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Millions of Student Loans in Debt Collection, How Did We Get Here?

True Accord

Youve seen the headlines the federal government last week resumed collecting defaulted student loan payments from millions of people for the first time since the start of the pandemic. This will undoubtedly have negative effects on credit scores and the resulting loss of access to funding going forward for many Americans.

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Can My Stimulus Check Be Garnished for Credit Card Debt?

Credit Corp

But those who are struggling with debt might wonder: Can my stimulus check be garnished for credit card debt or other money owed. The short answer is yes, but it depends on the type of debt you’re dealing with. That includes tax debt. Federal Student Loan Debt: No.

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Q3 Industry Insights: Preparing for Credit Card Bills, Student Loans and Holiday Spending

True Accord

Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. trillion in student debt under the CARES Act, student loan payments resume this month. trillion.

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What Debts Will Remain After A Chapter 13 Discharge?

Sawin & Shea

Which Debts Can Be Discharged By Chapter 13 Bankruptcy? Your Chapter 13 bankruptcy plan creates an affordable route to satisfying your creditors and starting to rebuild your financial stability. You can also wipe out debts owed to gyms, clubs, and other personal services. It comes with some huge benefits.

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Q1 Industry Insights: Economic Stressors Persist while Pandemic-era Benefits End

True Accord

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. consumer credit card debt has increased to nearly $1 trillion.

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Consumer Debt vs. Non Consumer Debt

Sawin & Shea

They can assist you through the bankruptcy process and can keep creditors from unlawfully harassing you. In order to understand the bankruptcy process, here’s what you need to know about consumer debt and non-consumer debt. What is Consumer Debt? What is Consumer Debt? What Does “Primarily” Consumer Debt Mean?

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Debts That Can’t Be Discharged During Bankruptcy

Sawin & Shea

If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.