In debt? You’re not alone

A new study shows that a whopping 77 million Americans has debt that’s listed on their credit report as being “in collections.”  That’s 35% of adults who have credit files.  And this debt is spread around all over the country, even though a higher percentage of it is in the South. The student was released by the nonprofit Urban Institute.

So if you have bad debt on your credit report, you’re not alone.  Millions of Americans have the same problem.  The difference boils down to, can you do anything about it? Is bankruptcy or debt settlement right for you?

Whether you can (or should) start the ball rolling toward a clean bill of health for your credit depends on your particular situation. You can keep on spinning your wheels, wondering what to do about your debt, or you can call a competent consumer debt attorney and find out exactly where you stand.

Call consumer debt attorney Jennifer N. Weil, Esq. at (201) 676-0722.

Are you eligible for Ch. 7 or Ch. 13 bankruptcy?

Eligibility can turn on 1) who is filing the bankruptcy, 2) the kinds and amounts of debts, 3) the amount of income, and 4) the amount of expenses.

Student loan settlement companies to be sued by Illinois AG

Student-loan settlement companies that allegedly take people’s money and do not provide the promised student-loan debt help will be sued by the Attorney General of Illinois, the New York Times reported.  Illinois will be the first state to take legal action against companies that advertise help for student loan debtors.
Two of these student loan debt [...]

Lots of business debt can allow you to qualify for Ch. 7 more easily

If you owe more business debt than consumer debt, then you can avoid not only the “means test” but also some other roadblocks to a successful post-business Chapter 7 bankruptcy case.

What happens to general unsecured debt in Chapter 7?

Your “left-over debts”–those which are neither secured by collateral nor belong to any of the special “priority” categories–often don’t drive the decision about whether to file Chapter 7 or 13. But you still need to know how these “general unsecured debts” are handled under these two options.

Options with Your Vehicle Loan under Chapter 7

Your car or truck loan may be the most important debt you have. Chapter 7 puts you in the driver seat for dealing with this debt.

Capital One making it easier for debtors to open bank accounts

Capital One bank soon will be making it easier for those with bad credit to open checking and savings accounts, under the terms of a settlement with New York Attorney General Eric Schneiderman.
Previously, Capital One would use a credit reporting agency called Chexsystems to screen out bank account applicants who had bad credit.  Now Capital [...]

Film Review of Spent: Looking For Change

A recent documentary available on YouTube highlights the high cost of being poor.  Spent: Looking For Change, a film sponsored by American Express, explores the financial lives of people who lack access to banks or who have bad credit or no credit.  Here is a basic summary of the important topics covered:
According to the film, [...]

Inherited IRAs not exempt, U.S. Supreme Court says

The U.S. Supreme Court recently made an important decision regarding Individual Retirement Accounts (IRAs) that have been inherited by someone who then files for bankruptcy.
At issue was an IRA account that the bankruptcy filer had inherited and that contained $300,000.  Bankruptcy law allows those filing for bankruptcy to keep IRA accounts, so long as those [...]

Links – stuff worth reading from the weeks of 5/18/14 and 5/26/14

Yes, A New Government Rating System for Colleges is Actually in the Works. On May 25, 2014, the New York Times had an interesting article on college presidents’ reactions to President Obama pressing ahead with his plan to impose a new government rating system for colleges.  In a funny quote, a Dept. of Education official [...]