Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

What Are the Advantages of Filing for Bankruptcy?

Posted on November 12, 2019 by The Sader Law Firm

Are creditors harassing you day and night? Are you losing sleep worrying about paying your mortgage or car loan? When your debt has spiraled out of control, it may be difficult to know where to turn for help. Fortunately, for Kansas City individuals and businesses, there may be a solution. Bankruptcy is an option that provides debt relief while giving you the tools you need to rebuild your future. Is Bankruptcy Right for You? Bankruptcy may be the best choice in many situations. If any of these apply to your situation, it may be time to consider filing for bankruptcy. Lawsuits filed against youYou receive collection letters or harassing phone calls from creditorsYou open new credit cards to pay off old credit cardsYou only make minimum payments on debtYour home is in foreclosure or about to be in foreclosurePast due income tax problems High unpaid medical bills Financial problems caused…
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Education Secretary Reprimanded for Violating Student Loan Court Order

Posted on November 5, 2019 by The Sader Law Firm

Department of Education Secretary Betsy DeVos recently made the news after a judge slammed her decision to continue collecting payments from former Corinthian Colleges students. A court order barred the Education Department from collecting loans of former students. However, the court order did not stop Betsy DeVos, whose department continued to pursue the payments. As a result, thousands of former students faced wage garnishments and tax refund seizures. Many others made unnecessary payments. Corinthian Colleges was a for-profit higher education company that shut down after allegations of fraud as well as having high default rates and generally poor outcomes for students. While not all for-profit universities are necessarily bad, Corinthian Colleges became an example of a bad actor in the industry. The Consumer Financial Protection Bureau (CFPB), a federal consumer protection agency, sued Corinthian Colleges and eventually settled for $480 million. Corinthian Colleges shut down in 2015. Although Corinthian Colleges…
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Rebuilding Credit After a Student Loan Default

Posted on October 21, 2019 by The Sader Law Firm

Student loan defaults affect millions of borrowers. Many more borrowers may default in the near future if recent research turns out to be correct. Like with many forms of debt, your credit scores will take a hit after a student loan default. Credit scores affect your ability to qualify for loans, jobs and housing. As a result, it is important to have information that can help you rebuild your finances after defaulting on student loans. Step 1: Get Out of Default Getting out of default will not be an option for everyone. Private lenders may not offer terms that allow borrowers to rehabilitate defaulted loans. Fortunately, federal borrowers are far, far more likely to have this option available. There are several ways to get your federal student loans out of default. The first way is to take advantage of the Department of Education’s loan rehabilitation program. You cannot enroll in…
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