Student loans continue to be a problem, both for borrowers and for the economy as a whole. A recent report from the Federal Reserve indicates that while most types of credit are seeing mostly on-time payments, student loans have seen an increasing number of delinquencies.
Part of the process of Chapter 7 bankruptcy includes what is known as the "meeting of the creditors." It is required by statute and the statute section that mandates it is section 341, so it is often referred to as the "341 meeting."
The so-called "great recession" that occurred after the real estate bubble collapsed in 2007 caused untold pain to millions. Homes fell underwater, jobs were lost, many had to file bankruptcy. Bankruptcy filings have always served as one form of economic measure of how things are going for the average American, and by that measure, it can be said that the economy is slowing improving.
Tennessee consumers who are facing overwhelming debts, and continuous creditor harassment, may be seeking a solution to their financial problems. Due to the negative connotation and many myths related to bankruptcy filings, many people avoid consideration of such a drastic step. However, millions of Americans have resolved their financial issues by filing for Chapter 7 bankruptcy.
Over the past number of years, legislatures throughout the country have been creating laws to limit providers of short-term payday loans.
You may have a lease and not even know it. But if you are in a situation where you are considering the advantages of bankruptcy protection as a means of recovering financial stability, you need to be aware that leases carry ramifications in the bankruptcy process. We outlined some of the specifics in an article about this particular topic.
The rules of the bankruptcy court make clear that you don't have to have an attorney's help to go through the process. That might seem to suggest that the process is so simple that an experienced lawyer's assistance might be an unnecessary expense.
There are plenty of people who are thinking of filing for a personal bankruptcy who are holding back in fear of what would happen to their credit scores if they did file. However, the truth is that filing for bankruptcy is one of the first steps toward rebuilding credit.
When a debt goes into collections, there are limits to what debt collectors can do to collect on a past due bill. The Federal Trade Commission lists on its website some of the prohibited tactics.