Posts in "News"

The Great Recession as Recorded by Your Credit Report

It has now been almost 7 years since the Lehman Brothers Bankruptcy in September of 2008.  Though the Great Recession officially began in December of 2007, it was this dramatic event that brought the economy to its knees.  Millions of Americans found themselves out of work, defaulting on debts and ending up in foreclosure, bankruptcy […]

CFPB releases Study on Mandatory Arbitration Clauses in Consumer Contracts

The Consumer Financial Protection Bureau recently released a study regarding mandatory arbitration agreements in consumer contracts. (For a shorter explanation of the study, you can refer to the CFPB’s Factsheet.) Arbitration is a process by which disputes are resolved, often in private, with arbitrators making a decision on the case rather than a jury of […]

Read this before you spend your tax refund

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News | by — January 14, 2015

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If you Google “how do Americans spend their tax refund”, you will find some interesting data. More than 40% of Americans surveyed will use their tax refunds to pay down debt, with another 25% or so using their refund for everyday necessities such as clothes or repairs. Indeed, with so many working households living check […]

Bottom 90% continue struggling to increase income. The silver lining? Our debt burden is easing.

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News | by — September 8, 2014

The Federal Reserve has released its latest Survey of Consumer Finances (check out the video on this site for a nice overview).  The report reflects the situation of American consumers about one year ago.  This short article from MarketWatch gives a quick summary. The report confirms what we continue to hear from our clients, and experience […]

Parent who co-signs on child’s private student loans, be aware! It is not always the good kind of debt.

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News | by — August 11, 2014

I read an interesting article recently, cautioning parents about the hazards of co-signing on private student loans for your children.  It is advice worth repeating, to try and counter the strong pull all parents feel to help their child with their education. In our law practice it is something that we frequently find ourselves counseling […]

Medical debt now less of a hit on credit score

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News | by — August 9, 2014

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Fair Issac Corp., otherwise known as FICO, just announced some major changes to how certain types of debt will be reported on a consumer’s credit report. Medical debt will now be given less weight on a consumer’s credit score than it did in the past. FICO indicated that for individuals for whom the only negative […]

Women Suffer Financial Hardship after Divorce more than Men

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News | by — August 5, 2014

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Financial literacy and earning power are two huge factors that contribute to the financial success of an individual as they “uncouple” and find themselves single again, according to this recent article.  Studies show that women are hit significantly harder on this front; particularly older woman.  A quarter of divorced woman over 60 years of age […]

Debt Collection in America

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News | by — July 30, 2014

Today’s Oregonian featured a front page story stating that 1/3 of Americans have debt in collections. The article cites to a recent study published by the Urban Institute called Delinquent Debt in America. While we know that the recent recession had and continues to have a major impact on the lower and middle classes, the […]

Can I get rid of Private Student Loans in Bankruptcy?

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News | by — October 29, 2013

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Can I ever eliminate Private Student Loans in a Bankruptcy? The short answer is that it is not likely, but you can, with the right facts.  In 2005 the U.S. bankruptcy laws were changed.  Among the many changes, private student loans were given protected status, making them generally non-dischargeable in a bankruptcy proceeding. It is […]

Protecting children from identity theft

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News | by — September 25, 2013

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Recently, The Oregonian ran an article regarding identity theft of minors.  The article cited an alarming study which found that 1 in 40 households with children under 18 have been victims of child identity theft. (Javelin Strategy and Research; 2012) Identity thieves use a child’s clean credit record to receive public benefits, obtain credit or […]