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It turns out there’s a downside to declining the opportunity to dig yourself into a pit of student loan debt. You probably can’t afford to pay for college any other way. But is that such a bad thing?
At least, that’s what the folks over at Money Magazine say in this article. With a scant 45% of people polled were willing to borrow no more than about $10,000 in student loans, most students wouldn’t be able to cover a single year at many public four-year colleges, even after financial aid is taken into account.
Unfortunately, the article continues,
The problem with not borrowing is that most families do not have nearly enough saved to pay for college. About half of U.S. families are not saving for their children’s educations at all, according to a survey by Sallie Mae. Among those who are, the average amount saved is around $15,000.
That’s a shame given that someone with a bachelor’s degree can expect to make about $1 million more during their working years than someone with only a high school diploma.
But consider the fact that the article doesn’t take into account a few “anomalies” (that’s what we call facts we don’t like to think about). For example:
- If you graduate from a for-profit institution or technical college such as the ones you see plastered across mass transit billboards, you’re probably looking at far higher educational debt and lower income prospects when you get out of school.
- Graduating from a college with a lesser reputation doesn’t translate into a top-dollar job.
- Many majors lend themselves to careers that require graduate school in order to escape the minimum wage future of a position behind a cash register (English Literature majors, I’m looking at job). That means you’re going to need to dig yourself into even more debt.
For those who fit into the “anomaly” category, apparently eve a low salary shouldn’t deter you from racking up huge student loan debt. “If total student loan debt at graduation is less than the annual starting salary, the borrower will be able to repay his or her student loans in ten years or less,” say Mark Kantrowitz, who runs a student loan information site.
That doesn’t seem to be the case for the people I speak with day after day, but I’m willing to admit that I may have a skewed view.
Still, a friend of mine makes a tidy living as a locksmith in spite of the fact that the closest he’s ever gotten to a college is to install a new keyless entry system. That’s to say nothing of the guy I know who cleans toilets for a living – he’s driving a nicer car than lots of my lawyer friends can afford.
So maybe the locksmiths and plumbers got together to get this piece written. It seems like an easy way to get rid of the competition by getting people to go to college.
The problem with articles like the one in Money Magazine is that they give blanket advice without reference to your individual situation. Getting a degree in accounting from University of Notre Dame is more likely to be worth the student loan debt than a similar degree from Alliant International University, for example. And a degree in Computer Science is probably a sounder investment in your future than one in Animal Science (listed as the major with the lowest salary).
In the end, you can’t generalize when it comes to the value of a college education. Look at your course of study, the reputation of the school, and how well graduates fare. Anything less is irresponsible, and will probably land you in a tough spot once the student loan bill comes due.
The House of Representatives have passed a bill that will permit banks to file for bankruptcy.
The bill, passed on Monday, is known as The Financial Institutional Bankruptcy Act of 2014. It will allow financial institutions to willingly begin the process of bankruptcy, or in some instances, allow the Federal Reserve to start the process.
This bill was a rewrite to current bankruptcy law and was supported by Wall Street banks. The law will not only apply to financial organizations but also to other large commercial firms, such as insurance companies.
“This process will allow a failing financial institution to transfer its assets to a newly formed bridge company over a single weekend, which will promote confidence in the financial marketplace,” Ranking Member John Conyers (D-Mi) said in a floor speech, urging colleagues to pass the bill.
The bill employs a “single point of entry” method, which will permit a holding company to enter bankruptcy and allow subsidiaries to remain outside the process.
This law builds upon previous efforts to avoid taxpayer bailouts of financial institutions. Under the Dodd-Frank financial reform law, known as the Orderly Liquidation Authority, there is a stipulation to allow an administratively-led resolution procedure.
In his speech, Conyers argues that bankruptcy is a better option; he also stated he supported the bill because it did not reduce any particular conditions of the law.
Critics feel the bill favors large banks at the expense of their trading associates and has no direct promise to prevent future taxpayer bailouts.
The Financial Institutional Bankruptcy Act of 2014 was passed with bipartisan support. It was co-sponsored by Rep. Spencer Bachus (R-Al.), House Judiciary Committee Chairman Bob Goodlatte (R-Va), John Conyers. It is part of an ongoing response to the fallout of the 2008 collapse of Lehman Brothers.
The post The Financial Institutional Bankruptcy Act of 2014 Passed appeared first on The Bankruptcy Blog.
Yes, you can still file for Chapter 13 bankruptcy protection if you are currently unemployed or become unemployed while you are in the repayment process. Mainly you just need to have some source of income to maintain payments into the Chapter 13 plan, even at a reduced level. We welcome your questions about filing for […]
The post Can I File Chapter 13 Bankruptcy If I Am Unemployed? appeared first on Acclaim Legal Services, PLLC.
PInellas County authorities have charged a local doctor with writing fraudulent prescriptions so she could obtain controlled substances. Bay News Nine reported in this article that Dr. Lynne Columbus was arrested and charged with two counts of actually obtaining or trying to obtain controlled substances by fraud. Citing the Pinellas County Sheriff’s Office, the article states that an investigation began sometime last month. Pinellas County Detectives received information that Dr. Columbus wrote prescriptions in other people’s names and tried to fill them.
Obtaining a controlled substance by fraud is a third degree felony in the state of Florida. If convicted of using fraud to obtain controlled substances, the maximum penalty is five years in prison and a $5,000.00 fine. The burden of proof lies with the state that a person obtained controlled substances through misrepresentation, fraud, forgery, deception or subterfuge.
It is extremely important for anyone charged with prescription fraud to contact a Florida Criminal Defense Attorney immediately. Typically prescription drug crime offenders are dealing with a serious addiction problem and need help. They are often suffering from serious pain and are prescribed strong medications that often become addictive, which is why they search for other ways to obtain more drugs. These types of cases require the assistance of a compassionate Florida Criminal Defense Attorney that can work towards getting unnecessary charges dropped or reduced so the accused can get the help he or she needs.
First time offenders may have many options available to them. If you have been arrested for possession of a controlled substance or obtaining controlled substances by fraud, contact us today for a free case evaluation. The attorneys at The Reissman Law Group, P.A. can provide you with compassionate care, while pursuing the truth and justice you deserve.
The post State Files Charges Against Local Doctor for Obtaining Controlled Substances appeared first on St. Petersburg Law Blog.
PInellas County authorities have charged a local doctor with writing fraudulent prescriptions so she could obtain controlled substances. Bay News Nine reported in this article that Dr. Lynne Columbus was arrested and charged with two counts of actually obtaining or trying to obtain controlled substances by fraud. Citing the Pinellas County Sheriff’s Office, the article states that an investigation began sometime last month. Pinellas County Detectives received information that Dr. Columbus wrote prescriptions in other people’s names and tried to fill them.
Obtaining a controlled substance by fraud is a third degree felony in the state of Florida. If convicted of using fraud to obtain controlled substances, the maximum penalty is five years in prison and a $5,000.00 fine. The burden of proof lies with the state that a person obtained controlled substances through misrepresentation, fraud, forgery, deception or subterfuge.
It is extremely important for anyone charged with prescription fraud to contact a Florida Criminal Defense Attorney immediately. Typically prescription drug crime offenders are dealing with a serious addiction problem and need help. They are often suffering from serious pain and are prescribed strong medications that often become addictive, which is why they search for other ways to obtain more drugs. These types of cases require the assistance of a compassionate Florida Criminal Defense Attorney that can work towards getting unnecessary charges dropped or reduced so the accused can get the help he or she needs.
First time offenders may have many options available to them. If you have been arrested for possession of a controlled substance or obtaining controlled substances by fraud, contact us today for a free case evaluation. The attorneys at The Reissman Law Group, P.A. can provide you with compassionate care, while pursuing the truth and justice you deserve.
The post State Files Charges Against Local Doctor for Obtaining Controlled Substances appeared first on St. Petersburg Law Blog.
After filing a chapter 7 bankruptcy, you will be required to attend "the meeting of creditors". The meeting takes place at court around 45 days after you file bankruptcy. If you have to attend the hearing. If you do not attend, the trustee, who runs the meeting will likely file a motion asking the court to dismiss your case. The meeting is referred to as the "meeting of creditors" because creditors are notified that they may attend and question you about your assets and any other matter relevant to the administration of the case. The good news is that creditors rarely attend the meeting. On the rare occasions when they do, they are usually trying to locate secured property. Commonly I see jewelry shops shops asking for the location and return of jewelry where the debtor defaulted on the loan. Other creditors may ask questions to see whether a debtor should be in a chapter 7 when they can afford to pay back their creditors. Again, it is rare that a creditor shows up to ask questions. The meeting usually lasts only a few minutes and may be continued if the trustee is not satisfied with the information provided by the debtor. Often meetings are continued when the debtor fails to provide acceptable identification and proof of Social Security number. Also, many debtors fail to send the trustee tax returns and pay stubs 7 days before the hearing, per California Eastern District Bankruptcy Court rules. In short, make sure you are prepared for the meeting. If you have hired an attorney, the attorney will make sure to send the documents to the trustee and remind you to bring your driver's license and social security card to the meeting.
If you fail to provide the information requested at the meeting, the trustee will likely set another date for you to return to provide the information. Multiple instances of non-compliance will likely lead to the trustee requesting that the bankruptcy case be dismissed or that the debtor be ordered by the court to cooperate or be held in contempt of court for willful failure to cooperate. The information enables the trustee to understand your financial circumstances for filing bankruptcy and speeds up the questioning process. The trustee will ask questions to ensure that your financial information is correct, that you do not have assets that can be sold with proceeds going to creditors and to make sure you understands the positive and negative aspects of filing for bankruptcy.
Photo Credit: IAEA Imagebank at Flickr
On Monday, November 17, 2014, the U.S. Supreme Court agreed to hear two bankruptcy-related cases that involve issues commonly faced by banks and homeowners with underwater mortgages in Chapter 7 cases. The cases of Bank of America v. Caulkett and Bank of America v. Toledo-Cardona come from Florida, where many homeowners own homes with mortgages that exceed equity value due to the recent housing crisis. Bank of America holds the second mortgage in both cases. Read More ›
Tags: Chapter 7, U.S. Supreme Court
Confidentiality or Obstruction of Justice: Where’s the Line? For a consumer bankruptcy lawyer, I’m litigious. I’m quick to sue. I hate it when people do illegal stuff to my customers. People in financial trouble can be magnets for illegal stuff. Fair Debt Collection Practices Act violations. Fair Credit Reporting Act violations. Illegal internet payday loans. […]The post Confidentiality or Obstruction of Justice: Where’s the Line? by Robert Weed appeared first on Robert Weed.
A personal bankruptcy does not have to bar an Oregon consumer from home purchase for very long. Oregon bankruptcy filers that went through a Chapter 7 bankruptcy must wait four years from the date of discharge before applying for a conventional loan.
The waiting period, according to Fannie Mae, is just two years from discharge for Chapter 13 bankruptcies. Moreover, the wait for an FHA loan is only two years for Chapter 7 bankruptcy, and one year for Chapter 13 bankruptcy, provided the individual has kept up with payments in the Chapter 13 and has permission from the court. Permission from the Bankruptcy Court in a Chapter 13 is normally fairly easy to obtain. If extenuating circumstances such as job loss of medical disaster the above guidelines can be shortened.
The original post is titled Oregon Home Purchase After Bankruptcy Filing , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
Oregon Debtors are often certain that they want to give up their houses in their upcoming Chapter 7 Bankruptcy, but no one likes a mystery when it comes to figuring out how much time they have in the property. The reality is that you will know exactly when you will have to leave, months before the due date for doing so comes up.
Most often, your mortgage lender will file a Motion to Lift the Automatic Stay in the Oregon Bankruptcy Court so that it can begin the process of foreclosure legally. This process usually takes at least a month or two after your bankruptcy case has been filed. Even after the creditor receives relief from the automatic stay from the Oregon Bankruptcy Court, it will take months before the lender is actually able to complete the foreclosure process. There are steps you can take during that process to ensure that you get even more time in the property. These steps should be reviewed with your bankruptcy attorney.
Many lenders will not even file a Motion to Lift Stay during your Chapter 7 Bankruptcy. Often homes are so underwater that there really is no rush on the lenders part to foreclose its interest. The fact is that if you have already left a home and have no interest in returning, it may be safer to file Chapter 13 bankruptcy where, at least for now, you may be able force the lender to take the house back quickly.
The original post is titled How Long Can I Stay in the House After Surrendering It in My Oregon Chapter 7 Bankruptcy? , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .
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