency that helps stop harassing phone calls from creditors. The agency claimed that Discover "hounded" over 100,000 of its student loan borrowers by contacting them on their cell phones both early in the morning and late at night in violation of proscribed debt collection practices.

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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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