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Bankruptcy & Debt Legal Articles
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While the student loan crisis is affecting groups of all ages and backgrounds, millennials are unquestionably being hit the hardest. Many are so financially strapped that starting a family or a business is totally out of the question.
Time is of the essence any time a lawsuit reaches your doorstep, but it's just as important to be thoughtful in your response as it is to be quick. With the right representation, you should get the best of both worlds!
As parents, it's only natural for us to want to see our children succeed. However, by co-signing on expensive student loans without the proper budgeting and preparation, have you opened your family up to serious consequences down the line?
Dealing with a collections lawsuit is seldom the time for a do-it-yourself solution. If you have been sued, or are concerned about being sued in the future, it's never too early or too late to ask for help!
Recent studies show that the average household is in over $135,000 of debt. Even without the added personal strain of an accident or illness, many consumers are living paycheck-to-paycheck, teetering on the edge every month when it comes to their budget.
Even if you trust the person you're co-signing for, circumstances out of their control could render them unable to pay. If a creditor is unable to collect from the primary borrower, they have every right to pursue the co-signer.
The Federal Reserve Bank of New York reported in November 2018 that student loan delinquencies had risen 9.1%, compared to the 8.6% increase in the second quarter. This spike was noted as the largest jump in seven years.
While you may be tempted to put off dealing with debt issues until the last minute, a quick response is the best route towards a solution. The settlement, or even defense, of a collection lawsuit might be easier than you think.
Private student loans can be enticing for a few reasons, particularly if you have exhausted all the federal funding, grants, and scholarships available to you.