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A recent paper published by Robin R. Randolph suggests Chapter 13 bankruptcy gets a bad reputation because individual districts may lack certain advantages. The paper, titled Chapter 13: Getting to Completion, makes several important observations. First, the author notes that national statistics show that only 36 percent of Chapter 13 filers complete their payment plans. This low percentage perpetuates a tale that Chapter 13 is often unsuccessful. However, this is not always the case and depends on other factors. A deeper understanding of completion rates is needed, and this can only be accomplished by looking at individual districts. More importantly, a comparative approach is needed to understand why some districts have higher completion rates than others. It is important to realize that different court districts have different rules. This is one reason why you should not pay much mind to national statistics on Chapter 13 completion rates. As the paper…
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Kansas City Attorneys Offer Insight into Modern Law’s Roots Those who adhere to Judeo-Christian beliefs may be surprised to learn that modern bankruptcy laws actually have roots in the Bible. Bankruptcy, even in the aftermath of our recent recession, still has certain stigmas in the minds of individuals who are struggling to pay household bills and debt. However, the idea that people should not be imprisoned for debt and allowed fresh starts is much older than US Bankruptcy law. An article from “The Kingdom Economy” sparked our interest in the Bible and bankruptcy, and we wish to explore these ideas from a legal perspective. Are the Bankruptcy Time Limitations from the Old Testament? In the Old Testament, there is much discussion about laws regarding borrowers, lenders, and the poor. For instance, in Deuteronomy it says, “At the end of every seven years you shall grant a release. And this is…
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Your credit scores can have a major impact on several areas of your life. These scores, which are calculated from the information in your three credit reports, determine where you can live and which loan terms you receive from lenders. Credit scores can even affect the type of job offers you receive. If you have poor credit scores, the good news is that they are not permanent. You can always adopt new personal finance habits to improve your credit scores. The following personal finance habits may help you achieve this goal. Pull your credit reports often. Pull your credit reports as often as possible. You can pull your reports from Equifax, Experian and TransUnion once per year for free. However, you should try to pull these reports twice per year at a minimum. If you are able, try to pull your credit reports once every four months. Look for mistakes,…
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Americans owe $1.26 trillion in student loan debt, with the average monthly student loan payment being $351, according to The Center for Microeconomic Data. These payments are even tough for people with well-paying jobs, and the loans can become particularly overwhelming in the event of unemployment, divorce, illness or injury. However, there are a number of professions that offer student loan forgiveness. There are two main programs that offer loan forgiveness for many types of jobs that fall into the public-service sector. Keep reading to learn more about these main programs, as well as some additional specialty positions that have help available. What are the Main Student Loan Forgiveness Programs? Federal Perkins Loan Cancellation: This program is available to a number of occupations with additional eligibility requirements for each. Eligible professions include firefighters, law enforcement, corrections officers, nurses, medical technicians, VISTA or Peace Corps volunteers, librarians for certain schools and…
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