By Zack Friedman, Forbes The new stimulus package says this about student loans and student loan cancellation. Here’s what you need to know — and what it means for you. Student Loans The new, $1.9 trillion stimulus package that President Joe Biden proposed doesn’t include any student loan cancellation. The stimulus plan
By Chris Farrell, Market Watch For many older Americans, everyday life is becoming increasingly precarious financially. A major reason: Too much debt. The numbers are striking. The share of families headed by people 55 and older with debt is up from 54% in 1998 to 68% in 2019, according to
By Kathryn Pomroy, Fox Business As a rule, borrowers must pay taxes if a lender forgives, cancels or discharges a debt for less than the amount owed. That money is considered ordinary income for tax purposes. Yet, early in December, Senate Majority Leader Chuck Schumer urged President Joe Biden to
By Snell & Wilmer, JDSupra One issue which has confounded bankruptcy attorneys and courts is whether a creditor, that seized the debtor’s property before the debtor filed for bankruptcy, violates the automatic stay if it does not voluntarily return the property to the debtor. This is commonly seen with pre-petition
US President Joe Biden During Meeting at the Black Economic Summit – Charlotte, NC – September 23, 2020 (Shutterstock) By Kate Smith, CBS News President-elect Joe Biden will extend the nearly year-long pause on federal student loan payments on “day one,” the first concrete promise the incoming administration has made
By Bradley Arant Boult Cummings LLP, Lexology On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary changes to the Bankruptcy Code are included in Title X of the CAA 2021. Below, we examine four of the CAA
Joe Biden, President of USA – Washington, USA 10 4 2020 By Wesley Whistle, Forbes Congress has finally passed the latest stimulus and economic relief package, but one group of Americans was left out of the deal: student borrowers. Payments on federally-held student loans have been suspended—along with interest accrual—since
Woman sells clothing item at Washington Square Park amid coronavirus (Covid-19) pandemic as daily life continues. – November 14, 2020 (Shutterstock) By Mark Davidson & Kevin Ward, The Conversation U.S. cities are fast running out of cash. The pandemic will reduce local government revenues by an estimated US$11.6 billion in
By Bradley Arant Boult Cummings LLP, JDSupra On December 9, 2020, Congressional Democrats, including Elizabeth Warren (D-Mass.) and Jerrold Nadler (D-N.Y.), proposed sweeping legislation that would overhaul consumer bankruptcy law. The proposed changes generally make it easier for consumers to access the bankruptcy system and discharge their debts. Below is
By Elena Botella, Forbes Bankruptcy offers an exit route for families and businesses trapped by debt. In 2019, Forever 21, Barneys New York and Payless ShoeSource declared bankruptcy. Donald Trump’s businesses have declared bankruptcy on six occasions. The Bankruptcy Abuse and Protection Act of 2005 made bankruptcy much more expensive
