$1.57 trillion. This is the total amount of money 42.9 million Americans owe in student loan debt, and the total is not getting any smaller. In fact, student loan debt in the United States is growing at a rate six times faster than national gross domestic product (GDP). This enormous financial burden on so many […]
Category Archives: Bankruptcy
07
Dec
Dec
On Tuesday, November 30, 2021, the Consumer Financial Protection Bureau approved a new set of rules that alters how debt collectors contact you. Debt collectors are now allowed to contact you on Facebook, Twitter, Instagram, or any other form of social media. They are also able to “friend” or “follow” you on any social media […]
27
Jan
Jan
Minnesota Restaurant Industry given the OK to open, but many restrictions are still in place to help fight the spread of Covid-19. The restaurant industry has not looked the same since COVID-19 caused a nationwide lockdown in March 2020. Since then, Minnesota restaurants had been given the green light to re-open for dining, then back […]
02
Sep
Sep
How Americans are Safeguarding Their Finances During an Economic Downturn In the middle of a year characterized by uncertainty, Americans are finding stability through reducing their credit card debt. Economists expected the rising unemployment rates and recession to be met with increased debt. However, reduced spending and government supplementation flipped the expected outcome. The Numbers […]
10
Aug
Aug
What property can I keep when I file for a Chapter 13 Bankruptcy? How are my house, car, cell phone, and money handled in Chapter 13? Chapter 13 bankruptcy allows you to protect most of your assets, including your home and car. This bankruptcy filing lets you pursue financial relief while protecting your way of […]
01
Jul
Jul
Pandemic-related closures may have forever changed the restaurant industry. Many bars and restaurants are beginning to open their doors once again. The mandated closures of the last few months are now slowly being lifted, as long as safety guidelines are met. Though in most states restaurants can re-open, some restaurants are financially unable to.
22
Jun
Jun
Should I Open a New Bank Account Prior to Filing Bankruptcy? Prior to filing bankruptcy, a common concern is whether you can keep your bank account open during the process. The answer in most cases is yes. However, if you owe your current bank money, it is generally a good idea to switch to another […]
09
Jun
Jun
Retailers face financial uncertainty as many file for bankruptcy. State economies are beginning to re-open, including the return of in-store shopping. The re-opening of stores is a hopeful landmark, but it isn’t an immediate fix to decreased revenue. Some retailers who were on a financial downturn before the pandemic have found themselves facing bankruptcy decisions […]
27
May
May
State governments are feeling the pressures of economic struggles too. Financial stress has closely followed the spread of coronavirus. Closed businesses and rising unemployment numbers are evidence of the strain caused by COVID-19. States are also experiencing similar burdens, with budgets being stretched and expected income at a halt. Unlike businesses and individuals though, states […]
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