Monthly Archives: November 2024
Student Loan Forgiveness: Supreme Court Refuses to Reinstate Biden’s Plan
In an unsigned August 2024 order, the Justices stated that they would continue to block a student loan cancellation plan while the appeals process plays out in Biden vs. Missouri et al. The order leaves the injunction from the U.S. Court of Appeals for the 8th Circuit in place for now. The Education Department… Read More »
What Not to Do After Filing Chapter 7
Many people, including famous industrialist Henry Ford, recovered from bankruptcy by making a new plan and sticking to that plan. Like many of us, Ford was a slow learner. He filed bankruptcy twice, in 1899 and 1901. The Detroit Automobile Company went bankrupt because Ford was a perfectionist. The Henry Ford Company went bankrupt… Read More »
Why is Bankruptcy a Good Option?
Filing bankruptcy is a good option if your non-housing expenses, such as vehicle payments, credit card bills, and medical bills, exceed 36 percent of your net income. If that’s the case, you have more debt than you can comfortably repay. People in these situations have two basic options. They can sit back and watch… Read More »
Are Chapter 7 Bankruptcies Ever Denied?
No, unless the debtor fails to meet one of the two basic qualifications for bankruptcy. All debtors must be honest and unfortunate. Honest debtors aren’t trying to manipulate the system for their own purposes, and unfortunate debtors are, well, unfortunate. More on these things below. Honest and unfortunate debtors receive all the benefits of… Read More »
