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October 2015 Archives

Current cases could impact bankruptcy and student loan discharges

Most Arkansas residents are aware that student loan debt is virtually impossible to get rid of via bankruptcy. However, that could change based on the outcome of two very important cases making their way through the courts right now. If one or both go before the U.S. Supreme Court, the outlook for consumers burdened by heavy student debt could improve, and bankruptcy might become a more appealing option.

For many, medical bills are resolved by Chapter 7

Being subjected to an unplanned illness or injury is a leading cause of financial distress. In recent years, medical debt has been a causal factor in the majority of bankruptcy cases, and there are many Arkansas residents for whom Chapter 7 is the only means of eliminating the debt burden brought on by medical bills. While each and every set of circumstances is unique, many people will eventually seek bankruptcy protection in response to these expenses. The following tips are offered to those who would like to try and reduce their medical debt on their own.

Scam did not result in the discharge of debts

Arkansas consumers who are considering debt relief services should be aware of the proliferation of scams within that industry. An example is found in a recent judgment imposed by the Federal Trade Commission against one company. The operator of that fraudulent debt relief scheme will now have to pay $7.9 million in restitution to consumers bilked by the scam. While participation in the company's plan did not lead to the discharge of debts, those affected may receive some form of compensation as a result of the recent federal court action.

Bankruptcy can help older people with student loan debt

Not every Arkansas resident with high levels of student loan debt is in their 20s. In reality, many older people remain saddled with these accounts.  It is estimated that people over the age of 65 hold $18.2 billion of the nation's student loan debt. As retirement nears, it becomes increasingly important to eliminate debt and save for the future. Bankruptcy offers one path to reach that goal.

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