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....
Year: 2015
Qualifying for a loan modification could increase debt problems
As many New Jersey homeowners continue to struggle to keep their homes, some are hanging their hopes on a loan modification. However, qualifying for this type of mortgage debt relief could actually make a homeowner's financial situation worse. This is because many...
JPMorgan settlement may not keep some from Chapter 7
JPMorgan recently came to a settlement regarding its credit card debt collection practices. Even though some consumers may receive restitution as a result, it could be too late for some New Jersey residents whose credit has been ruined by illegal debt collection...
Bill aims to stop foreclosure for Sandy victims for 3 years
The effects of Hurricane Sandy continue to plague New Jersey homeowners. Many are still not back in their homes and constantly face the threat of foreclosure. A new bill making its way through the state legislature aims to stop foreclosure proceedings for Sandy...
Changes in medical billing may not prevent bankruptcy for some
Any New Jersey resident who has been to a doctor understands how confusing, complicated and frustrating the medical billing process can be. Even though changes are on the horizon regarding how medical bills are reported to the credit bureaus, it may not be enough for...
Music producer says bad choices led to Chapter 7 filing
New Jersey hip-hop fans may recognize the name Scott Storch, who has worked with artists such as Beyonce, Justin Timberlake and Dr. Dre. At the height of his career, he was worth an estimated $70 million. He admits that bad financial choices led to his need to file...
Second mortgage may not be canceled in Chapter 7 bankruptcy
New Jersey homeowners may need to be aware that the U.S. Supreme Court recently ruled that a second mortgage on the filer's residence may not be considered an unsecured debt and be discharged in a Chapter 7 bankruptcy. Even if the value of the home is less than the...
A letter can stop harassing phone calls from creditors
When New Jersey residents get behind on their bills, it can be overwhelming. Creditors and debt collectors begin calling, which only adds to the stress and frustration people who are having trouble with their finances are already feeling. Under the Fair Debt...
Bankruptcy can be complicated
Bankruptcy can be a complicated and paper intensive process. What some people may not realize is that the paperwork requirements begin before the petition is even filed. Every filer -- regardless of whether filing Chapter 7 or Chapter 13 -- must complete a credit...
Not having enough medical insurance could lead to bankruptcy
Between the monthly premiums and the out-of-pocket expenses that accompany medical insurance, many New Jersey residents are finding that having medical insurance does not seem to be saving them any money. Individuals who contract illnesses or are injured in accidents...