Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. Clifford Cain Jr., a retired electrician in Baltimore, was used to living on a tight budget, carefully apportioning his Social Security and pension benefits to cover his rent and medication for multiple sclerosis. So Mr. Cain was puzzled when he suddenly could not make ends meet. […]
The Bible on Debt and The Morality of Bankruptcy
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman Let’s talk about the morality of being in – and being unable to get out of – debt. There’s no clause in a credit card contract that speaks to morality or ethics. There are bad people who have credit cards and pay them on time. There are […]
How REPAYE Differs From Other Income-Driven Repayment Plans
Submitted by New Jersey Bankruptcy Attorney, Lee M. Perlman. In early 2015, President Obama proposed the Student Aid Bill of Rights, which included a provision to make it easier for borrowers to repay their students loans. As the result of this provision, the government introduced a new repayment option for federal student loans: Revised Pay […]
The Hidden Reasons People Spend Too Much
You can get all the basics right and yet still break your budget. Researchers are beginning to discover why. Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman How can people get their spending under control? Ask most people, and you’ll get the same answers. They should set budgets. Cut back expenses to better match […]
A Focus on Credit History for Mortgage Approvals
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. Fannie Mae announced on Monday that it would soon start taking a longer view of consumer credit histories when evaluating mortgage applications, a change that could help some borrowers and hurt others. Beginning in mid-2016, Fannie Mae will require lenders to use what is known as […]
How to Approach Student Loans, as First Payments Come Due
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. IF you graduated from college last spring, it may soon be time to start repaying your student loans. Many federal student loans come with a six-month grace period after graduation, during which payments are not required. The idea is that new graduates need some breathing room […]
How A Conversation About Bankruptcy Changed One Couple’s Life
Submitted by New Jersey Bankruptcy Lawyer, Lee. M. Perlman After a recent client meeting, I realized just how impactful financial conversations can be. It is truly amazing to see positive changes in a family’s life after what seems like a relatively straight forward, simple conversation. I met with this couple almost a year ago and […]
A Student Loan System Stacked Against the Borrower
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. “It feels like I’m being set up to fail.” That’s how Patrick Wittwer, 31, described his experience trying to repay his roughly $50,000 in student loans. Between misdirected payments by one of the companies servicing his loan and the abusive collection tactics he encountered when he […]
7 Bad Financial Habits and How to Fix Them
Submitted by New Jersey Bankruptcy Attorney, Lee M. Perlman Most of the modern world is built on a foundation of credit. We have credit readily available for just about everything. Want to buy something? No need to wait, just take out a loan. But this very foundation at the core of the economic machine can […]
Think Students Can’t Declare Bankruptcy? Think Again
Bankruptcy is supposed to give debtors a fresh start—unless they’re struggling with student loans. But a little-known provision is helping these borrowers take their creditors to court. Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. In 2005, Chuck Stewart’s life had come to a screeching halt. His partner was in the hospital with a […]
