Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

Why Do More Older Americans Need Bankruptcy?

Posted on September 24, 2018 by The Sader Law Firm

Did you know the number of older Americans bringing mortgage debt into their golden years is on the rise? According to a group of Harvard researchers, the percentage of Americans with mortgage debt over the age of 65 has risen from 22 percent in 1995 to 38 percent in 2013. This statistic shows how financial pressures are changing for seniors in America, and it is part of why bankruptcy is so important for older Americans. According to researchers examining data from the Consumer Bankruptcy Project, more seniors are filing for bankruptcy now than ever before. In 1991, only 2.1 percent of consumer bankruptcy filers were between the ages of 65 and 74. In 2016, that percentage has risen to 12.2 percent. Why are so many more seniors filing for bankruptcy? While some analysts have pointed to the senior community expanding due to aging Baby Boomers, others aren’t buying that explanation….
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Does Income-Based Repayment for Student Debt Work?

Posted on September 21, 2018 by The Sader Law Firm

To default on your student loans, you need to miss around a year of payments. Here in the United States, approximately 1 million student loan borrowers hit that mark every year. However, there are signs that this trend is changing, and income-based repayment plans might be one of the reasons why. How Are Income-Based Repayment Programs Affecting Student Debt? The New York Federal Reserve is reporting that 9 percent of student loans are overdue by 30 days or more. Back in 2013, that number was 11 percent. That means fewer student loan borrowers are defaulting on their loans, and experts are pointing to several causes. Improvements in the economy is one of the reasons these experts believe these rates are going down. Plentiful jobs are resulting in more stable incomes, and while that’s keeping people from defaulting, job availability is not the only reason default rates are dropping. Income-based repayment…
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What Happens If a Business Partner Declares Bankruptcy?

Posted on September 19, 2018 by The Sader Law Firm

Running a business is full of challenges. If you run a business – which is probably the case since you’re reading this – it’s very likely that you’re familiar with just how challenging it can be. Things can be going great – operations are running smoothly, you’re reaching all of your financial goals – and you can still run into problems outside the realm of your control. For example, you could be going through your business’ mail one day and come across a bankruptcy notice from one of your main suppliers. What does this mean for your business? Will you still be able to do business with this supplier? Are there steps you need to take to avoid financial loss? When dealing with a business partner’s bankruptcy, several factors determine your available options. If they are filing for Chapter 11 bankruptcy, then their business remains in control of its possessions…
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