It is just a fact that the over one trillion (uh, yeah, not billion, not hundreds of billions, trillion) dollars of student debt now outstanding in our fair land will not be repaid. Because the graduates will not generate sufficient income to pay it back. The jobs they were told were out there for them [...]
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1. Debt collectors are NOT under oath when they are talking to you. There are restrictions on what they can say, but exagerration, saying what might happen if you do not pay, are allowed. 2. They are not trying to help you! They are not trying to work things out, come up with a plan [...]
As banks go back to having lending standards, they turn down more borrowers. A new industry has sprouted in between traditional lender, like banks and finance companies, and traditional loan sharks like HBO’s Tony Soprano. They call themselves payday lenders. Some states, unfortunately not Michigan, have outlawed these parasites. Payday lenders charge effective annual interest [...]
“I’m broke.” One day you realize it – I have no money. Now what? This article and successive parts will cover the basic options that apply to just about everybody. The first step is to consider what happened to make you realize that there was a problem. What was the triggering event or wake up call? [...]
As a bankruptcy lawyer, one of the first things I advise my clients to do when they decide they are filing bankruptcy and hire me is to stop paying on their credit cards. More on this later in the post. Recently, though, before I could offer that advice, a client asked me: “What happens when [...]
Often people come to see me who have been working with a debt settlement company but are unable to manage the payments to the debt settlement company or get discouraged with the whole process. How can bankruptcy be better? To be clear, a debt settlement company is an entity that will take your money in [...]
