With over 12 years of experience and thousands of cases as a consumer bankruptcy attorney, Chris Bush is on the cutting edge of Bankruptcy and Student Loan Law. Chris can assist you in untangling the options to find the best solution for your specific debt relief case.
On Wednesday, University of Phoenix's parent Apollo Education Group announced that the business and marketing methods of the for-profit school are now under investigation by the Federal Trade Commission (FTC). CNNMoney.com reports that Apollo will "cooperate fully" with the FTC research, which requires them to provide the federal company with papers on their finances, advertising, certification, and army recruitment practices from the last four years.
According to recent data from Experian, 40 million Americans have at least one outstanding student loan. The average amount of debt is $29,000.00, which is an all time high. A common question for many borrowers is “how will my student loans be affected if I get married?”
Many work tirelessly over the years, but never quite make enough to pay back the large amounts they barrow for their education, and many owe even more when their loan amounts grow even higher when they go to in default.
Many file for bankruptcy, wiping out other debts. But getting rid of student loans requires initiating an entirely separate legal process, where debtors must prove that paying the debt would cause an “undue hardship.”
Have you defaulted on your Private Student Loan? Has it been in collections for a long time? Have you essentially ignored the problem hoping that it would go away? If you have been served with a state court lawsuit, now is the time for student loan resolution.
There are dozens of identifiable economic events that cause someone to file for the protection of a bankruptcy. Sometimes the cause is as simple as rainfall, or shall I say the lack of rainfall.
In April of 2015 the Governor of the State of California, Jerry Brown, signed an executive order imposing mandatory restrictions on water use. See full text of the order: http://gov.ca.gov/docs/4.1.15_Executive_Order.pdf. What that entailed was a State wide reduction of water consumption by at least 25%. This was due to the lack of snow pack over the winter months, and therefore, the lack of melting snow pack for water.
After representing student loan borrowers for the last few years I have come to realize that the most important aspect of obtaining some type of student loan debt resolution is getting the issue in front of someone who can communicate with you.
According to The Consumer Financial Protection Bureau, there are 8 million student loan borrowers in default.* If you are one of those, you may be asking yourself , How did I get here?
My experience with working with those clients who have student loans has shown me that student loan default could have been avoided had their servicers been forthright with the information they needed to prevent default, and options for student loan default resolution. In the majority of cases that I have seen, the services play hide and seek with vital information, leaving the student loan borrower confused.
There can be nothing worse for a student than to have the whole school close down from underneath you, leaving you lost, dazed and confused. Such is the most recent case of the Corinthian Colleges, Inc. owned "for profit" schools. Everest, Wyotec, and Heald College System. In California alone, it is said that over 16,000 students were sent home.
What a catastrophe!
The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base. Taxable events include, but are not limited to, annual income, the sale of an asset, a fiscal year-end or an inheritance.
A tax liability is a legal claim on assets. Should an entity default on paying its taxes, the governing authority may foreclose on the delinquent account, or take out a lien or encumbrance on an asset.
If you're still holding the bag on an income tax debt your ex-spouse drove up, and particularly if you don’t have the wherewithal to repay it, you might be in luck. It doesn’t matter if the tax bill is a result of an understatement of earnings tax on the return, or if it’s just an underpayment of the tax due at the time--you may have a chance of absolving yourself of the obligation for payment. But you’ll have to fight for it.