Pending Issues

Payday Loan Company (CIC) Pays Damages

March 3, 2015

As previously discussed, payday loans are referred to as “predatory” loans.    These companies target desperate individuals who are in serious financial difficulties.  They have run out of all options to borrow money and now must turn to these unscrupulous organizations.

The interest rates range from 24% to 149%.    In addition, there is usually an origination fee of 5-10% add to the interest rates. Continue reading…

Proposed Legislation for Bankruptcy Option for Student Loans

July 2, 2014

There may be hope for individuals who have student loans.   At this time, student loans are not dischargeable .

Federal law currently prohibits, except in rare cases, privatstudent loan debte or federal student loans from being discharged in bankruptcy.

However, on June 25, 2014, Senate Education Committee Chair Tom Harkin (D-Iowa) introduced legislation that would allow a small portion of Americans’ student loans to be discharged through bankruptcy Court.

Consumer advocates are behind this legislation as well as the banking industry.

The bill’s prospects for passage this year are not looking good given the midterm elections and broad partisan disputes over higher-education policies.

New Mediation Program will be instituted for NJ Bankruptcy – Pending General Order

November 26, 2013

New Mediation Program will be instituted for contested NJ Bankruptcies:

There will be a new mediation program implementation set to begin April 1, 2014.  This is a court-supervised mediation program to facilitate resolution of contested matters and adversary proceeding for debtors, creditors and parties in interest. Continue reading…

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