Category Archives: Bankruptcy

Federal Student Loan Interest Rates to Increase in the Fall

American families have been benefiting from historic lows on student loan interest rates for the last decade or so. But, that’s all about to change this fall. According to a news report in The Washington Post, interest rates on federal student loans will increase by seven-tenths of a percentage point as a result of the Treasury Department’s auction of 10-year…

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Report States ACA Helped Bring Down Personal Bankruptcy Filings

A new analysis by Consumer Reports shows that the Affordable Care Act (ACA), also known as Obamacare, was among the likely factors that helped with a big decrease – nearly 50 percent – in personal bankruptcy filings in the last six years. Other factors such as new bankruptcy laws, a rebounding economy and tighter credit requirements, also likely helped reduce…

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More Arizonans Are Complaining about Medical Debt Collectors

A new report shows that Arizonans have filed 439 complaints with the Consumer Financial Protection Bureau (CFPB) about medical debt collectors since the bureau started tracking such complaints in 2013. This is apparently the 11th highest rate of complaints in the nation, according to a Cronkite News report. The report issued by the U.S. Public Interest Research Group Education Fund…

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Do I Have to Pay Taxes on Canceled Debt?

When debts are canceled or forgiven, the Internal Revenue Service considers those canceled debt as taxable income. So, when the amount of a loan or mortgage is canceled or forgiven, the IRS taxes that amount as if the borrower earned it as income. But, it is important to understand that the law allows exemptions in certain situations. If your canceled…

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Arizona Ranks Seventh Lowest in Student Loan Debt

A new study by LendEDU, an online marketplace for student loan financing, shows that Arizonans are well below the national average when it comes to student debt. According to an article in The State Press, the average college student in Arizona owes about $23,594 compared to a national average of $28,400. To do this study, LendEDU calculated the average student…

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Drivers Warned to Secure Their Loads on Arizona Roadways

Arizona Department of Public Safety (DPS) officials are warning all drivers who are transporting anything in their vehicles across the state’s roadways are responsible for securing their loads. According to 12news.com report, DPS troopers say they see a whole lot of debris littering Arizona’s roadways from wheelbarrows and landscaping equipment to furniture and Christmas trees, posing serious injury hazards to…

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Could Chapter 7 Be the Answer to Your Tax Debt Problems?

Many of us know that filing Chapter 7 bankruptcy can help erase credit card debt and medical bills. However, many Arizonans are still confused regarding how a bankruptcy filing might help discharge debts owed to the IRS or to the state of Arizona. Whether you can discharge tax debts in a Chapter 7 filing could depend on a number of…

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Do you get out of all debts if you declare bankruptcy?

Although bankruptcy can eliminate some debt, it cannot get you out of all kinds of debt. Before filing for bankruptcy, it is important to know which kinds of debt can and cannot be wiped out. For the most part, filing for Chapter 7 and Chapter 13 bankruptcy can get you out of credit card debt. However, that doesn’t stand for…

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