If you have gotten in over your head with student loans, credit card debt or medical bills and are wondering what to do about it, a debt consolidation may seem like a better idea than bankruptcy and what it will do to your credit rating. But beware of the debt consolidation scams which are lurking everywhere these days and may only push you further into debt. Filing for bankruptcy may be a better solution than you think. Recently, the National Consumer Law Center did a secret shopper investigation of 10 debt-relief agencies and discovered a variety of scams, deceptive practices, and overcharging that would severely hamper any borrower’s attempt to relieve themselves of debt. Some of the most common included: Charging large up-front fees before doing anything. Characterizing government services as their own. Charging for free government debt relief programs. Not including a three-day cancellation clause in their contracts as…
Read More »
KANSAS CITY, Mo., Aug. 20, 2013 /PRNewswire/ — The United States Bankruptcy Court for the Western District of Missouri entered an Order on May 29, 2013 approving a settlement for a Missouri woman owing more than $400,000.00 in student loans. Per the settlement the woman is entitled to receive a bankruptcy discharge of up to $325,000.00 of student loans. The holders of the student loan debt were Suntrust Bank and Educational Management Corp. Our client agreed to a repayment schedule of approximately 25% of the balance over a ten (10) year period of time. Upon successful completion of the partial repayment, the entire balance will be discharged. Neil Sader and Megan Dennis of The Sader Law Firm represented this client. Sader stated, “While student loans generally are not dischargeable in bankruptcy, there is a hardship provision which can be used in certain deserving circumstances.” The client in this case was…
Read More »
Recently, the rapper and actor, DMX, made the news when he filed for Chapter 11 bankruptcy. His greatest source of debt was the over $1 million he owed in child support. One of the questions this raises is the role of bankruptcy in dealing with child support debt. If you’re faced with bankruptcy, and owe back payments in child support, will bankruptcy be able to help discharge your child support debt? It’s important to be clear from the start that child support is not a dischargeable debt. Because child support is tied to the welfare of your children, who need the money for their basic needs and overall well-being, filing for bankruptcy isn’t going to allow you to free yourself of your unmet child support obligations. However, if managed properly with the assistance of an expert bankruptcy attorney, the bankruptcy process may still make it easier for you to find…
Read More »
*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.
© 2010–2024 The Sader Law Firm
Book an
Email
Directions
