Gold & Hammes, Attorneys
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Locality: San Jose, California
Phone: +1 408-297-8750
Address: 1570 the Alameda Ste 223 95126 San Jose, CA, US
Website: goldandhammes.com/
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More than 44 million Americans now owe nearly $1.6 trillion in student debt. Federal and state law enforcement officials continue to uncover rampant illegal pra...ctices across the student loan market, hurting every type of student loan borrower, with every type of loan, at every stage of repayment. These practices add insult to injury for millions of borrowers already gasping for breath under the weight of this debt. See more
A little-known fact about consumer debt: It often has a statute of limitation, which means debt collectors can’t sue borrowers to recover the payments after a specified amount of time. When this happens, the debt is usually so old, banks and creditors have passed it off to collection agencies. While the length of the statute varies by state and type of debt, most consumers can’t be sued after a few years. But debt collectors have a loophole for these dead debts. If the borrower makes a payment, it can revive the debt, allowing the collection agency to sue. And collection agencies are getting creative about exploiting the loophole.
The effects of the subprime mortgage crisis are not only still being felt today, but they have also indelibly changed the way Americans view homeownership and the way we live.
We’re seeing these predatory loans cause people to come into the office. Homeowners, be on guard for people trying to upsell you on repairs/improvements.
Have you visited our website lately? We haven't just added a fresh coat of paint; it's been optimized for mobile devices as well as desktop.
The study found that rents in these cities are so high that people of all income levels, including those with higher-than-average salaries, are competing for a small number of affordable apartments. Everyone struggles when rents rise, but those at the bottom of the economic ladder struggle the most even small increases in rents can push low-income families into homelessness, according to the report.
According to the American Bankruptcy Institute, U.S. bankruptcy filings in July 2019 were up 3% from the same time a year ago. But bankruptcy filings have actually been declining over the past eight years year-over-year, so 2019 is the first year in that span to project an increase, said Samuel Gerdano, executive director of the American Bankruptcy Institute.
Bankruptcy in the United States has undergone a rapid graying over the past few decades. In 1991, elders made up 2% of the bankruptcy relief claims; now the share is 12%.
Student loans aren't a problem limited to younger generations. Baby boomers carry student loan debt either for themselves or for a loan they took on for a child or grandchild.
People are twice as likely to file for bankruptcy if their health insurance has been interrupted, according to a new study published this week. In fact, all it takes is a coverage gap within two years for the chance of bankruptcy to jump twofold, according to the study published by the American Bankruptcy Institute.
Millennials aren’t doing in the economy. It’s the economy that’s doing in Millennials.
"We are long past the era when people turned 65, were feted for their long-standing dedication to a single company, and received a watch and a farewell toast. Retirees in the old days tended to die much younger, of course, but they were far more likely to receive a pension until they passed on. These days, people often believe they can work until they choose to retire. But most people stop working much earlier than expected, whether due to personal or family health problems, their skills aging out, or simple discrimination against older employees."
The fact that student loans aren't dischargeable in bankruptcy leads to ripple effects like this. Student loan servicers lack oversight and borrowers have no recourse.
A new survey from Bankrate shows that 73 percent of respondents have delayed at least one major life milestone because of their student loan debt. Participants said they’ve put off buying a house (23 percent), saving for retirement (29 percent), saving for emergencies (34 percent) or paying off other debt (27 percent).
In the US, young women in particular are struggling to access and build wealth, and this cannot be explained by the gender pay gap alone.
Try having to come up with nearly a third of a million dollars like my client if you don’t have coverage. It’s just unimaginable for most people. My biggest concerns for my clients are a group I call ‘the alones.’ These are people who have no spouse, no children, no close siblings and really nobody else. They can’t even name a beneficiary let alone someone to serve as a power of attorney or health-care surrogate. This group seems to be increasing as so many people never had children, are divorced or never married, or are estranged from family. Who is even going to help them? Our society isn’t really set up for this, and I don’t see any easy solutions."
A recent report from the Federal Reserve spotlights the prevalence of extra-tight budgets: Four in 10 adults say they couldn't produce $400 in an emergency without sliding into debt or selling something, according to the 2017 figures.
Being behind on a credit card payment has affected 21% of Americans at least once in their lives and the reasons they missed their payments don’t match up with why other Americans think that credit card delinquencies are rising.
Between the ages of 25 and 34, adults often take on debt to get settled; they consider buying homes and starting families.
Personal finance management is a concrete, learnable skill, just like driving a car or throwing a baseball. We just have to get beyond the structural and cultural roadblocks that prevent us from talking about it.
A decade after the great recession, the new American dream is strikingly minimalist. Today, many Americans in their 20s, 30s, and 40s consider themselves lucky so long as they have a job that allows them to make their student loan payments. For the 44 million who bet on themselves, borrowed money to study, and currently owe on those loans, their decisions and ambitions are shaped by the burden of early debt.
More evidence of a slowdown in the housing market came through this week.
Financial site GOBankingRates conducted a study of more than 2,000 people from every state and Washington, D.C., "to pinpoint what's causing the worst financial fears and stress among Americans." Respondents could choose one of the following options: "debt," "education," including things like college expenses, "everyday costs," including groceries and utilities, "family," including child care and divorce, "health care," "housing," or "taxes." Californians chose everyday costs.
Older Californians with limited incomes struggle to pay for shelter, food, medical care and other basic necessities, study co-author D. Imelda Padilla-Frausto said in a statement. Escalating rent prices can push them out the door. If they’re lucky, they can land at a relative or friend’s home.
Gone are the days when Americans aspired to own a house with a white picket fence. Some 82% of Americans now say their American Dream is simply financial security for themselves and their family.
Thorne said her research found that many older people struggling financially also feel that society seems unconcerned with their plight. "We’ve become uncaring about what they’re confronting," she said.
Cities recognize that huge swaths of their workforce are heavily burdened by housing costs, but in the decade since the calamitous events of 2008, only a few minor steps have been taken to address the growing problem.
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