6 Reasons Why the IRS May Keep Your Tax Refund
On Friday, the Internal Revenue Service (IRS) sent a gentle reminder to the nearly 40 million taxpayers who have yet to file their tax returns: do it now. Many people consider their tax refunds to be a sort of annual bonus. Here are the top 6 reasons why the IRS may keep your tax refund. […]
Student Loans and Financial Well-Being
A Report on the Economic Well-Being of U.S. Households (May 2017) by the Federal Reserve offers some key insights into the economic status of American consumers. The report makes several striking findings about student loans and financial well-being. College graduates are struggling financially The report found that, in large numbers, young graduates struggle to pay their loans and […]
Student Loan Debt in DC, Virginia, and Maryland
In October 2017 the Consumer Financial Protection Bureau (CFPB) published a 50 State Snapshot of Student Debt. Since its formation, the CFPB has handled tens of thousands of complaints related to student loan lenders, servicers, and debt collectors. Student loan debt in DC, Virginia, and Maryland is truly enormous. Total outstanding student loan debt in DC is $6.76 […]
No Discharging Student Loans in Bankruptcy
Currently working its way through House of Representatives committees is H.R. 2366, the Discharge Student Loans in Bankruptcy Act of 2017. It’s always good to hope, but forget about discharging student loans in bankruptcy in the near future. On October 20, 2017, as the D.C. Chair of the National Association of Consumer Bankruptcy Attorneys, I […]
Lee Legal Can Diagnose Your Financial Condition
If you have a medical problem, seek advice from a doctor. If you have an architectural problem, seek advice from an engineer. But if you have a financial problem, you should seek the advice of an attorney. Lee Legal can diagnose your financial condition. Every client receives a free consultation. Debt Collection. If you have […]
Income Driven Repayment of Student Loans
If you are struggling to make the monthly payments on your student loans, consider an income driven repayment plan for your student loans. These programs should make your federal student loan payments more affordable, according to the Federal Student Aid Office of the U.S. Department of Education: Income-driven repayment (IDR) plans are designed to make […]
When You Should NOT File for Bankruptcy
Only bankruptcy will solve certain financial problems. Bankruptcy remains the first and best choice for many common cash-flow and debt issues. Avoiding bankruptcy when it is the smart course of action often does nothing more than make for more difficult outcomes. But there are certain circumstances under which you should NOT file for bankruptcy. If […]
Washington DC Has the Most Student Debt in the Nation
Washington DC is a great place to live. And the residents who live here are some of the most educated in the nation. But as might be expected, Washington DC also has the most student debt in the nation, too. The average student loan debt per borrower in Washington DC is $39,832.12. That’s the highest in […]
How Do Student Loans Affect Taxes?
Student loans affect taxes in ways very different from other long-term debt obligations. Taxes are an inevitability, as noticed by one of our founders. Our new Constitution . . . promises permanency; but in this world nothing can be said to be certain, except death and taxes. Benjamin Franklin, 1789 For many Americans, another inevitability […]