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January 2017 Archives

Reasons people get trapped in debt

Even people with good jobs get trapped in debt. One study found that about 33 percent of households with an income of at least $75,000 per year -- and often more -- still lived from one paycheck to the next. Other studies have found that most Americans -- 73 percent -- don't even have $1,000 saved up, and the average credit card debt stands at a comparatively staggering $16,000.

What kind of student loans can be discharged in bankruptcy?

There is a common misperception among many people that student loans simply cannot be discharged during bankruptcy. In many cases, this may be accurate, but not always. Laws were changed some time ago specifically to prevent the discharge of student loans during bankruptcy. However, statistics indicate that as many as 40 percent of bankruptcy filers who include their student loans in their bankruptcy filing paperwork may receive partial or even full discharge of their student loan debt. An experienced bankruptcy attorney can often help you figure out if your student loans can be discharged.