For most, the month of August means taking a last minute vacation to the beach, packing an umbrella for rainy days and sending children back to school. This year, August provided an additional headache. For residents in the Tampa-St. Petersburg-Clearwater metropolitan area, 1 in every 527 houses was in some phase of foreclosure for the month of August.
Last year President Obama created an executive order aimed to allow more borrowers to use the pay-as-you-earn program or Repaye. The program was designed to help people with student loans repay their debt. Within the last few months there has been a growing concern regarding the economic impact of student debt across America.
No one plans to have an emergency, and most often than not those who experience a true emergency are generally unprepared. Many people are just a slip away from a financial disaster. However under the right circumstances, one can have debt relief to recover or help prevent a serious financial setback.
During the beginning of the summer a decision by the U.S. Supreme Court highlighted a loop hole in Chapter 7 bankruptcy. In the case of Bank of America v. Caulkett, the court ruled that homeowners with delinquent first mortgages, filling for Chapter 7, cannot void their second mortgage during bankruptcy.