Senator Tom Harkin (D-Iowa), Chairman of the Senate panel on education, will propose a bill to the U.S. Senate to allow some student loans to be dischargeable when filing bankruptcy. Currently, filing bankruptcy does not generally discharge student loan debt. Senator Harkin’s bill, as proposed, would allow private lender student loans to be discharged after filing bankruptcy. According to a … Read More
Consumers Owe Nearly $12 Trillion in 2014
Consumers owed $11.83 trillion as of the end of 2014, according to the Household Debt and Credit Report produced by the Federal Reserve Bank of New York. Total debt increased by $306 billion during 2014, according to the report which is based on data from the New York Fed’s Consumer Credit Panel. This could potentially lead to more people filing … Read More
News From Our Bankruptcy Lawyers: Debt on the Rise
According to a recent article in the Consumer Bankruptcy Reporter, consumers ended 2012 owing $11.34 trillion. This report is based upon figures from the Federal Reserve Bank of New York. By comparison, the reported total was $31 billion more than consumers owed at the end of September 2012. … The article noted that the “peak indebtedness” of individual American … Read More