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New Jersey does poorly when it comes to the average amount of student loan debt that state residents have accumulated, according to a recent study of student loans taken out by people across the United States.

The study was conducted by LendEDU, a popular independent marketplace for student loans and student loan refinancing. According to data compiled by the LendEDU researchers who focused on 1,300 U.S. colleges and universities, New Jersey had the ninth-worst average student loan debt among residents who attended college in 2015. The average student loan debt accumulated by borrowers in New Jersey was in excess of $30,000, which was more than $2,000 higher than the average debt accumulated by student loan recipients on a national level.

In addition to the fact that NJ students are racking up significant debts while trying to earn college degrees, there is another, potentially more significant problem: a high percentage of college students in New Jersey find themselves taking out student loans in the first place. According to the LendEDU study, approximately 63 percent of all New Jersey college students have to borrow in order to attend university.

21 hours 45 min ago

I came across a woman recently who was considering chapter 7 bankruptcy. She had a home that was underwater by more than $175,000. She had absolutely no intention of keeping the home. Her goal was to stay in the home for as long as possible, surrender it to the lender after a sheriff sale, and+ Read More

The post When Assets Are Potentially At Risk, Stick With Chapter 13 appeared first on David M. Siegel.

1 day 1 hour ago

Companies like Prosper have revolutionized the front end of the consumer lending experience, but they have not proven able to handle even minor financial bumps without running off the road.

Read More from: BankThink

1 day 2 hours ago

California small business

Small businesses stand to gain a bit of protection from adverse financial events if the California Assembly passes S.B. 308.

Cash, inventory, or receivables up to $5,000 would be protected under the proposed bill should the entrepreneur get into financial trouble.  The amount is modest, but current law has no protection for the basics of running a business.

So even a bit is more than small businesses have now.

However, small business owners will continue to face business-ending legal action unless the Assembly passes S.B. 308 before the end of this session.

The National Federation of Independent Businesses has joined the push for California exemption reform.

NFIB’s announcement of support reminded Assembly members:

1 day 5 hours ago

Sure, there is an inherent business tension between banks' digital offerings and personal financial management software. However, the ground rules for making account data available to consumers for use in external software products and apps are in place and the so-called rivalry is overblown.

Read More from: BankThink

1 day 5 hours ago

Wall Street Journal Paying for convenience: More than 20% of bank customers would be willing to pay as much as $3 a month to use their bank's mobile app while about 40% would be in at $1 a month, according to a survey by S&P Global Market Intelligence. Banks could generate as much as $500 million in annual revenue by charging customers, S&P says, with Bank of America, Wells Fargo, and JPMorgan Chase the biggest winners. Â...

Read More from: BankThink

1 day 6 hours ago

A failure to cooperate

By: Donald L. Swanson

Two local municipal authorities in Ohio are not cooperating.  So, a local judge orders them to mediate the dispute between them, according to this news report from The Athens Messenger.

The Facts

One municipality, a local school district, wants to connect a proposed wellness center into the sewer system of the local village.

The local village says it can’t allow the proposed sewer connection, unless the village is able to annex the proposed wellness center.

Apparently, the school district is opposed to annexation but wants the sewer connection anyway, so it sues the village to get its way.

The Court’s Ruling

The village files a motion to dismiss the school district’s lawsuit.

Read More from: Mediatbankry

1 day 9 hours ago

Attorney Mary PoolAs most Alabamians know, on Friday, the Alabama Senate passed Governor Bentley’s lottery bill.  It is now up to the House to decide if the people of Alabama will be able to vote upon Governor Bentley’s lottery.  A vote for Governor Bentley’s proposed lottery will require that the anti-gambling clause of the Alabama Constitution be repealed.  If the anti-gambling verbiage is removed from Alabama’s Constitution then that could and likely would open the door for all gambling.

Read More from: Bonds & Botes, P.C.

1 day 23 hours ago

Bankruptcy filings by major cities have reinvigorated attention to municipal bankruptcy. As chapter 9 and its application have become more like chapter 11, a wide range of creditors are being swept into the process. As written before, city cases now have classes of general unsecured creditors. Those classes also have been including plaintiffs in civil rights lawsuits alleging unconstitutional police conduct. The proposed payouts vary.  San Bernardino's bankruptcy plan, which seeks to release the liability of non-debtor officers as well as the debtor, has been proposing a 1% payout. The confirmation hearing is currently set for October 2016.  Some cities with systemic police practice problems - Ferguson, Chicago - also are known to have pervasive financial difficulties. I am not suggesting or predicting they will end up in bankruptcy, but it is another reminder that civil rights advocates need to be up to speed on the impact of chapter 9, if only to be able to bargain in its shadow as other types of creditors do.

Read More from: Credit Slips

2 days 3 hours ago

I'm trying something new this year. My consumer bankruptcy policy seminar students will read many great articles by many wonderful academics on this blog, as well as others, but this year, their "reading" will also include a great deal of YouTube.

90% of the videos are John Oliver segments from his excellent show on HBO, Last Week Tonight. They cover particular "products" (student loans, credit reports, debt buying, payday loans, auto loans, retirement plans and financial advisors) and middle class issues (minimum wage, wage gap, wealth gap, paid family leave).

Read More from: Credit Slips

2 days 4 hours ago

Despite headwinds working against the mortgage insurance industry, this business could be the catalyst for bringing private capital back to the mortgage market.

Read More from: BankThink

2 days 5 hours ago

Receiving Wide Coverage ...

Blame it on bitcoin: Bitcoin may be fueling the recent surge in ransomware attacks, which have quadrupled in the past year to about 4,000 a day, according to the U.S. Department of Justice, "Attacks spiked this year amid the growing use of bitcoin and improved encryption software," the Wall Street Journal said. "Bitcoin is now the preferred payment method of most ransomware infections because it allows users to send and receive money...

Read More from: BankThink

2 days 6 hours ago


There is a lot of chatter going on among Nebraska bankruptcy attorneys about reports of court hearings where debtors are being told they can keep a car even if they choose not to reaffirm the car loan as long as payments are kept current.

That’s news to me and many of my colleagues.  The Bankruptcy Reform Act of 2005 was supposed to end the Ride-Through option.  A “ride-through” is where a lender cannot legally repossess a vehicle even if the debtor does not sign a formal Reaffirmation Agreement as long as the loan was paid current.

A reaffirmation agreement is an agreement to pay a debt (typically a home or auto loan) listed in a bankruptcy case.  Reaffirmations basically pull a debt out of the bankruptcy and makes a debtor liable again for the payment.  Secured debts tend to be reaffirmed in Chapter 7 and unsecured debts almost never.  Clients tend to reaffirm their car loans because if they don’t the banks may repossess a vehicle regardless if the loan is paid current.

4 days 22 hours ago

Nobody wants to file for bankruptcy.  However, circumstances can spiral out of control and you can find yourself without any choice.  You were laid off from work or had unexpected medical bills. You had to make a choice between paying the monthly credit card bills or putting food on the table.  The choice is easy. + Read More

The post Taxes Owed To The IRS Could Be Discharged In A Chapter 7 Bankruptcy appeared first on David M. Siegel.

4 days 23 hours ago

Stakeholders must come together to make sure that artificial intelligence disrupts banking in a manner that incorporates constitutional values and provides responsible banking services to everyone.

Read More from: BankThink

5 days 5 hours ago

Receiving Wide Coverage ... Meet Marcus: Goldman Sachs will name its new U.S. consumer banking arm Marcus. "The familiar first name, reportedly the product of extensive market research and lengthy internal discussions," according to the Financial Times, is the namesake of the company's founder Marcus Goldman. The name also tries to divert attention away from the parent company's various legal and political problems since the financial crisis, according to reports. Wall Street Journal, Financial Times, NewÂ...

Read More from: BankThink

5 days 6 hours ago


Bankruptcy Decatur Amy TanneraFor many Americans, the answer to this question should be yes! Medical debt is currently one of the leading reasons that people file for bankruptcy. I see that in my day to day practice and, if I am ever asked to pinpoint the main reason people file for bankruptcy, one of my top answers is medical bills.

American’s Have Trouble Paying Medical Bills

A recent publication by Demos, a public policy organization, cites a survey that found 26 percent of Americans between 18 and 64 have problems paying medical bills, with the uninsured more likely to report having difficulty than the insured. Many of the people reporting difficulty with medical debt stated it had a “major impact” on their family.

Read More from: Bonds & Botes, P.C.

5 days 6 hours ago

The High Court has recently demonstrated its right to exercise discretion as to whether an administration order should be made in relation to a company. In Rowntree Ventures v Oak Property Partners Limited, even though the companies were unable to pay their debts and where the statutory purpose of administration was likely to be achieved, the Court exercised its commercial judgment in determining that it was premature to make an administration order.


The two sister companies sold rooms in two hotels to purchasers (“the Applicants”) on long leases, on terms that enabled the Applicants upon the occurrence of certain events to serve notice upon the companies to repurchase the leases. The conditions enabling the Applicants to require the companies to repurchase the leases were satisfied and notice was served upon the companies requiring them to repurchase. Upon the failure of the companies to do so, the Applicants applied for administration orders in respect of the companies.

Read More from: eSQUIRE Global Crossings

5 days 9 hours ago

Heather Cox is moving to USAA; female regulators are gaining prominence in the online lending conversation; and asset managers are still fighting sexism at work (but then again, who isnÂ't?).

Read More from: BankThink

6 days 1 hour ago