PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

Possible Change to Bankruptcy Rules for Student Loans

Many experts view student loan debt as the next great financial crisis facing the country and some lawmakers want to take steps to help resolve the issue.

2012-09-22
September 22, 2012 (Press-News.org) In March 2012, Sen. Dick Durbin called a hearing of the Senate Judiciary Committee to address the issue of student loan debt in the U.S. Scores of graduates are struggling under the weight of crushing student loans, and many cannot see any way out from under them -- not even bankruptcyoffers relief. Many experts view student loan debt as the next great financial crisis facing the country, and some lawmakers want to take steps to help resolve the issue.

Debt Bomb

Financial experts have called the amount of student loan debt in the U.S. a potential "debt bomb," waiting to explode and send the country's economy into a tailspin. The Federal Reserve Bank of New York reported that the total amount of student loan debt in the U.S. reached $870 billion in 2011. People in the U.S. now owe more in student loan debt than credit card debt or vehicle loans.

Lawmakers are particularly disturbed by the number of borrowers who are in default -- particularly at private, for-profit schools. The most recent government statistics show that about 15 percent of students who attend such schools ended up defaulting on their loans in 2009, which is about twice the rate of defaults from those who attend public and non-profit institutions.

Because people cannot discharge student loans in bankruptcy, the burden of these loans can haunt people for decades, causing borrowers to go into a financial tailspin. The damage that defaulting on these loans can do to credit impacts all other aspects of a borrower's life, making it more difficult to obtain housing, transportation and some jobs.

Fairness for Struggling Students Act

Sen. Dick Durbin proposed the Fairness for Struggling Students Act as early as 2011. The bill would roll back part of the 2005 changes to the bankruptcy code that made it impossible to discharge private student loans in bankruptcy. Private student loan debt would be treated as other unsecured debt such as credit card debt and medical debt under the proposed law.

Students would still have to pay federal student loans. Lawmakers are targeting private student loans because they do not have the same safeguards for borrowers in repayment options such as Income-Based Repayment and hardship deferments.

Consult an Attorney

Many graduates are overwhelmed by the amount of student loan debt they have, especially in a struggling economy. Some are unable to make ends meet because of how much they must repay in loans. While student loans are not currently dischargeable in bankruptcy, those who are struggling because of student loan debt should still talk to an experienced bankruptcy attorney who can discuss all of their debt relief options with them.

Article provided by Faletti Law Office, P.C.
Visit us at http://www.falettilaw.com/


ELSE PRESS RELEASES FROM THIS DATE:

ZEUS Battery Products Publishes Corporate Video On YouTube

2012-09-22
Today, ZEUS Battery Products published their latest corporate video on YouTube discussing the ZEUS product line, custom pack assembly and the applications they are used in. To view the YouTube video, click here: http://www.youtube.com/watch?v=sA_S_gXbtc4. ZEUS Battery Products is the worlds leading manufacturer of sealed lead acid batteries, battery chargers and custom battery packs for all portable power requirements. ZEUS Battery Products builds custom battery packs in their ISO 9001 certificated factory located in the northwestern suburbs of Illinois, building everything ...

TeamLogic IT President Named Top Managed Services Expert on MSPmentor 250 Report

2012-09-22
Chuck Lennon, president of TeamLogic IT, a nationwide network of outsourced information technology (IT) service providers, has been selected for the fourth consecutive year as a Top Managed Services Expert on the Nine Lives Media Inc. fifth annual MSPmentor 250 report, representing the only franchise IT company to make the list. The prestigious honor recognizes the world's leading managed service executives, entrepreneurs, experts, coaches and community leaders from around the world for their high-level contributions to the field of technology and beyond. "It is ...

BKD to Present at Missouri Primary Care Association Conference

2012-09-22
BKD Forensics & Valuation Services, a division of BKD, LLP, is pleased to announce that Jeremy Clopton will be presenting at the Missouri Primary Care Association 2012 Annual Clinical & Quality Conference. His presentation, "Using Data Mining and Continuous Auditing to Prevent and Detect Fraud" will focus on fraud detection and prevention. The presentation will also provide tips on using data mining tools to jump-start an auditing and analytics program. Clopton is a member of BKD's Forensics & Valuation Services division and specializes in providing ...

Eisenhower Dog Park Grand Opening

2012-09-22
Socializing, running, chasing, barking and a dedication of The Eisenhower Dog Park will be part of the festive Grand Opening of the new Eisenhower Dog Park on Saturday, October 13 in Westbury, NY. Located at the corner of Stewart Ave and Salisbury Park Drive (on the north side of the park). The park is on the former site of an under-used basketball court and baseball field at the corner of Stewart Ave and Salisbury Park Drive (on the north side of the park). It has a small parking lot for 20 cars or so. It will be a natural grass field, which will enjoyed by the dogs. Saturday's ...

Brookfield to Release New Phase of Homes at Sago in Carlsbad This Weekend

2012-09-22
Brookfield Homes is releasing four new homes for sale at its Sago community in Carlsbad this weekend. Voted #1 New Home Community in "San Diego's Best" Poll 2012, the enclave of 56 detached homes is more than halfway sold out. Remaining homes are currently priced from $467,900. Located at master-planned community The Foothills, Sago offers two-story detached homes ranging from approximately 1,750 to 2,050 square feet with three to four bedrooms and 2.5 to three baths. Three different floor plans are available, one with a downstairs bedroom and bath. Home designs ...

Big Tent Jobs, LLC to Sponsor National Forum on Disability Issues

2012-09-22
On Friday, September 28th, over 50 organizations, including Michigan-based Big Tent Jobs, LLC, are hosting the second National Forum on Disability Issues (NFDI). Big Tent Jobs is a leading recruiting firm in the United States offering career opportunities for top technical professionals, including those with hidden and visible disabilities. To Big Tent Jobs, this forum is an important event which can highlight the untapped talent in this community. "We are delighted to sponsor the NFDI event", says Adam Kaplan, Founder and CEO of Big Tent Jobs, LLC. "People ...

JPA Expands Global Reach as Newest Member of International PR Network

2012-09-22
JPA today announced its acceptance to the International Public Relations Network (IPRN), the world's largest independent public relations agency network. With deep healthcare communications experience in the U.S. and abroad, JPA's IPRN membership is further acknowledgment of its reputation and capacity for executing global health PR campaigns. IPRN is an international network of independently-owned communications firms. The Network represents agencies that think globally and provide regional services. Through IPRN's global network, JPA gains competent and skilled public ...

PlotHost Among The Top Web Hosts For Personal Shared Hosting

2012-09-22
PlotHost, a relative newcomer to the web hosting industry has been identified among the top web hosts for personal shared hosting. PlotHost earned this honor based on their web hosting features, customer care, price, performance and reliability. The company offers personal and small business shared hosting packages and while the company only came on the scene in 2008 they are already being recognized by several review sites as among the best up and coming web hosts. Alain Monsegue a partner with the company was not surprised by the recognition given to PlotHost. ...

IndigoH2O Chosen for A-List Celebrity Gifts at Studio 3 Hollywood EMMY Interviews Hosted by Tysha Williams

2012-09-22
Glacier Bottling Company, L.L.C., bottlers of IndigoH2O - Premium Alkaline Mineral Water - are pleased to announce that their signature Cobalt Blue bottled water will be served at this years' Emmy interviews with the nominees and cast members of nominated shows visiting Studio 3 Hollywood on September 22nd. "We are honored to have IndigoH2O included among the luxury gifts given to the talented nominees and cast members of Emmy nominated shows," said Yuri Cataldo, president and CEO of Glacier Bottling Company. "As a socially conscientious company, we are ...

Florida Design's Fall 2012 Issue to Feature Venus Williams as Its First-Time-Ever "Cover Girl"

2012-09-22
For the first time in its 20-year publishing history, Florida Design will feature a "cover girl" on its front cover along with a residential interior photograph related to its inside cover story. The Fall 2012 issue of the magazine, which is due out this September, will share its glossy cover page with tennis legend Venus Williams who also founded and directs V*Starr Interiors headquartered in northern Palm Beach County. The subject of the multiple-page cover article in the revered publication will be the design of a model residence at the One Thousand Ocean ...

LAST 30 PRESS RELEASES:

Mathematical model illuminates how environment impacts life choices of salmon

Houston Methodist researchers shed light on increased rates of severe human infections caused by Streptococcus subspecies

Auburn University hosts 62nd Hands-On Workshop on Computational Biophysics, featuring the new VMD 2.0

The Salton Sea — an area rich with lithium — is a hot spot for child respiratory issues

University of Maryland-YouGov poll: Alsobrooks dominates Hogan, amendment to state constitution garners broad support

Exposure to particular sources of air pollution is harmful to children’s learning and memory, a USC study shows

Change of ownership in home health agencies may lead to increased Medicare spending and reduced staffing levels, according to UTHealth Houston research

More resources needed to protect birds in Germany

Mission to International Space Station launches research on brain organoids, heart muscle atrophy, and cold welding

nTIDE November 2024 Jobs Report: Disability employment remains near historic highs over past 18 months

Researchers aim to streamline cancer detection with new method for liquid biopsies

New Huntington’s treatment prevents protein aggregation

Bee gene specifies collective behavior

Jennifer Bickel, M.D., named MD Anderson Vice President and Chief Wellness Officer

Evolutionary paths vastly differ for birds, bats

Political pros no better than public in predicting which messages persuade

Investment in pediatric emergency care could save more than 2,100 young lives annually

The dynamic core of black holes

Improving energy production by boosting singlet fission process

Smoking cessation and incident cardiovascular disease

Cannabis use during early pregnancy following recreational cannabis legalization

Research shows Cleveland Clinic’s therapeutic virtual yoga program can be effective for chronic low back pain

Closing in on Parkinson’s Disease proteins in extracellular vesicles in the blood

Regional and global experts convene in Accra, Ghana to update cancer treatment guidelines for Sub-Saharan Africa

China University of Geosciences (Beijing) unveils clues to an enigmatic geological process

Fueling greener aviation with hydrogen

Education, occupation, and wealth affect the risk of cognitive impairment

Revealing causal links in complex systems

Alzheimer disease as a clinical-biological construct— an international working group recommendation

Press registration now open for the EULAR 2025 Congress in Barcelona

[Press-News.org] Possible Change to Bankruptcy Rules for Student Loans
Many experts view student loan debt as the next great financial crisis facing the country and some lawmakers want to take steps to help resolve the issue.