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Chapter 7 Archives

What are the dangers of co-signing a student loan?

There may be several different reasons why you would consider co-signing a student loan for someone. Most often, co-signers are parents who co-sign their child’s loan but you may also just want to help support a friend or relative who is pursuing a higher education. If you choose to do so, you should be careful as there are risks that come with being a student loan co-signer. Since the people taking out student loans are often young adults with little or no credit history and no source of income, having a co-signer can help them obtain a better loan than they would qualify for on their own. As a co-signer, however, you are then equally responsible for paying back the debt, according to Money Crashers.

Will all my debts be discharged in bankruptcy?

If you are buried under unmanageable debt and seeking a way out, bankruptcy may very well be one of the options you have taken into consideration. However, if you don't know very much about bankruptcy, which is not unusual for people going through it for the first time, you could find yourself believing some myths and half-truths about the process.

New rules give relief to defrauded student loan borrowers

A set of new federal rules were recently put in place to assist people who took out student loans under misleading circumstances. Qualifying Tennessee borrowers who are able to prove that their school used fraudulent means to induce them to take out loans may be eligible to have their federal student loans discharged, according to the Washington Post.

How can I avoid costly student loans?

If you are going through, or have been through, a bankruptcy, the thought of taking on a student loan may seem overwhelming. However, like many Tennesseans, it may be the only way to pay for yours or a loved one’s college education. With a little bit of strict saving and planning, you may be able to minimize the amount of debt you have to take on through student loans.

Is there such thing as good debt?

If, like many people in Tennessee, you have a lot of debt and are feeling overwhelmed about being able to pay it all off, the concept of there being good debt probably does not make much sense. However, debt can certainly work for you when used in a responsible way.

Are there any alternatives to taking out a payday loan?

If you are hurting for money, a payday loan may seem like a quick and easy way to get some cash fast. However, these types of loans are almost never a good idea because you will likely end up paying an exorbitant amount of interest. In fact, interest rates on payday loans in Tennessee can be as high as 390 percent, according to NBC News. However, you do have other options if you need to get your hands on some money quickly without resorting to taking out a pricey loan that you likely cannot afford.

How awards for personal injury are impacted by bankruptcy

Like many people going through the bankruptcy process, you are likely concerned about which of your possessions and how much of your money you will be allowed to keep. If you have been awarded a recovery as the result of a personal injury claim, you may be particularly worried about whether or not you will be able to keep the funds you were compensated with. At Rothschild and Ausbrooks, PLLC, we understand that your belongings are important to you and that every penny counts when things are tight.

Millions of Americans are behind on their student loans

The inability to pay for a college education is a huge problem facing many Tennessee residents. For many people, taking out loans is the only way they have to afford the tuition to obtain a degree. However, paying back those loans is often a difficult proposition and as recent numbers indicate, the number of borrowers who are behind on their student loan payments is alarming.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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