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How will I benefit from Chapter 13 bankruptcy?

If you have a steady income, you might be a candidate for Chapter 13 bankruptcy. Chapter 13 bankruptcy involves the consolidation of outstanding debt. It also involves the consolidation of monthly payment obligations into one single bill. All of this is done in accordance with a court-approved Chapter 13 repayment plan that is designed to make your debt more manageable, while resolving any debt that remains following the term of the repayment plan.

Public service and student loan debt forgiveness

If you're paying a large amount of money every month to your student loan debt, you're probably wondering if you're doing everything you can to pay off your loans. For some, it may seem like a logical choice to enroll in a student debt forgiveness program. These options are available to any American with federal student loans, but they may not be appropriate for everyone.

Supreme Court case focuses on expired debt and debt collection

The U.S. Supreme Court heard arguments last Tuesday regarding debt collection tactics employed during the bankruptcy process. Some debt collectors are requesting very old debts that have long expired to be paid in bankruptcy proceedings. They have been asking for payment on old debts that, under local state laws, are non-collectible.

Are student loan repayment programs effective?

Student loan repayment programs seem like an excellent strategy to tackle debt that can't be resolved through the bankruptcy process. As most student loan holders know -- or soon realize when they approach a bankruptcy lawyer about bankruptcy -- most student loan debt cannot be wiped out through bankruptcy.

How to stop creditor harassment

King County residents frequently receive telephone calls from creditors asking for payment of overdue debts. These calls can quickly become harassment, especially when creditors start calling your workplace, your relatives or show up in person at your door.

Be careful of student loan debt

It's always been more difficult for non-college graduates to secure a well-paying job. For this reason, many college students take the risk of taking out a loan in order to get their education, because a college degree used to lead to higher paying work and a chance to pay off the debt. However, these days, many college graduates feel like it's difficult for them to secure well-paying jobs.

Do young people have more debt now?

Ask many young people, and they'll tell you a familiar story: Millennials are being crushed by debt. The focus, typically, is on student loan debt. The narrative this creates is that young people these days don't have nearly the opportunities and options that people did a generation ago because this debt is crippling.

Both good and bad debt have an emotional impact

Whether you consider your debt good or bad, researchers have found that it has an emotional impact on you over time. It can also cause psychological issues. This is significant when the average person in the United States has $15,950 in credit card debt, just under 40 percent of them carry debt over into the next month, and college students average $40,000 in student loan debt.

You don't have to deal with aggressive creditor phone calls

Did you know that you don't have to deal with creditors threatening you or phoning you all hours of the day? While creditors do have a right to contact you about any debts you owe them, they are governed by fairly strict laws with regard to when they can call and what they can do and say when they make contact. A first step to handling an aggressive creditor situation is understanding those laws and asserting your consumer rights.

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Law Office of Ruth Nelson
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