In June of this year, we discussed a case involving the Federal Trade Commission punishing a subprime lender for illegal debt collection practices. In that post, it was noted that the lender had to pay millions of dollars in fines for various violations regarding their debt collection practices.
Earlier this month we wrote a blog post regarding a student loan debt relief program that might enable some loan holders to effectively restructure their payments. That particular relief idea is generally aimed at recent college graduates who have not yet had the chance to establish themselves in their careers.
According to information provided by the National Center for Education Statistics website, during the decades 2001–02 and 2011–12, the cost of attending public institutions, including undergraduate tuition, and room and board, rose 40 percent. Prices at private nonprofit institutions also increased, though not as dramatically, by an estimated 28 percent. What this has meant for the average New Jersey college student is in an increase in the amount of student loan debt with which one graduates.
A lot of people go through financial challenges at one point or another. The situation can seem hopeless when faced with crippling debt. The ominous prospect of losing everything is never far from your mind. You do not have to lose your dignity to creditors though. Bankruptcy provides a vital lifeline for many struggling Americans. It is a way of discharging debt or coming up with a repayment plan so you can pay it back over a convenient period. Well-known singer Dionne Warwick was recently saved from the wrath of the taxman by the bankruptcy court.