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We previously discussed efforts by U.S. lawmakers to push legislation to allow student loan debt to be discharged in bankruptcy. The Student Borrower Bankruptcy Relief Act of 2019 was introduced by Senator Dick Durbin (D-Illinois) and gained the support of Democratic presidential contender Elizabeth Warren. Recently, Warren proposed a more universal overhaul to U.S. personal bankruptcy...

Who was more likely to file for bankruptcy in 2019, a single or married person? What about people with college degrees? What about residents of southern states? Research published in The Ascent, from The Motley Fool, answers those questions and more. The report, Personal Bankruptcy Statistics 2019, examines interesting trends, including the fact that bankruptcies...

  You may be struggling to pay your bills and considering filing for bankruptcy as a way to get a fresh start. Bankruptcy can wipe out most of your debts, but there’s a notable exception: student loan debt. Unfortunately, it’s almost impossible to wipe out student loan debt through bankruptcy. According to Business Insider, about one-third...

Struggling to pay bills, middle-class Americans are getting exploited by a new kind of lending called the online installment loan. The “red-hot industry” has spawned about $50 billion in debt in a practice that handcuffs borrowers with terms of 40-60 months and interest rates as high as 155 percent, according to Bloomberg. Installment loans appeal...

You've already filed a Chapter 7 or Chapter 13 bankruptcy but you've found yourself in another heap of debt, unable to meet your obligations to your debtors. You may be wondering if bankruptcy is still an option. The answer is yes, but filing a second or subsequent bankruptcy comes with implications. Here's what you should know....

Are people ages 65 and older are filing for bankruptcy more than any other generation? An article in media outlet OZY says yes. That's because today, many older Americans are living on a tighter budget than ever before. One 73-year-old woman had no choice but to file for bankruptcy after her credit card debt reached $18,000....

If you have already filed for bankruptcy or are considering filing, the effect it may have on your credit report may raise some concerns. Bankruptcy will impact your credit report. For how long depends on the type of bankruptcy you file, according to an article in MoneyWise. If you're filing as an individual, you may...

Achieving a higher education is a great way to position yourself for a prosperous life. It’s also a great way to put yourself deeply in debt. Whether financing college, graduate school or another former of higher education, students pay a steep price. Statistics show: Student loan debt for the Class of 2018 averaged $29,800. More...

The aftermath of a bankruptcy feels like a financial catastrophe for many people. Not only can it remain on your credit report for 7-10 years, it can also reduce a person’s likelihood of qualifying for credit or a loan during that time. Some debtors struggling to make ends meet are reluctant to consider bankruptcy because...

The common misconception is filing bankruptcy means financial death. However, being financially overwhelmed by debt that is nearly impossible to pay off can leave you with limited options. One common option is debt consolidation. It’s one of the most revered and sought-after methods for managing copious amounts of debt. It usually involves transferring all debt...