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Businesses must have an attorney to file for bankruptcy. Individuals may file for bankruptcy themselves, but it may come back to hurt them. Even the federal courts strongly recommend using a competent attorney when filing for bankruptcy due to its long-term consequences. Bankruptcy law is a complex field. Without the legal training and experience to understand the law’s subtleties, a person may not file for bankruptcy correctly. He or she might miss exemptions that protect property from sale, or an individual might fail to properly include certain debt, which the court would not include in the bankruptcy discharge. A person considering filing for bankruptcy may wish to consult with a Kansas City bankruptcy attorney to learn how they can work together to pursue bankruptcy in the most effective manner. Using an Attorney to Select the Best Bankruptcy for You There is no one-size-fits-all solution for individuals considering filing for bankruptcy….
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More than 44 million Americans owe more than $1.3 trillion in student loans. Unfortunately, some of these borrowers are going to default. According to the Department of Education, the default rate for borrowers who entered repayment between 2012 and 2013 is 11.3 percent. Default is considered as being more than 270 days behind on student loan payments. Borrowers in default face several devastating consequences, such as wage garnishments, loss of eligibility for helpful repayment plans, and the interest and principal balance becoming immediately due. If this story sounds familiar, do not give up hope, because there are ways to bring your loans back into good standing. Get Your Student Loans Out of Default with A Loan Rehabilitation Program The first option for bringing your student loans back into good standing is to use the Education Department’s loan rehabilitation program. Requirements for rehabilitation vary depending on whether you have Direct, FFEL,…
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To help those burdened with student loans, several members of Congress introduced legislation in April of 2010 that would treat private student loans the same as other consumer debt. Entitled “The Private Student Loan Bankruptcy Fairness Act,” the legislation would be a major change, permitting people who file for bankruptcy to discharge private student loan debt – something rarely possible in the past. A Kansas City bankruptcy attorney can help you understand bankruptcy laws regarding student loans and other types of debt if you are experiencing financial difficulties. Discharging Student Debt and the Undue Hardship Requirement In 2008, only 0.4% of federal student loan borrowers who filed for bankruptcy even attempted to discharge their student loan debt. The website FinAid estimates that less than 1% of private student loan borrowers in bankruptcy attempt to seek a hardship discharge of that obligation, and less than half of those people are successful….
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There is no shame in seeking help to file your state and federal taxes. Our tax laws are complex, intimidating and constantly changing. The penalties for making mistakes may cause you fear and frustration when it comes time to file taxes. Fortunately, there are multiple ways you can find and receive free tax preparation in Kansas City. The following services may assist you with your tax problems and help you receive the maximum amount on your return. Option #1: Next Step KC: Next Step KC has several Volunteer Income Tax Assistance (VITA) programs in Kansas City. Professional volunteers working for these programs assist taxpayers with incomes of $54,000 or less. Two weeks ago, our blog discussed a Next Step KC VITA program at Johnson County Community College. However, there are many other VITA locations in Kansas City. For a listing of these programs, including the location and times you can…
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