Bottom line: it is very hard to discharge student loans in Massachusetts bankruptcy. The law requires that you affirmatively prove an “undue hardship” and it’s hard to prove unless you are permanently disabled. The following is an outline of what steps you can undertake, however. We have previously written about a financial education and this article is an overview of what to do to get started. Note that student loans may not be dischargeable in bankruptcy in Massachusetts, but you can still file for bankruptcy protection and get a fresh start by getting rid of all your credit card debt.
In 2008, 7% of those that were to begin paying back student loans defaulted. Thus, don’t take out more student loans than you can reasonably foresee paying back This may seem simple, however, just because they are available, does not mean you should avail yourself of the privilege.
Debt consolidation is one of the options available to individuals who need assistance managing debt. In a debt consolidation, different credit accounts will be negotiated and the debtor will make one payment monthly to the debt consolidation company. If you are faced with mounting debt and are looking for a manageable solution, understanding how debt consolidation works can help you decide if this is the best option for your debt management needs.
When working with a debt consolidation company, you will first meet with a counselor to discuss your unique situation. They will take an assessment of your financial picture and your past due accounts to come up with a viable repayment plan that works well for you. Not all debt consolidation companies offer a loan as part of the repayment process although this is one option that is available.
A Revere bankruptcy attorney has been charged by the Massachusetts Attorney General with targeting low and moderate income Latino homeowners with unfair loan modification schemes. The Revere attorney was apparently preying on folks that need Massachusetts mortgage loan modifications. Attorney David Zac is being accused of taking money based on false promises. In Massachusetts, where 12,000 homes when into foreclosure last year, there are lots of scams going on, according to the Attorney General. Apparently, the Attorney General is claiming that Mr. Zac is in violation of a 2007 regulation that forbids anyone from profiting from “foreclosure-related services,” and the Attorney General, and various non profit agencies, are calling Mr.
Black communities in Cook County, Chicago, have a higher personal bankruptcy filing rate than white communities. It’s even worse for women. A fascinating and extensive report published this month by the Woodstock Institute finds that in the period studied, 2006 to 2010, the rate of personal bankruptcies filed in predominantly African American communities was 5.2% versus 1.8% in predominantly white communities. Of further interest is that the rate for Chapter 13, or reorganization bankruptcies, was much higher for black communities, 32.8% of personal bankruptcies, than the 24% in white communities. Further, the personal bankruptcy rate for women overall was higher – 2.6% versus 2% for men; the rate for African American women was 5.1%, with the rate for white women at 1.2%.
Over the ensuing years, the popular and practical definitions of wealthy adjusted for inflation, but the IRS code didn’t. And although Congress has approved inflation-adjusted patches for many years, the current exemptions stand at just $58,000 for married couples filing jointly and $40,250 for single filers. The 2007 patch raised the levels effective to $66,250 for married couples and $44,350 for singles, and permits nonrefundable personal credits to be used to offset income when calculating AMT.
Now, instead of a tax net for the wealthy, the AMT has become the “stealth tax,” torpedoing upper-middle class taxpayers who don’t see it coming until they hit line 44 of their 1040. According to the Urban-Brookings Tax Policy Center, just 20,000 taxpayers fell under the AMT in 1970. Read full post…
If you’re currently paying astronomical credit card finance charges, which is pretty much a given if you’re carrying a credit card balance without a promotional introductory rate, you may want to consider a credit card balance transfer.
Most credit card balance transfers come with 0% APR for a certain period of time, whether it be as short as six months or as long as 21 months.
Picking a 0% APR credit card based on the length of the 0% promotional credit card APR is very important, especially if you’ve got a sizable credit card balance that’s going to take some time to pay down.
Why go with a credit card that only offers 0% APR for 12 months when you can get a credit card that offers 0% APR for 21 months?
Let’s look at a 0% APR credit card example:
If you continued to carry a $2,500 credit card balance, you’d be hit with roughly $44 in interest charges each month, which is more than $500 annually. Why subject