Tag Archives: bankruptcy law

4 Reasons You Shouldn’t Ignore Debt Collectors

There are several likely outcomes that stem from trying to ignore debt collectors, and none of them are advantageous. To put it frankly, ignoring your debt won’t make it go away. Here are the most likely scenarios that ignoring your debt will lead to, though. Why You Shouldn’t Ignore Debt Collectors Your credit suffers – A collection account is likely to appear on your credit reports whether you work with debt collectors or not. If you attempt to speak with a collector, however, you will at least have the chance to present your side of the story and maybe work something out with them. Your debt grows – Failure to pay your debts could result in the collector adding interest and collection costs to your debt. It all depends on the contract you agreed to when you took out the loan or signed up for the given credit card. Generally,…
Read More »

Posted in Student Loan Debt | Tagged , , , | Leave a comment

Bankruptcy and Social Media: Step Away from the Computer!

Social media has become key evidence in almost all civil and criminal cases. What many people do not know or realize that is if they are a party to a lawsuit, including a bankruptcy case, their Facebook or other accounts will likely be scrutinized by an investigator, attorneys, a trustee or creditor. A recent article in the Wall Street Journal highlighted this phenomenon regarding people bragging on social media during a bankruptcy proceeding. Although bankruptcy fraud is uncommon, many trustees and creditors do basic research about a person filing bankruptcy to look for undisclosed assets. If a person is posting pictures of themselves in nice cars, on a boat, traveling on luxurious vacations or wearing expensive jewelry, this will likely raise some eyebrows. A recent and well-publicized case involved rapper 50 Cent, who was in the middle of his bankruptcy case when he posted on Facebook pictures of himself with…
Read More »

Posted in Bankruptcy | Tagged , | Leave a comment

Will Declaring Bankruptcy Discharge My Student Loans?

Washington DC Bankruptcy Attorney Discusses a Little Known Fact Most people assume that one cannot discharge a student loan debt through bankruptcy. The accepted fact is that you can get rid of most kinds of unsecured debt through bankruptcy, but student loans are one thing you can’t wipe out through bankruptcy. A careful reading of bankruptcy law reveals that this is almost always true. For those able to prove that repaying a loan would cause undue hardship, student loans can, in fact, be discharged by bankruptcy. Undue hardship is undefined in bankruptcy law, meaning that each individual court decides what it means, making it an incredibly difficult condition to meet. For starters, one must be able to prove not only an inability to repay loans now, but very little chance of being able to pay them in the future either. Most borrowers don’t even try to discharge student loans since…
Read More »

Posted in Newsletters | Tagged | Comments Off on Will Declaring Bankruptcy Discharge My Student Loans?