The Consumer Financial Protection Bureau has recently focused its efforts on collections practices used by student loan services. The Bureau’s emphasis on this segment of consumer debt is based on the growing importance of student loan debt in the nation’s...
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Debt Relief
Marriage might add to a New Jersey couple’s financial challenges
Couples who recently tied the knot, or who are about to, could avoid a common cause of marital strife by having a frank and open discussion about the financial challenges that each of them brings to the relationship. One survey concluded that more than 40 percent of...
DOE seeks to eliminate debt from for-profit college student loans
When thinking about the financial future, one consideration is often whether furthering one’s education will enhance earning potential and increase the odds of living a comfortable lifestyle. But some educational institutions seem to have the opposite effect:...
Your financial challenges do not mean having to live in fear
Imagine coming to work one morning, only to discover that you are being laid off. Or that you are crossing the street when negligent driver hits you in the crosswalk -- and your next destination is the hospital, with medical bills that your budget simply cannot...
Financial challenges hindering New Jersey college graduates
We recently wrote about the debt relief problems faced by recent college graduates burdened with college loan debt. An unlikely result of New Jersey students holding a share of more than $1 trillion in loans to finance their college educations is hurting the national...
How consumer bankruptcy advice might help in a divorce
The termination of a marriage through a divorce can be an emotionally devastating event for the parties. Suddenly, a couple that managed to support a family on two incomes must face the financial challenges that come from splitting up with each spouse having to make...
Are there ways other than bankruptcy to eliminate student loans?
A consequence of a tight job market in New Jersey and elsewhere has been that more people have been seeking to gain a competitive employment advantage by going to college, often using student loans to pay for it. A related consequence is that student loan debt in the...
Can you discharge your student loans through bankruptcy?
In an earlier post, we discussed how difficult it is to get rid of your student loans by filing for bankruptcy. Although student loan debt generally cannot be discharged through bankruptcy, it is possible.If you are having trouble repaying your student loans and are...
Things to consider before defaulting on a student loan
The recent proposal by the Obama administration to provide for two years of free college education illustrates the increasingly important role that education plays in the present day of higher-than-usual unemployment and the need for those seeking work to hone their...
Confounding conundrum of medical debt causes financial confusion
No one wakes up one morning and decides to file for bankruptcy for no apparent reason. The decision to file for bankruptcy can arise from several scenarios. Two of the most common are the failure to manage debt effectively over a period of time and facing unexpected...
