President Biden’s student loan forgiveness plan aimed to help alleviate around $400 billion of student debt, but last June, the Supreme Court struck down the measure with a 6-3 vote. Now, more than 40 million Americans will likely be left to resume loan payments at some point this fall. Deferments and forbearances provided what now looks like temporary relief, and individuals hoping to have up to $20,000 in student loan debt forgiven may have been busy accumulating debt elsewhere. According to the American Bankruptcy Institute, credit card debt is set to surpass $1 trillion in 2023. The average American household owes $10,000 in credit card debt and 46% of credit card holders carry debt every month. Coupled with rent or mortgage payments and the pending resumption of student loan payments, many individuals will be facing budget concerns. While most student loan debt proves difficult to discharge in a normal bankruptcy…
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The U.S. Department of Education recently announced the pause on federal student loan payments has been extended to August 31, with plans being made to grant Individuals with federal student loans a “fresh start” on repayment. Borrowers can now have delinquencies and defaults eliminated, allowing them to reenter repayment in good standing when student loan payments resume. Student loan payments were set to resume in May before the new extension, the sixth of its kind since the start of the pandemic in March 2020. Loan relief will continue to be provided, including to those who have been defrauded by institutions and those who are eligible for the Public Service Loan Forgiveness program, the Department of Education said in a release. “This additional extension will allow borrowers to gain more financial security as the economy continues to improve and as the nation continues to recover from the COVID-19 pandemic,” U.S. Secretary…
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As COVID-19 related foreclosure moratoriums have ended, foreclosure rates have jumped. In August, foreclosures jumped about 69% from the prior month. With forbearances coming to an end and budgets about to be stretched by the resumption of student loan payments in February, now is a good time to go over what to do if you are behind on your mortgage and may be facing a foreclosure. Here are a few simple steps to consider: 1. Read your mail This may be the most important step: far too often people tell me that they didn’t know about a scheduled foreclosure sale until it was too late. Most of the time, it’s because they haven’t looked at several mailed notices or assumed it was just junk or spam mail. If you start seeing letters from mortgage companies or law firms, read them. In Missouri, a notice of a foreclosure sale date is…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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