• Nearly One in Five Households Carrying Student Loan Debt

    This CBS News video discusses the increasing number of Americans that are struggling with student loan debt. The Chicago Tribune reported on September 27, 2012, that a Pew Research Center analysis of government data found nearly one in five of households are burdened by school loans. According to the Tribune, the 19 percent of households affected by school loan debt in 2010 is more than double the share from two decades ago, when 9 percent of households in 1989 owed money for education.

    Furthermore, the Tribune also noted that student loan payments are equal to nearly a quarter of the income for individuals with incomes in the lowest fifth nationwide. The Tribune reported that young people and poorer Americans are especially hard hit, as four in 10 households headed by someone younger than age 35 have student loan debt. Overall, the Tribune said student loans now make up 5 percent of all debts, whereas they comprised 3 percent just five years ago.

    Barring an extreme hardship, student loan debt is very rarely discharged when an individual files Chapter 7 or Chapter 13 bankruptcy. However, filing Chapter 7 or Chapter 13 bankruptcy could allow you to discharge other certain debts, such as credit card or medical bills. Freeing up this additional income could not only help you make your student loan payments, but it may also help you pay off the education balance sooner. Contact our firm at (866) 930-7482 or complete the form on this page to let our Chicago bankruptcy lawyers see how we can help.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Medical Bills Force US Congressman to Sell DC House

    We have been recently writing about the impact that foreclosures have had on Chicagoland families, but the Washington Post reported on September 19, 2012, that Illinois’ US Representative Jesse Jackson Jr. is selling his Washington DC home for another reason: medical bills .

    “Like millions of Americans, Congressman Jackson and Mrs. Jackson are grappling with soaring healthcare costs and are selling their residence to help defray costs of their obligations,” Jackson aide Rick Bryant said in a statement, according to the Post. “The Congressman would like to personally thank everyone who has offered prayers on behalf of his family.”

    The Post reported that the 47-year-old congressman has not been seen on Capitol Hill since returning home after seeking treatment at the Mayo Clinic in Minnesota for depression. The news website Politico reported that while “reports of the home sale fueled speculation about his political future, his office has insisted that he plans on staying in office and will run for re-election in November.”

    As we have noted before, substantial debt from medical bills remains one of the most common reasons that people file bankruptcy. We will further discuss how nearly 44 million Americans are struggling with health care expenses in our next blog post, but you should know that you may be able to reduce your medical bills by filing Chapter 13 bankruptcy or eliminate them by filing Chapter 7 . Our Chicago bankruptcy lawyers can help you get started when you contact our firm at (866) 930-7482 or fill out the form located on this page.

    Benjamin Brand Services – Chicago bankruptcy attorneys