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Infographic – A Generational Approach of College Student Debt in the U.S.
Infographic – A Generational Approach of College Student Debt in the U.S.

Debt, Student Loan Debt

Infographic – A Generational Approach of College Student Debt in the U.S.

It’s no secret that student loan debt is a problem in America. Tuition costs continue to skyrocket, and paired with shrinking government financial aid, student loan debt is now the number one debt problem for young Americans.

Just two weeks ago, Congress failed to stop an automatic interest rate hike for Federal Stafford Loans, which doubled interest rates from 3.4% to 6.8% – so the problem just compounded for undergrads across the country. The student loan situation looks pretty bleak for future generations as well.

We stumbled across this infographic this morning and had to share it. It shows the history of college tuition and student loan costs from the 1940’s to today. A few of the staggering stats include: (more…)

By Mark Rubin|2013-07-18T09:34:51-05:00July 18th, 2013|Debt, Student Loan Debt|

Are You Eligible For Chapter 13 Bankruptcy?
Are You Eligible For Chapter 13 Bankruptcy?

Bankruptcy, Debt

Are You Eligible For Chapter 13 Bankruptcy?

One question that we hear all the time is “can I file for Chapter 13?” Chapter 13 bankruptcy has several important restrictions. If you’re looking for a solution to your debt problems, your first step is to see whether or not you legally qualify for a Chapter 13 Bankruptcy.

Businesses Cannot File for Chapter 13 Bankruptcy.
Corporations and Partnerships cannot file under Chapter 13 Bankruptcy. On the other hand, if you own a business as a sole proprietor, you can file for Chapter 13 bankruptcy as an individual and include the business-related debts for which you are personally liable.

You Must Have Stable and Regular Income.
You must have stable and regular income to be eligible for Chapter 13 bankruptcy. That does not mean you must earn the same amount every month, just that the income is steady. In other words, your income must be likely to continue and it must be periodic – weekly, monthly, quarterly, semi-annual, seasonal or even annual. Here is a list of some types of income you can use to fund a Chapter 13 plan: (more…)

By Mark Rubin|2013-06-24T10:00:28-05:00June 24th, 2013|Bankruptcy, Debt|

5 Reasons To File Chapter 13 Bankruptcy
5 Reasons To File Chapter 13 Bankruptcy

Bankruptcy, Debt, Personal Finance, Repossession

5 Reasons To File Chapter 13 Bankruptcy

Last week we discussed the benefits of filing Chapter 7 bankruptcy. While it has some pros, it’s not always the right fit for everybody. That’s when you look at Chapter 13 bankruptcy.

Today we’re going to explore five main reasons why people choose to file Chapter 13 bankruptcy.

1. Stop Foreclosures, Repossessions and Garnishments

The second you file Chapter 13 bankruptcy, banks and other creditors have to cease their collection efforts. That means that they can no longer foreclose on your house or repossess your vehicle.

This halt in collections can be stopped for the entire duration of the case, which can last as long as five years, whereas with a Chapter 7 bankruptcy, the creditors must only stop for a few months.

(more…)

By Mark Rubin|2013-05-16T08:19:24-05:00May 16th, 2013|Bankruptcy, Debt, Personal Finance, Repossession|

Busting Two Myths About Repossession
Busting Two Myths About Repossession

Bankruptcy, Debt, Personal Finance, Repossession

Busting Two Myths About Repossession

Repossession is not a fun thing. Losing your car, truck, motorcycle or boat can be embarrassing and inconvenient.

But just like anything in life that people hope to avoid, there are a few misconceptions that the general pubic has about the process of repossession.

If you find one of your vehicles in danger of being repossessed, the best weapon is knowledge. With that, you will be able to make informed decisions.

Repossession Myth #1: My vehicle can’t be repossessed until I’m at least 2 months behind on payments.

This is absolutely untrue. While bill collectors generally wait until at two or three months worth of missed payments, they can take your vehicle away if one payment is one day late.

(more…)

By Mark Rubin|2012-04-25T08:00:38-05:00April 25th, 2012|Bankruptcy, Debt, Personal Finance, Repossession|

How To Determine If You’re Headed Deeper Into Debt
How To Determine If You’re Headed Deeper Into Debt

Debt, Personal Finance

How To Determine If You’re Headed Deeper Into Debt

To start fresh after filing bankruptcy you first need to evaluate your personal finances to ensure long-term stability and to determine if you’re going headed into the dark woods of debt again. (more…)

By Mark Rubin|2012-02-23T11:20:45-06:00February 23rd, 2012|Debt, Personal Finance|