Two-thirds (65.6%) of 4-year undergraduate students graduated with a Bachelor's degree and some debt in 2007-08, and the average education loan debt among graduating seniors was $23,186 (excluding PLUS Loans but including Stafford, Perkins, state, college and private loans). Among graduating 4-year undergraduate students who applied for federal student aid, 86.3% borrowed to pay for their education and the average cumulative debt was $24,651.For...more
The cost of a college education has skyrocketed in recent years and there appears to be no end to tuition increases. For the 2009-2010 school year, the average cost of a private four-year college was $26,273, up 4.4 percent from the previous year. The percentage of increase was even greater for public schools, which rose 6.5 percent over the previous year to $7,020. What that means is on average, the cost of a four-year private college education...more
Serious financial problems rarely happen when you expect them. Personal injuries or other illnesses that leave you disabled can cause huge medical bills to pile up yet cut off the only source of funds you have to pay off your debts. Sixty-two percent of all bankruptcies filed in 2007 were linked to medical expenses. That is almost 20 percentage points higher than 2001. Unfortunately, the numbers arent getting any more encouraging. One would expect these figures to indicate a large amount of uninsured individuals, yet for people filing for bankruptcy in 2007, nearly 80 percent had health insurance. As medical costs rise, this is going to be an increasing issue. For individuals suddenly stricken with illness or disability, the inability to work is a new experience. Many people who have invested wisely throughout their working careers to build a nest egg for retirement are tempted to liquidate investments in order to pay off pending debts. This doesnt have to be the case. If your savings are in a 401K or an IRA account, there are ways that these assets can be protected from creditor judgements.In 2005, the government realized that individuals filing for bankruptcy need to have certain...more
Ahmad Sulaiman of Sulaiman Law and Associates, a foreclosure attorney in Illinois, strives to educate his clients on all of the opportunities they have to settle their debts, and urges them not to rush into any decision too hastily.Many homeowners are looking for a quick fix to their problems after they are bogged down by financial struggles. All...more
At Sulaiman Law and Associates, foreclosure attorney Ahmad Sulaiman devotes his time to educating his clients on all their options, from short sales to filing for bankruptcy. The latter option, however, is one that Sulaiman prefers his clients tread into lightly, as the perceived notion of bankruptcy and the reality of what it really means can...more
Ahmad Sulaiman of Sulaiman Law and Associates, a foreclosure attorney in Illinois, strives to educate his clients on all of the opportunities they have to settle their debts, including filing for bankruptcy. But there is a lot of dispute over the benefits of filing for bankruptcy, so before you make your final decision, make sure to review all of the pros and cons.Poorly Timed Bankruptcy Bankruptcy is not a good way to protect yourself from having to deal with money issues any longer. In fact, it should only be used if you have exhausted all other options available to you. And poorly timed bankruptcy can do much more harm than good.It is possible that you end up in a similar financial state even after you file for bankruptcy. Imagine that you have been unable to pay your $2,500 mortgage for the past five months. You would have back payments of at least $12,500, mostly due to late fees and other costs. Its clear that before bankruptcy you were having trouble making your payments. But after filing you would only have one or two months before you have to start paying your $2,500 mortgage again, plus you would have to repay a portion of the $12,500 you still owed. Other Appealing...more
Bankruptcy Laws: Facts and Information By: Borton Stevens About the Author Borton Stevens is an expert author and has more then 7 years of experience in writing finance related topics. To know more about Bankruptcy Laws Visit:...more
Getting rid of your bankruptcy attorney is not unheard of. In fact, it may be a good decision. However, there are many risks you are taking in doing so--and some that could negatively affect your case. Ideally, you should pick the right attorney from...more
There are two types of personal bankruptcy; Chapter 7 personal bankruptcy involves liquidating your assets and turning them over to the courts. A trustee of the courts follows a court-supervised procedure, reduces your assets to cash, and then pays...more
Los Angeles bankruptcy lawyers will help guide you through the difficult process of personal bankruptcy by providing you with the legal representation you need as well as being sympathetic to your case. The overwhelming pressure you've been under...more
When you come right down to it a Chapter 7 bankruptcy provides you relief from nearly all, if not all, of your debt. It basically offers you a chance to start over with your finances.The laws and regulations governing Chapter 7 bankruptcy have...more
Any running business may immediately be shut down by the authorities. Your accounts may be sealed. The insult you have to face is separate. Due to so many disadvantages of bankruptcy, the debt settlement options are much better and should be the top...more