February 16, 2013 (Press-News.org) Surge in student debt prompts Congress to reconsider bankruptcy laws
Article provided by John Christopher Robinson
Visit us at http://www.debtfreeky.com
Go to college, get a good job. Unfortunately, this old maxim may no longer hold true. In these tough economic times getting a college degree does not always lead to a job, let alone a good one.
The national unemployment rate continues to hover around 8 percent and college graduates are struggling to find employment after graduation. Unemployment rates for college graduates over 25 were estimated at 4.1 percent while those with only a high school degree were at a rate of 8.7 percent, according to a recent Census Bureau statistic. Although these statistics appear to show college graduates are more likely to find jobs than those who do not pursue higher education, it is important to keep in mind that those who earn these degrees are more likely than ever to need to manage large student loan debts.
Student loan debt is a growing problem and can lead to a personal financial crisis. Generally, people facing a financial crisis are able to find a fresh start by filing for bankruptcy. Unfortunately, people generally cannot find relief from the burden of student loans since these loans are often exempted from bankruptcy protections.
This may soon change. Experts with the Consumer Financial Protection Bureau are voicing concerns that the student loan crisis may mirror the housing crisis. As a result, these experts are calling for action, and Congress is listening.
Congress considering bills to change bankruptcy laws
A group of lawmakers is considering expanding bankruptcy protections to include private student loans. This would allow those filing for bankruptcy to be relieved of their student loan obligations.
Those in favor of changing the law argue that allowing these loans to qualify for bankruptcy protections will encourage private lenders to work with borrowers and offer more repayment options. This could include income based repayment and deferment. Those who oppose the change argue that discharging the debt will only hurt taxpayers.
One supporter, Senator Dick Durbin of Illinois, recently introduced a bill that would remove the exemption and allow private student loans to be discharged in bankruptcy. He argues the current law treats those struggling with student debt the same way it treats those attempting to avoid child support payments and evading taxes. He states this treatment is too "harsh" and is pushing for passage of the new law.
Regardless of whether Senator Durbin's bill is passed, two things are clear: bankruptcy law is complex and constantly changing. As a result, if you or a loved one is struggling financially, it is wise to seek the counsel of an experienced bankruptcy attorney to discuss your situation and help you determine if bankruptcy is the right path for you.
Surge in student debt prompts Congress to reconsider bankruptcy laws
A new law is under consideration that would allow student loans to be eligible for bankruptcy relief.
2013-02-16
ELSE PRESS RELEASES FROM THIS DATE:
Divorce and finances, bankruptcy may offer a fresh start
2013-02-16
Divorce and finances, bankruptcy may offer a fresh start
Article provided by John Christopher Robinson
Visit us at http://www.debtfreeky.com
When a couple gets a divorce, most property accumulated by the couple is divided. This includes any debts accumulated by the couple. This can lead to financial stresses in a number of ways. The most common stressor comes from the fact that the same amount of money now needs to support two households. Additional issues can arise if accounts were not properly managed during the divorce process.
If, for example, confusion existed ...
Oregon Chapter 13 bankruptcy and lien stripping
2013-02-16
Oregon Chapter 13 bankruptcy and lien stripping
Article provided by Hackett & Harris LLC
Visit us at http://www.portlandlawyerbankruptcy.com
Oregon residents who are going through bankruptcy may be able to strip liens from second mortgages and car loans to make the payments more manageable. However, lien stripping is only available to individuals or families that are going through a Chapter 13 bankruptcy.
What is chapter 13 bankruptcy?
In a chapter 13 bankruptcy debts are repaid on a three to five year payment plan schedule. The payment plan amount is ...
Minneapolis study sheds light on causes of bike-car accidents
2013-02-16
Minneapolis study sheds light on causes of bike-car accidents
Article provided by Walsh & Gaertner, P.A.
Visit us at http://www.walsh-gaertner.com
The Twin Cities area is well-known throughout the country for its pro-bike culture. Metro-area Minnesotans love to ride, and local governments in St. Paul, Minneapolis and many suburban communities have been working hard over the last several years to increase options for cyclists and make Twin Cities streets safer for bicycle commuters.
Despite these improvements, car-bike accidents are still a pressing concern ...
How does an immigrant qualify for asylum?
2013-02-16
How does an immigrant qualify for asylum?
Article provided by Mark E. Jacobs, P.C.
Visit us at http://www.markejacobslaw.com/
As the political debate regarding immigration heats up in the United States Congress, there is bi-partisan agreement that immigrants here both legally and illegally are seeking better lives for themselves and their families. However, if someone entered the U.S. illegally or overstayed their visa, their status puts them in constant danger of deportation. One way someone in the U.S. illegally might be able regain legal status is to apply for ...
Pennsylvania police crack down on underage drinking
2013-02-16
Pennsylvania police crack down on underage drinking
Article provided by Blanarik Law Offices
Visit us at http://www.blanariklawoffices.com
Though the legal drinking age is 21, many teens in Pennsylvania choose to consume alcohol anyway. Underage drinking is particularly prevalent on Pennsylvania's many college campuses. However, young people would be mistaken to think that mere fact that underage drinking is not uncommon means that it is tolerated by law enforcement.
This fall, Pennsylvania State Police launched a crackdown on underage drinking, focusing on college ...
Teens more likely to be distracted while behind the wheel
2013-02-16
Teens more likely to be distracted while behind the wheel
Article provided by Donohue, Sabo, Varley & Huttner, L.L.P.
Visit us at http://www.dsvalaw.com
The hazards that distracted drivers pose to those sharing the nation's roadways have been made painfully clear in media recently. According to the Department of Transportation, distracted drivers caused more than 416,000 injures and 3,000 deaths in 2010 alone. Although distracted driving is a problem for all age groups, experts say that teens are at a higher risk.
Teens and texting
The first reason that ...
Recognizing traumatic brain injury in Florida
2013-02-16
Recognizing traumatic brain injury in Florida
Article provided by The Burns Law Firm
Visit us at http://www.pensacoladefenselawyer.com
Recently, a Florida Senator's 12-year-old daughter suffered from a concussion after being involved in a golf-cart accident. According to The Miami Herald, she received treatment at Miami Children's Hospital and is now recovering at home. She is in fair condition but is undergoing neurological testing. The continued neurological testing is necessary since the symptoms of a more serious condition may not show up right away. She is ...
Michigan's No-Fault Medical Coverage May Come to an End
2013-02-16
Michigan's No-Fault Medical Coverage May Come to an End
Article provided by Joseph T. Barberi, P.C.
Visit us at http://www.josephbarberi.com/
Citing unacceptably high costs, advocates support a proposal in the Michigan legislature that would eliminate Michigan's mandatory no-fault car insurance system. As it now stands, no-fault coverage for injuries sustained by a driver or passenger in a motor vehicle accident provides up to $500,000 for medical expenses. Once the $500,000 limit is reached, medical costs are paid from the catastrophic claims fund, with essentially ...
Protecting a small business during divorce in California
2013-02-16
Protecting a small business during divorce in California
Article provided by Law Offices of Evan Samuelson
Visit us at http://www.samfamlaw.com/
When it comes to divorce and the division of property between ex-spouses, each state has a slightly different set of rules. In California and a handful of other states, the courts follow a system known as community property law. When a couple files for divorce in California, their assets are categorized as either community property or separate property, and each type of property is divided differently.
Community property ...
Navigating through marriage-based immigration
2013-02-16
Navigating through marriage-based immigration
Article provided by Kim H. Buhler, Attorney at Law, P.C.
Visit us at http://www.buhlerlawoffice.com
As many people know, love can transcend boundaries, including international ones. American citizens who marry non-citizens are permitted under United States immigration law to bring their spouses to live in Utah or any other state, provided the conditions of the law are met.
International engagements
A foreign national who is engaged to an American citizen can obtain a fiance (or fiancee) visa to enter the United ...
LAST 30 PRESS RELEASES:
Thirty-year mystery of dissonance in the “ringing” of black holes explained
Less intensive works best for agricultural soil
Arctic rivers project receives “national champion” designation from frontiers foundation
Computational biology paves the way for new ALS tests
Study offers new hope for babies born with opioid withdrawal syndrome
UT, Volkswagen Group of America celebrate research partnership
New Medicare program could dramatically improve affordability for cancer drugs – if patients enroll
Are ‘zombie’ skin cells harmful or helpful? The answer may be in their shapes
University of Cincinnati Cancer Center presents research at AACR 2025
Head and neck, breast, lung and survivorship studies headline Dana-Farber research at AACR Annual Meeting 2025
AACR: Researchers share promising results from MD Anderson clinical trials
New research explains why our waistlines expand in middle age
Advancements in muon detection: Taishan Antineutrino Observatory's innovative top veto tracker
Chips off the old block
Microvascular decompression combined with nerve combing for atypical trigeminal neuralgia
Cutting the complexity from digital carpentry
Lung immune cell type “quietly” controls inflammation in COVID-19
Fiscal impact of expanded Medicare coverage for GLP-1 receptor agonists to treat obesity
State and sociodemographic trends in US cigarette smoking with future projections
Young adults drive historic decline in smoking
NFCR congratulates Dr. Robert C. Bast, Jr. on receiving the AACR-Daniel D. Von Hoff Award for Outstanding Contributions to Education and Training in Cancer Research
Chimpanzee stem cells offer new insights into early embryonic development
This injected protein-like polymer helps tissues heal after a heart attack
FlexTech inaugural issue launches, pioneering interdisciplinary innovation in flexible technology
In Down syndrome mice, 40Hz light and sound improve cognition, neurogenesis, connectivity
Methyl eugenol: potential to inhibit oxidative stress, address related diseases, and its toxicological effects
A vascularized multilayer chip reveals shear stress-induced angiogenesis in diverse fluid conditions
AI helps unravel a cause of Alzheimer's disease and identify a therapeutic candidate
Coalition of Autism Scientists critiques US Department of Health and Human Services Autism Research Initiative
Structure dictates effectiveness, safety in nanomedicine
[Press-News.org] Surge in student debt prompts Congress to reconsider bankruptcy lawsA new law is under consideration that would allow student loans to be eligible for bankruptcy relief.