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July 2012 Archives

Preventing foreclosure in the age of retirement

When planning for retirement, no one anticipates the foreclosure of their home. In a recent study, one and a half million Americans over the age of 50 has lost their home to foreclosure between 2007 and 2011. Of those Americans, the highest foreclosure rate was for homeowners over the age of 75. Not only does this put a dent in retirement plans, but it can leave foreclosed upon homeowners struggling and looking for security into old age.

Student loan debt discharged in rare bankruptcy case

Generally, whether you are filing Chapter 7 or Chapter 13 bankruptcy, you are unable to discharge debts to the government, including taxes, court judgments and student loans. In a rare case, a bankruptcy judge wiped out $56,299 of student loan debt. The debt was an accumulation of interest and penalties on an original $16,900 loan a woman took out for an education she never completed.

Misdemeanor fees, debts and bankruptcy

Minor offenses like speeding can result in hundreds of dollars in fines. Suspension or loss of license can leave an employee unable to work. While the government uses a penal system to punish individuals for crimes, many victims of the criminal justice system are financially unable to manage these financial setbacks. In many cases, they are unable to recover, even when they have a viable defense to their crime.

Facing your debt: a reality check

For most consumers, overwhelming debt is usually the compounding of denial, credit card use, and an unexpected event that leaves them crippled. With the looming national debt crisis, the collapse of the mortgage market, and the widespread economic downturn, it is time to face reality and take hold of your finances. An honest assessment of your debt can help you regain financial stability and secure long-term independence from your creditors.

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