How to Stop Wage Garnishment in Newark, NJ

There are few things more frightening than being slapped with a debt collection lawsuit. If collectors are successful with their suit, they’ll end up garnishing your paycheck. Any creditor can try to garnish your paycheck. That means your employer gets a court judgment, which can threaten your job. Even if you keep your job it’s…

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Biden’s Covid-19 Relief Plan Proposal

On February 5th, 2021, President Biden proposed his Covid-19 relief plan. His plan aims to ease financial struggle. In this 1.9 trillion relief package he introduced a $1,400 stimulus check restricted to people with lower incomes. If an individual makes $75,000 or below (couples who make $150,000 or below) they are entitled to receive full…

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Navient ordered to return $22 M

On February 9th, the New York Times reported that the government student loan provider Navient overcharged the government $22 million in student loan subsidies. This began from a 2009 investigation by the Department of Education inspector general during the George W. Bush administration. A whistleblower in the Education Department discovered this massive amount owed to…

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What to avoid before filing bankruptcy?

There are some common mistakes to avoid if you file for bankruptcy. According to 11 U.S. Code § 548, a debtor is not allowed to transfer assets. It is important to know that bankruptcy courts will look back eight years to review all transactions made. You must disclose all assets because withholding assets is considered…

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Consolidated Appropriations Act

On December 27, 2020, President Trump approved the Consolidated Appropriations Act, 2021. This is a $2.3 trillion bill that combines the $900 billion stimulus relief for the COVID-19 pandemic in the United States with a $1.4 trillion spending bill that prevents a government shutdown. The bill will provide stimulus payments of $600 for individuals and…

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Protecting your home through the Cares Act

According to an article in CPA Practice Adviser, 79% of U.S. adults are experiencing stress from financial instability during Covid-19. However, it’s good to know your home is safe during this time. On March 19, 2020, Governor Murphy announced  Executive Order No. 106 which prohibits removing individuals from their homes pursuant to an eviction or…

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Biden’s plan to forgive student debt

On November 17th Joe Biden, addressed some of the campaign promises  he’s made pertaining to student loan debt. Although he isn’t inaugurated yet, he has promised to forgive up to $10,000 of private, non federal student loan debt for each borrower. However, the average student loan debt is estimated to be about $47,000. President-elect Biden…

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The talk of New Bankruptcy Provisions

On December 9th 2020, US Senator Elizabeth Warren and House Judiciary Committee Chairman Jerrold Nadler announced the possibility of a new bill called the Consumer Bankruptcy Reform Act of 2020. The Act will replace chapter 7 and 13 bankruptcy with a single system available to all consumers which would reduce filing fees and create a…

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10th Circuit Court agrees to student loan debt relief

A groundbreaking ruling in the 10th Circuit court has provided another victory to student loan debt relief. The 10th Circuit court, located in Colorado, made a decision on August 31st in McDaniel v. Navient Solutions, LLC, which aligns with a previous ruling from the 5th Circuit Court (located in New Orleans). In the case of…

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President Biden on Bankruptcy Reform

On Saturday, November 7th, Joe Biden was declared the winner of the presidential election by all major news outlets. According to Joe Biden’s official campaign website, Biden plans to adopt the bankruptcy reform proposal brought forth by Senator Elizabeth Warren. Warren believed the 2005 bankruptcy bill, originally sponsored by President-elect Biden, made it harder for…

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Criminal Records In Bankruptcy

Filing for bankruptcy is available to everyone including people with criminal records. Filing for bankruptcy with a criminal record can clear up any unnecessary debt from creditors and leftover money to put towards the debtor’s criminal financial obligations. However, bankruptcy does not discharge any criminal restitution payments. One of the benefits of filing a Chapter…

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Discharging Student Loans in Bankruptcy

With student loan debt topping over $1.6 trillion, it seems like a dream to ever be freed from student loan debt. However, It’s a possible task to discharge your student loan debt through bankruptcy. According to SSRN, only 0.1% have attempted to discharge their debts. It’s true that courts are willing, but few are asking.…

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Where Do The Presidential Candidates Stand On Student Loans?

With student loan debt topping  $1.6 trillion and over 40 million borrowers struggling to repay their debts during Covid-19, both President Trump and former Vice President Biden have plans to address one of the most important topics amongst the 2020 presidential election. Joe Biden plans to cancel up to $10,000 of student loan debt for…

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Record breaking amount of companies filed for bankruptcy

A new record of 46 billion-dollar companies have filed for bankruptcy this year, passing the record of 38 billion-dollar companies from 2009 during the Great Recession. According to Market Insider who cited the Financial Times, 46 companies with at least $1billion in assets each have filed for Chapter 11 bankruptcy since August this year. That…

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Scanlan Legislation Now To Add Covid To Bankruptcy Hardship

In recent years, student loan debt has topped $1.6 trillion, making it the largest of consumer debt. Common issues with student loan collection agencies consist of aggressive and abusive collection tactics and failure to accurately inform borrowers of their rights. Currently, bankruptcy laws make it difficult to discharge student debt. However , for most people…

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