The Biden administration on Tuesday August 22 announced the details of the best deal ever offered to federal government student loan borrowers who qualify for income driven repayment (IDR), The Department of Education is now accepting applications for the “Saving on a Valuable Education” program or SAVE. The SAVE Plan replaces the Revised Pay As […]
Supreme Court Rejects Biden’s Student Loan Forgiveness Plan: Biden v Nebraska
The US Supreme Court has ruled, in Biden v Nebraska, that President Biden did not have the authority to cancel or reduce student loan debt. The court ruled that the administration does not have the authority to spend this much money without Congressional approval. The court held that the HEROES Act contained no language that […]
Democracy Done Right: Colorado’s New Law Thwarts Predatory Lenders
The National Consumer Law Center has applauded the state of Colorado for its recent passage of a banking law exercises Colorado’s right to opt out of a federal law that predatory lenders claim allows them to ignore state interest rate laws and charge rates of 100% to 225% if they launder their loans through an […]
What’s happening with Student Loans? What you need to know now that student loan payments are resuming
There are two things going on with Student Loans: What Resumption of Student Loan Payments Means For You? The resumption of student loan payments in October will not only end inflation but may cause many Americans to think seriously about bankruptcy to get of other debts they may not be able to pay any longer […]
New Bankruptcy Means Test expense allowances Beginning May 15, 2023
Legalconsumer.com has just updated its Means Test Calculator to incorporate the latest expense deductions announced by the justice department that take effect May 15, 2023 The new numbers affect Part 2 of the means test, where above-median-income debtors are asked to list their monthly expenses. Some of those expenses are “actual” expenses, while others are […]
Colorado Expanded the Definition of “Dwelling” to include living in your car: Homestead Exemption Laws Expand to Meet the Modern Age
These days, what people call a “home” can be anything from a mansion to a car parked in a part of the town where they won’t be hassled and can get some sleep. Bankruptcy law has always allowed people to protect their home, through something called a homestead exemption. Homestead laws are generally found in […]
AI Debt Collection Bots are Unleashed, Harassing People With Debt Collection Lawsuits
AI bots are now making it possible for debt collection agencies to go after even the smallest possible lawsuits, whether or not they are valid debts or not. Tens of thousands of such lawsuits are being filed by AI bots nationwide, affecting poor people everywhere, according to a report by Wired Magazine. The goal of […]