Some debtors can, but others cannot, choose between the federal and state exemptions. That’s because of a major political compromise.
An Individual Retirement Account no longer consists of “retirement funds” once it is transferred to a beneficiary. So it’s not exempt.
Americans over 55 years old flunk the “student loan literacy” test. We have a generational divide in one of today’s biggest economic issues.
How well do Americans
Student loan borrowers are now buying houses and cars less, and have worse credit, than less educated people without student loans.
Credit card debt is almost the same as it was 10 years ago, vehicle debt is only modestly higher, but student loan debt is 4 TIMES as much.
The delinquency rate has doubled in just 4 years, in 2012 alone increasing as fast as at the worst of the 2007-2008 mortgage crisis.
The best way to improve how student loan borrowers are treated is to change the incentives for their loan servicers. That happened this week.
The essential facts on the President’s action to allow 5 million more student loan borrowers to cap payments at 10% of their monthly income.
In so many often surprising ways, bankruptcy can fix your earlier mistakes, undo harms caused by creditors, and clear a better path forward.
If you are not current on your leased vehicle but want to keep it, file a Chapter 13 case if you can’t bring the account current right away.
If you are current on our leased vehicle, you can likely keep it in a Chapter 7 “straight bankruptcy.” If not current, you need Chapter 13.
Chapter 7 gets you out of a vehicle lease quite cleanly. But if you have to file a Chapter 13 case for other reasons that can work, too.