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May 2012 Archives

In depth: Ideas surfacing to solve the student loan debt crisis, P. 3

In the previous two posts, this blog has been discussing the growing student loan debt problem that is gripping the United States. Student loans sit in a special category under the nation's bankruptcy laws. In the last post, the discussion focused on student loans in bankruptcy and the near impossibility of finding relief from the special category of debt. Other emerging ideas, however, have been bandied about in recent months.

In depth: Ideas surfacing to solve the student loan debt crisis, P. 2

In the last post, this blog began an in-depth discussion on the mushrooming student loan debt problem. There is general agreement that the skyrocketing college debt load is a true problem in the United States, but little consensus exists on how to relieve the student loan debt problem.

In depth: Ideas surfacing to solve the student loan debt crisis, P. 1

The amount of student loan debt carried by Americans has received a great deal of attention in recent months. The troubled economy has, in part, brought attention to the issue. The rising cost of college and the nation's bankruptcy laws have also factored in to the increased attention on student loan debt.

Foreclosure review process has few takers

Potentially weak follow-up advertising on the foreclosure review process and wariness among consumers over mortgage and foreclosure scams are two reasons some consumer advocates are citing as why few consumers have sought review of their foreclosure under a financial industry and government agreement. Officials say only about 4 percent of eligible consumers have applied for foreclosure review under the program. Those eligible for a foreclosure review were supposed to receive a letter in the mail notifying them of the deal.

Judge dismisses 'Octomom's' chapter 7 bankruptcy case

Earlier this month, this blog reported that Nadya Suleman has filed for bankruptcy protection on the West Coast. The woman gained notoriety after giving birth to octuplets, but her financial situation has continued to plague her, despite her media attention. Unfortunately, the paperwork in her chapter 7 bankruptcy was reportedly not fully completed in the bankruptcy court file. Now, the bankruptcy judge has dismissed the bankruptcy court case.

Credit report errors can devastate credit scores, P. 2

In the last post, this blog began a discussion of a unique problem in the credit reporting system in this country that can cause devastating affects upon a consumer in our plastic driven society-the problem involves mixed-file credit histories, where a consumer's file is erroneously merged with another by the credit reporting agencies.

Credit report errors can devastate credit scores, P. 1

Recently, the Columbus Dispatch reported its findings in a lengthy investigation into the difficulties consumers can experience from errors that may be contained in their credit reports. Ohio residents who are contemplating bankruptcy may think about what effect a bankruptcy may have on a credit score, although most financially distressed consumers may already be experiencing credit score issues.

Student loan issues in the news do not modify bankruptcy law

A great deal of discussion over student loan debt has made the news in recent weeks. Interest rates on loans that may be granted in the near future have been at issue in political circles, but that issue does not affect the 37 million Americans that are estimated to have outstanding student loan debt. Generally, student loans are not dischargeable in bankruptcy.

'Octomom' files for chapter 7 bankruptcy relief

Nadya Suleman, known more widely as "Octomom" after being given the moniker in the media, reportedly has decided to seek protection from creditors under our bankruptcy laws. The mother of 14 children says that she has faced a number of decisions over the past year, and she has decided that filing for chapter 7 bankruptcy protection will not only give her a fresh start, but is best for her children.

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