Student Loans Would Again Become Dischargeable Under New Bill
Before the 1970s, student loan debt was dischargeable in bankruptcy. Then Congress required student loan borrowers to repay for five years before they could file for bankruptcy on those loans. Gradually, lawmakers chipped away at even that protection. Today, debtors in bankruptcy must prove undue hardship to discharge student loans. On May 9, 2019, a […]
Avoid Moral Disengagement in Litigation
The term moral disengagement encompasses the cognitive maneuvers we undertake to justify any self-interested choices that don’t align with what we want others to think we believe about ourselves. Moral disengagement in litigation runs the gamut from the misleading to the unethical. A series of experiments by Professors Sean Martin and Jim Detert shows the […]
VA & MD Mortgage Delinquency Rates Among Highest in U.S.
According to the 2018 4Q FHFA Foreclosure Prevention Report, Washington, D.C. boasts one of the lowest mortgage default rates in the country, while Virginia and Maryland mortgage delinquency rates rank among the highest. The District of Columbia, Maryland and Virginia are circled in the graph above. Every day, Lee Legal helps homeowners facing mortgage delinquency. […]
Telltale Signs It’s Time to File for Bankruptcy
Living in a state of debt has become the accepted way of life for many. Although bankruptcy has become far more common than it was decades ago, it still intimidates many Americans who are in a situation where filing may be best. You should consider filing bankruptcy when what you owe exceeds what you can […]
How to Close the Bank of Mom and Dad
Parents are and always have been an immediate financial resource for their children, even if their children are grown adults in their 20s, 30s and even 40s. Regardless of relation, parents should not be viewed as a bank. Part of being an adult is independence, financial and otherwise. Here’s how to close the Bank of […]
Because You’re Ready for a Fresh Start
Because you’re not making enough money to live on. Or because your expenses just are out of control. Because life should be more than nonstop work and worry. You may be ready for bankruptcy. Because you have no assets to speak of. Or because you’re at risk of missing out on basic life necessities. Because […]
Senior Citizens Are Increasingly Filing for Bankruptcy Protection
Older Americans are increasingly filing for bankruptcy due to soaring healthcare costs and reductions in social services. According to a recent report, since 1991, the rate of senior citizens filing for bankruptcy protection have increased twofold for Americans 65-74 years old and threefold for those 75 and over. These increases are astonishing and represent a […]
The Hidden Costs of Owning a Home
According to the Urban Institute, 63 percent of millennials who bought homes have regrets resulting from underestimating the hidden costs. Zillow found that American homeowners spend nearly $9,400 in hidden costs to own and care for a median-priced home. Let’s first differentiate hidden costs from not-so-hidden costs. Not-so-hidden costs: Mortgage, taxes, and insurance Your mortgage […]
Austerity Measures, or How to Avoid Bankruptcy, No. 1
Austerity measures in Greece have set off violent riots and nationwide strikes over the last decade. In 2010, Greece suffered a sovereign debt crisis, sometimes called the Greek Depression. A member of the European Union, Greece requested a bailout, which the EU granted, but only with a caveat: Greece would have to implement a number […]