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.