Alarmingly, one in three Americans keep their credit card debt a secret.[1] Concealing one’s debt often leads to further financial strain. Credit card debt won’t go away on its own so consumers that are facing ever-mounting balances need to face the music and act. It may be scary and uncomfortable, but by putting a plan […]
Federal Student Loan Updates: What Borrowers Can Expect in the Second Half of 2023
Introduction It is estimated that about 20% of adults in the United States have student loan debt and that about 93% of all student loan debt is federal.[1] The Covid-19 pandemic paused a variety of financial obligations: from mortgage forbearances to temporary moratoriums on evictions for non-payment of rent, to the interest-free student loan freeze; […]
Navigating the World of Credit
Introduction: Your credit reports and credit scores play significant roles in various aspects of your life, including loan applications, employment opportunities, and housing prospects. In this article, we’ll explore the fundamentals of credit reports and scores, their importance, and steps you can take to improve your credit health. Whether you’re aiming to secure a mortgage, […]
Student Loan Discharge – the more things change, the more they stay the same.
Over the last thirty-years student loan debt has nearly quadrupled.[1] Your average American carries student loan debt ranging from $25,000.00 to $50,000.00. Many people carry substantially more than that. When one is struggling financially student loans can feel like the proverbial straw that broke the camel’s back. And while deferment or income driven repayment plans […]
Why Can’t I File a Chapter 7 Bankruptcy?
The conversation typically starts with something like “my friend filed chapter 7 bankruptcy and wiped out a ton of debt without paying anything!” Or, “I read online that a chapter 7 is better, so that’s what I want to file.” It’s true that filing a Chapter 7 bankruptcy case is a great way to get […]
BANKRUPTCY AND CREDIT
Not long after a bankruptcy is filed the debtor ends up inundated with credit card offers. A common question we receive is “should I get a credit card?” We thought it would be appropriate to address this question at large so you can understand the practical effect and consequences of obtaining a credit card, or […]
Debt Settlement vs. Bankruptcy
Inflation and the price of food and fuel all continue to rise. Salaries are increasing but are not expected to keep pace with inflation. Rent prices are rising 4x faster than income. That’s the bad news. But wait, there’s more bad news: financial distress can weigh heavy on the average consumer, and ongoing stress about […]
How Does Bankruptcy Affect Your Client’s Personal Injury Case?
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. You might be saying “that is all well and good, but what happens when the defendant in a personal injury action files for bankruptcy?” What do you do? The simple answer is STOP everything. When a debtor files for bankruptcy they gain the protection of the automatic […]
Bankruptcy Is a Big Risk for Unmarried Couples Who Split Up
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. An unfortunate truth is that when someone is injured in an accident, they are almost always going to be suffering a financial hardship on top of their injuries. For this reason, you confirm the bankruptcy status of your client. Are they in an active bankruptcy? Are […]
Lee Perlman in South Jersey Magazine’s “Ask the Experts”
What are some of the most common myths about the bankruptcy process? Myth One: Filing bankruptcy is a personal failure The Truth: Most bankruptcies are a result of financial distress beyond the individual’s control. With foreclosures, evictions, and financial distress directly related to the pandemic, more people need a financial fresh start. Myth Two: Both […]
