Money Wise Law

Though federal student loans remain in forbearance through September 30, 2021, we’ve been receiving more calls from borrowers asking for our help with their educational debts. https://www.cnbc.com//why-the-pandemic-might-be-worse-than

Your student loan may be serviced by Navient, but that doesn’t necessarily tell you if it’s a federal or a private loan. #studentloans #navient #salliemae

You've been conditioned to believe discharging student loans in bankruptcy is out of the question. In this week's episode of the Money Wise Law podcast, I talk with my colleague and friend Gene Melchionne about some of the reasons why the Student Loan Bankruptcy Gap exists. Please listen and subscribe to the show on Apple Podcasts! https://www.moneywiselaw.com/studentloanbankruptcygap/

If you file for bankruptcy without your spouse, what effect will it have on their obligations to pay debts? Will they lose their property? How about the impact on their credit? Before making the decision to file for bankruptcy alone, you and your spouse need to understand the consequences.

Enough is enough! Gene Melchionne and I are on a mission to spread the truth about bankruptcy, which is why we've released this explosive video. We're sure the revelations will send shockwaves through the world of consumer finance for years to come.

President Biden has signed an Executive Order extending the current forbearance for federally-held student loans through September 30, 2021.

The minimum amount of debt needed to file for bankruptcy? Here’s the real question to ask yourself.

Jay and Gene discuss the issues that come up when one spouse has debt but the other is concerned about protecting their assets.

Bankruptcy offers a way to catch up on past due child support obligations and restructure other debts.

Gene and Jay discuss a recent article about student loan payments.

Financial freedom is critical for our society to achieve racial equality. This starts with us - for ourselves and our children. Goalsetter is a savings and financial literacy app founded and run by a black woman, so you can help raise financial literacy while supporting racial and gender equality in the tech space and beyond. Thanks to Yes, I Am Cheap for bringing this to our attention. ... You can find the app at http://goalsetter.co

If you been a victim of banking while black please share your story. Shining a light on systemic racism in our neighborhood banks helps allies better understand the problem, demand change, and take our business elsewhere.

In 2017 the CFPB reached a settlement with National Collegiate Student Loan Trust whereby the trust would audit their loans and stop pursuing collection on accounts without proper accounting and chain of ownership. Yesterday, a federal court threw the settlement out because the entity that negotiated on behalf of National Collegiate didn't have the authority to do so. If you have a National Collgiate loan, read this article. I've handled hundreds of lawsuits involving these student loans and can tell you it is a very complex situation, so this is worth the read.

Some thoughts for recent graduates as you enter the next phase of your lives, courtesy of My Money Chronicles.

Americans are spending more on essential grocers than ever before - at a time when unemployment is at its highest level since the Great Depression.

When you have a problem, you have two options: fix it, or let it get worse.

Consumer debt hit $14.3 trillion as of March 31, 2020 (before the major brunt of coronavirus). Let's deduct $1.54 trillion in student debt, $1.5 billion in auto debt, and $9.71 trillion in mortgage debt. That brings us to $3.035 trillion in consumer debt. There were 209,128,094 adults in the United States as of the 2010 Census.... This means that the average US adult has a debt level of: $14,512.63 in revolving consumer debt; $7,363.91 in student debt; $46,430.87 in mortgage debt; and $7.17 in auto debt. Adding it all together and using 2% as a monthly minimum payment, that would come to $1,366.29 per person in monthly debt payment. Multiply that by 2 for a married couple and you have an annual debt service of $32,790. The 2020 poverty guideline for a family of 2 people is $17,240. REMEMBER - THIS IS ALL BEFORE THE ECONOMIC IMPACT OF CORONAVIRUS.

Los Angeles Mayor Eric Garcetti says that L.A.’s civilian city workers will need to take the equivalent of a 10% reduction in pay in order to balance the city budget. What impact would a 10% reduction in salary have on your household finances?

For New Yorkers with private student loans, here's a tiny bit of relief related to the coronavirus pandemic. It's not as comprehensive as the federal student loan relief in the CARES Act, but something is better than nothing. You've read enough articles reminding you of the economic impact of coronavirus, so I'm not going

New Yorkers with a court judgment against them can use bankruptcy to their advantage. Without some additional work, however, the problem isn't solved. Collectors file over 130,000 lawsuits for unpaid debts each year in New York State. Over 95% of these debt collection lawsuits are unopposed, allowing the collector to obtain a default judgment

If you’re interested in reducing your monthly expenses, change your cell phone data plan to a lower tier during this time of staying at home. You’re likely using WiFi more than the provider’s network anyway.

A timely article from my colleague Cathy Moran.

Ted Foreman reviewed my law firm on Google on March 13, 2020, saying "I am so relieved that I was referred to Jay Fleischman @ Moneywiselaw.com. He was very accommodating in scheduling my appointment and a true professional to work with. His knowledge of the options available to me was amazing. He helped steer me on the best path forward that is going to end up saving me tens of thousands of dollars. From all of the online research I did and word of mouth I would have never found this path. Best $295 I have spent in years. I recommend his services to anyone in need of help navigating their student loan debt. Thank you. " If you're having a problem with student loans or other debts, reach out and let's see if I can help you.