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Bankruptcy Archives

Apps can help those facing bankruptcy

Anyone who faces bankruptcy or has already filed understands how hard it is. It starts with some difficult decisions and then there is a follow-through that demands sacrifices (financial and otherwise) before a person rebuilds their credit rating. One modern breakthrough that makes the process more manageable is an assortment of excellent budget apps that users can download on their smartphones or computers.

The side effects of debt

Any person burdened by crippling debt faces many difficult challenges, but some look at it as an illness that never completely goes away. Like an illness, debt can come with many side effects that can even manifest themselves in physical pain and suffering as well as an endless variety of mental health issues

Number of farmer and rancher bankruptcies increase

Many predicted that the president’s trade war with China would impact U.S. farmers and ranchers. Now according to a new report, this is happening as the impasse continues. The number of farmers and ranchers filing bankruptcy since the spring of 2018 has jumped by 13% across the board to include farms of all sizes and types. All told, 13,000 farms disappeared in 2018 because owners could not make payments.

Who is most at risk for student loans?

There are a few ways where individuals can get their student loans discharged in bankruptcy, but typically people are stuck paying them. According to a recent study, 45 million Americans have student loans that amount to $1.6 trillion. It is important to remember that not all debt is created equal, with some struggling more than others to make their payments.

Beware of medical debt malpractice

Medical debt is one of the biggest causes of bankruptcy in the U.S., so it is no surprise that debt collectors commonly attempt to collect millions of outstanding bills. Unfortunately, the public interest group reports that some of these businesses are using aggressive tactics in an attempt to collect debts, sometimes from the wrong customers. In the latter case, this erroneously puts an individual’s credit at risk. The organization reviewed 17,701 medical collection complaints submitted to the Consumer Financial Protection Bureau (CFPB) reveal that problems with medical collection are widespread.

Will student loans be included in bankruptcy?

Many are surprised to find out that student loans are one of the few debts that are not discharged through bankruptcy relief. However, there is now a bill called the Student Borrower Bankruptcy Relief Act of 2019, which has bipartisan support from U.S. Senators Dick Durbin (D-IL) and Elizabeth Warren (D-MA) as well as U.S. Representatives Jerrold Nadler (D-NY) and John Katko (R-NY).

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William T. Peckham
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Austin, TX 78701
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