Blog: August 2016

 student debt forgivenessYou have options

According to the Federal Reserve Bank of New York, 43.3 million Americans have student loan debt that equals a total of $1.26 trillion. With that amount increasing annually, it's no surprise that more people are interested in student debt forgiveness. While there are several methods for erasing a student loan debt, they come with restrictions and qualifications. The more you know about qualifying for student debt forgiveness, the better able you will be to tackle this issue.

Many people are surprised to learn that bankruptcy rarely wipes out student loan debt. Although it's technically an unsecured debt, bankruptcy codes have developed to allow student loans to be treated the same way that criminal fines and unpaid child support are handled. This means that someone who files for bankruptcy may emerge without credit card debts and medical bills, but their student loans will remain intact.

chapter 11 bankruptcyThe Pros and Cons 

Everything is great - you have a beautiful family, the house you always wanted, a career you love, a nice car, designer clothes, expensive jewelry and the country club membership. You never dreamed you'd be this happy. Then the unthinkable happens: your company downsizes and you lose your job; and then you find out your spouse has run off with someone younger and filed for divorce. You're losing everything all at once! What do you do? Is bankruptcy an option to keep the creditors at bay? You need to find a lawyer who specializes in Chapter 11 bankruptcy Savannah GA.

Chapter 11 bankruptcy is used most often by businesses, but can be useful to some individuals and small business owners who don't qualify for Chapter 13. Chapter 11 offers a reorganization of debts that can be repaid over time. Depending upon the size of the bankruptcy, it can take a period of time from a few months to a few years to emerge from it.

 

credit cardsWhile credit cards can be a useful financial tool, they can also create a problem for those who don't understand how their cards work and wind up in debt. Whether you already have credit card debt Savannah GA or you want to avoid getting in too deep with your cards, here are some Credit Card Debt secrets that your financial institution won't tell you.

1. Be Aware of "Gray" Charges

Gray charges is a term used to describe fees and charges that while not technically illegal, may be deceptive. Think the monthly fee for a "free" trial that you never canceled and additional fees added on after the fact to a purchase you approved (sometimes called "zombie" fees). Check your credit card statement monthly and dispute any charges you haven't explicitly approved.