Millions of people in the United States currently owe student loan debt to different borrowers, and millions of people are completely over-burdened with this type of debt. If you are one of those millions of people, you should not feel as though you are the only one dealing with this problem, as you are far from alone. You may have recently finished with your schooling and you're unable to find work that pays you enough to be able to take on all of this debt right now, or you may be unemployed or underemployed to the point where you're barely able to make ends meet.

We are told from a very early age that accidents happen. We tend to hear those words and sympathize with anyone who has actually lived them, but none of us ever think it’s going to be us or anyone we love. Unfortunately, too many people find out that medical emergencies can arise for anyone at any time, and people who are affected by such a circumstance often are not thinking about finances as they fight for their lives and their ability to get back on their feet.

Anyone who lived in the United States between the years of 2007 and 2012 felt the effects of the worst economic recession since the Great Depression in some way. Unemployment skyrocketed while the housing market plummeted and the credit market all but evaporated. This vicious circle left millions of people in dire straits, especially those who had suddenly lost jobs, suddenly found themselves underwater with their mortgages and suddenly found themselves unable to borrow even another cent to help make ends meet.

Experts are trying to bring attention to the issue in every way possible. Borrowers all over the country are wondering how they are ever going to get out from under a mountain of unmanageable debt and get on with their lives. People who may have an opportunity to advance their long-term financial standing are wondering if it’s even worth the time, effort and of course the expense. While this may sound a lot like the mortgage crisis that gripped the American economy in recent years, this is something entirely different, although the devastating effects could be the same if the bubble ever bursts.

People who encounter the need to file for bankruptcy protection are obviously dealing with very serious financial difficulties. When people find themselves in this position, they often feel that any money that comes their way unexpectedly is a true blessing that can be used in so many different ways that it’s difficult to even keep track of them all. This is a time of year when many people who are either already involved in a bankruptcy case or about to file may be getting ready for their tax refund. For the first time in months, people who are struggling with their finances may actually be watching their mailboxes with eager anticipation.

The holiday season is a festive time when almost everyone tends to be caught up by the spirit of it all. Unfortunately, some people tend to spend too much because they continually justify the purchase of just a few more gifts for those they love. While this is all in good fun in December and in early January, early February is about the time when the bills for all of these purchases tend to come due and many people are suddenly shocked into a sense of reality that they simply cannot afford to pay off all of these purchases.

As Americans slowly begin to wrap their minds around the slow recovery from a disastrous recession, more and more scars continue to emerge from years of terrible financial circumstances that affected not only the country on a macro level, but also millions of individuals who suffered immensely. One of the ways that many people reacted to a historically bad jobs market was to return to school. Many of these decisions were funded with student loans.

For several years now, we have been beaten down with seemingly constant news regarding a terrible economy and doom and gloom forecasts from experts. Recently, this negative news has been changing in terms of its overall tone as the economy on a national scale has shown some small signs of life. Recent news regarding the economy in San Diego has been even more positive, although this news should not be taken to mean that we are ‘out of the woods’ yet.

A majority of American adults carry some sort of credit card debt, and according to official statistics the average American household owes nearly $7,200 in this type of debt. This is a troubling number for many reasons, not the least of which is that if you only include the households that actually carry this type of debt, that average climbs to more than $15,000.00. All of this means that too many Americans have dug themselves a hole that could be difficult to climb out of down the road. That’s why the more information people have about how to manage credit card debt, the better off they’ll be.

When it comes to financial difficulties and bankruptcy cases, there are many myths that exist out there in the world. Unfortunately, these myths are often believed by people who are struggling badly with their finances, and believing these myths can only inflict more harm on those who are already suffering. That’s because many myths that are prevalent involve the perceived need to do almost anything to avoid filing for bankruptcy protection. Simply put, jumping through hoops to avoid this type of a filing could actually lead to more damage to a person’s credit score.

For many years in the United States, people in general did not pay that much attention to the political dealings in Washington, D.C. nor did they tie those dealings to their personal lives. In terms of finances, though, that all seemed to change when the terrible recession of a few years ago took hold across the country and people everywhere were suffering. While it seems as though we are slowly climbing out of the throes of that recession, it also seems that people are still paying close attention to what’s happening with the government.

Since this terrible economic recession hit a few years ago, many more people than ever before started paying attention to the statistics regarding the number of bankruptcy cases filed in the United States. That’s because they were at an all-time high for what seemed like far too long, and these statistics had an effect on people in terms of how they handled their own finances. Suddenly, people who may have otherwise hesitated to take the necessary step to file for bankruptcy protection took that step because they knew they were far from alone in their struggles.

There are many lessons that people tend to learn as they get older and wiser, and wisdom is a quality that serves the people who have it quite well. However, there is no easy way to acquire wisdom, and that certainly applies to handling finances in general. Generally speaking, it's quite easy to obtain credit in the form of credit cards when a person is young, but according to a recent study many young people are learning a hard lesson.

Every New Year brings about New Year’s resolutions. This may be the year that you decide that you’re going to get back into shape. This may be the year that you’re going to finally add fruits and vegetables to your daily diet. This may finally be the year that… We’ve heard and perhaps said all of these before, and one of the common resolutions that’s made but rarely actually followed through on is that which involves putting a plan together to save a nest egg. Unfortunately, too many things come up without notice that can lead to the decision to put that off, and suddenly it’s several years later.

Whenever we flip the calendar to a new year, several different statistics are compiled with regards to the economy. This is particularly true in the wake of the terrible recession that hit the United States in recent years, and one of the statistics that’s been watched closely by many people is the number of bankruptcies that Americans have been filing on an annual basis. The early numbers are in for 2012, and it appears that this number dropped quite a bit when compared to 2011.

Anyone who has paid attention to the news in recent weeks has seen stories regarding the fiscal cliff and how things would change if the government is unable to resolve the issue before the turn of the year. While some of these predictions have been wild on both the positive and negative sides of these theories, the fact of the matter is that no one can be absolutely sure as to what will happen if the fiscal cliff becomes a reality.

There are few things in our culture that prompt people to get more swept up in the spirit than the holiday season. People tend to throw caution to the wind when they arrive at this time of year and they are more willing to splurge a bit for gifts for others than they would be during any other time. While some of this behavior is relatively harmless to an extent, people who have been forced to live in a disciplined manner financially need to be careful this time of year.

As a team of San Diego bankruptcy lawyers dedicated to helping consumers and businesses work through serious financial difficulties, we have seen certain patterns play out over time and become more and more predictable almost regardless of certain economic circumstances. One of those patterns involves the holiday spending by consumers who get into the spirit of the season but then find themselves scrambling for solutions once those credit card bills become due in January and past-due in February. It’s an easy problem to fall into for most people, and it needs to be handled properly before it arises.

When people make the decision to file for bankruptcy protection, they are doing so because they simply can no longer manage their obligations and they need help in reorganizing and eventually in eliminating them. Most people understand the basics regarding bankruptcy cases, but there are many different technicalities that need to be kept in mind with regards to these situations. One of those sets of technicalities involves the reality that there are certain types of debts that cannot be discharged even in a bankruptcy case.

Most people who have burdensome student loan debt understand that they really have few if any options of getting rid of that debt other than working as hard as possible to pay it off as quickly as possible. That’s because for the most part, student loans debt cannot be discharged in a bankruptcy case, and as such many people who would otherwise be aided by the help that financial professionals provide do not take this step because they feel that it would be a waste of time.

Student Loan Delinquencies Continue to Rise to Troubling Levels

Much has been made in the news in recent months with regards to the level of student loan debt that is currently outstanding in the United States.  According to many sources, people overall owe more than $1 trillion in student loans, and that number surpassed credit card debt in the country for the first time in history.  Unfortunately, it seems that student loan delinquency levels have followed the same trajectory, as the percentage of loans that are not current continues to climb.

According to data that was recently released by the Federal Reserve Bank of New York, the student loan delinquency rate rose to 11 percent, meaning that 11 percent of all outstanding student loans were at least 90 days past due on their last payments.  This level represents a jump from 8.9 percent in the previous quarter and it also represents the highest percentage since this statistic has been tracked, which began in 2003.

When people enter into a Chapter 7 bankruptcy case, they tend to understand that they are opening a case that is commonly referred to as a ‘liquidation’ bankruptcy because their assets will be sold off or returned and the remaining amount of those debts will ultimately be discharged.  However, some people do not want to give up all of their assets and they may want to continue to pay off certain debts so that they can keep them.  They can do so in some cases by way of what’s known as a reaffirmation agreement.

When people encounter serious financial problems and they realize that they need legal protection in order to bring about a solution to these ongoing challenges, many of them will turn to the bankruptcy courts in order to reorganize their financial lives and to earn a fresh financial start.  There are many aspects that go into a bankruptcy case, and there are many details that will depend on what type of bankruptcy filing is initiated.  One thing that bankruptcy cases tend to provide for people who do file for protection, however, is an opportunity to catch their breath and to work their way through this process.

In recent years, the economy has melted into a disastrous state for many different reasons, and millions of people have suffered the extreme consequences through little or even no fault of their own.  There is no stress like financial stress, as it completely dominates the thoughts and affects the actions of anyone who is enduring it.  No one looks forward to worrying about every single dollar that comes in and how it should be doled out to different creditors and bills that need to be paid.  In short, people who are experiencing serious financial difficulties are enduring difficult lives.

Most people tend to understand that many people run into serious financial problems when they encounter equally serious medical problems.  Even people who have solid health insurance can suddenly find themselves dealing with medical bills that are simply too high to be properly and realistically managed.  A study was recently completed by what many would consider to be an unexpected source with regards to bankruptcy filings that are prompted by medical bills, and the results were rather daunting.

As the third quarter ended when September turned to October, several different types of statistics were recorded and organized with regards to the overall health of the economy.  One of those sets of statistics concerned the number of bankruptcy filings that were initiated in every state across the country.  One service has recorded these statistics and ranked them on a per-capita basis, and California still ranks among the top 10 states in the country in terms of filing these cases.

When an economy turns bad as the American economy has in recent years, people will begin to scramble in an attempt to eliminate as much debt as possible before they are no longer able to pay it.  As such, one of the industries that has enjoyed a large degree of success in recent years is the debt settlement industry, and these companies promise consumers that they will negotiate their debts down and help them pay them off completely and quickly.

More and more people are encountering the need to borrow money in order to finance their post-secondary educations, and more and more people are turning to both public and private outlets in order to secure the student loans necessary to do so.  Unfortunately, this has led to a borrowing boom that may not turn out to be a positive for the economy as a whole, as experts are beginning to predict a ‘student loan bubble’ that would be similar to the mortgage bubble that burst a few years ago.

When an economy turns bad, there are certain industries that tend to grow.  These industries usually include debt collectors and of course debt counselors.  People tend to turn to the latter because they are strenuously avoiding the former, and many consumers feel that they have found the relief they are looking for after talking with a debt relief company.  They are promised that their debts will be paid down at a discount and that they will be able to avoid filing for bankruptcy protection.

Most people remember the horror that was the economic collapse that occurred in the fall of 2008.  During late September, through October and into November, the country was paralyzed with fear and concern over the near collapse of the financial markets and all of the destruction that would follow.  While another depression was avoided, millions of people paid a heavy price for the recession that only got stronger with that collapse.

Many people who track the happenings in the economy in the United States have fired warning shots regarding private student loans and the amounts that are owed individually and collectively.  These experts are beginning to call the private student loan market the 'next bomb' to hit the economy, much like the mortgage market did a few years ago.  These concerns were anything but alleviated earlier this week when the government issued a report regarding these private student loans.

When an economy takes a precipitous downturn as the one in the United States has in recent years, bankruptcy filings tend to rise.  That’s what happened here since the recession fully took hold in 2008, and since then millions of people have made use of the protection provided by bankruptcy courts to get back on their feet.  However, despite the obvious pain and suffering that has been cause by this recession, troubles that exist because of the economy still do not lead the way in terms of leading causes of bankruptcy.

There are many different ways to measure the progress and status of an economy, and one of the more popular methods is by tracking the number of bankruptcies that are filed by both businesses and by consumers.  There are different entities that handle this tracking, and with the turn of the quarter new data has been released with regards to the number of filings that have been initiated in the United States thus far in 2012.  The news seems to be positive.

When someone files for bankruptcy protection and that person decides to liquidate his or her debts, the case usually falls under the realm of Chapter 7 of the United States Bankruptcy Code.  As such, the debtor’s assets will be liquidated, or sold off, and the proceeds will be used to at least partially satisfy his or her creditors.  However, there are situations where a debtor can attempt to keep an asset as long as he or she continues to make payments on it.

It can be difficult to measure statistics between states across the country because of the vast differences that exist with regards to population and other factors.  However, the effort is still made with regards to many different variables in society, and one such effort involves the per capita bankruptcy filings that have been taking place in different jurisdictions.  The statistics regarding these filings for the first half of 2012 have been released, and it’s not good news for the people of California.

The federal government has been required for several years now to provide annual reports with regards to the status of bankruptcy filings in the United States after the new bankruptcy laws were passed by Congress in 2005.  As such, the reporting office has released its annual report that relates to the calendar year of 2011, and one of the aspects of this divorce dealt with the progress of people who had filed cases under Chapter 13 of the United States Bankruptcy Code.

When people encounter serious financial difficulties, one of the options that’s present for them is to seek the protection of the United States Bankruptcy Court so that their finances can be reorganized and so their debts can be eliminated.  Most people view this step as a last resort, but in recent times a record number of people have filed for bankruptcy protection given the extreme difficulties presented by the economic recession.

When the bankruptcy reform act, known as the Bankruptcy Abuse and Consumer Protection Act of 2005, was passed by Congress, it placed several new requirements on those who intended to file for bankruptcy protection.  However, it also required that the federal government track and record statistics that were to be published on an annual basis.  The statistics regarding consumer bankruptcy filings in 2011 have been released, and one of those statistics involves the average assets and debts reported by those consumers who filed cases in Southern California.

When the new bankruptcy law was passed in 2005, it involved many different changes to how bankruptcy cases were handled, and that’s what most people paid attention to after it became law.  However, there were other requirements put in place as well, and one of them involved a requirement of the federal government to publish an annual report regarding bankruptcy statistics.  That report has been published with regards to bankruptcy cases filed in 2011.

There are many different variables and facts that are used by experts that are meant to decipher the overall health of the economy in the United States. Obviously, many different variables have been analyzed closely in recent years because of the disastrous recession that has hit the entire country hard in many different ways. One of those aspects of the economy that has been watched closely has been the number of bankruptcy cases that have been filed across the United States.

San Diego is a community that’s known for small businesses, as many entrepreneurs have chosen to live here to make their business ideas go for obvious reasons. While small business has long been one of the backbones of the local economy, the fact of the matter is that this part of the economy was hit especially hard with the recent recession. As such, the number of San Diego small business bankruptcies has been extremely high.

Every so often, different entities tend to compile statistics in an effort to find out which places around the United States tend to be better off financially based on the overall well being of its residents.  Cardratings.com, a service that provides visitors with information about credit cards, credit accounts and credit in general has just completed such a statistical survey, and the results were not positive for California, as it was ranked as the fifth-worst state in the country with regards to personal credit conditions.

There are many reasons that people choose to live in certain places instead of others, and these reasons can include the proximity of family and friends, climate, a job and of course financial opportunity.  A recent study was recently completed with regards to the last reason mentioned, and it was not good news for California, as it was seen as one of the five worst states in the country when it comes to overall personal credit conditions.

When the economy cratered a few years ago, one of the main culprits was the housing market that was buttressed by mortgages that simply were not sustainable.  As such, the homebuilders in the country struggle mightily as new home building all but evaporated in 2007 and in 2008.  Since then, the real estate and homebuilding markets have been up and down, but a recent report that was released indicates that homebuilders are once again confident with regards to their overall prospects.

Economies tend to move up and down in cycles much like many other markets, and for some time now we’ve been hearing that the American economy is on the rebound.  There are many different statistics that experts and other professionals will point to in order to attempt to explain the current state of an economy.  One of those statistics involves the number of bankruptcy cases that have been filed during a given period of time.  According to a recent report, that number has dropped in the United States.

There are many ways to measure the relative health of an economy, and the past few years have led many to look at different factors with regards to the American economy that has been hit hard by a historic recession.  One of the variables that has garnered increasing attention is consumer spending, as it reflects the overall confidence people have in their own financial stability.  The report regarding consumer spending in July was not positive.

According to the Department of Commerce, American consumer spending in July dropped for the first time since August of 2011, falling by a factor of 0.1 percent.  This may not seem like much of a drop, but the trend is important and that percentage point is a large factor when one considers that consumer spending accounts for approximately 70 percent of the country’s overall economic activity.  In short, people are becoming nervous once again about the immediate future.

Recently, there has been growing sentiment that the student loan debt that’s owed in the United States could be the next 'bomb' to the economy much like the mortgage crisis was in recent years.  As a result, lawmakers and experts are beginning to openly discuss changing the laws regarding the discharge of student loans in bankruptcy cases, as this is not generally allowed at the present moment.  However, deeper study of this issue has led to conclusions that such a change may not have much effect on the overall debt or economy.

One of the most obvious yet most difficult aspects of the recent economic recession that has hit both San Diego and the entire United States hard is the unemployment rate.  When people cannot find work and generate income, they become the opposite of someone who makes the economy go.  Instead, they are often forced to silently suffer as their financial situations become progressively worse.  It has taken years, but it now seems as though the local unemployment rate could be headed in the right direction.

Generally speaking, the American media latches onto any big story and continues to cover it with a level of saturation that is hard to comprehend.  However, one story that is not being covered for some reason is the ongoing and still-developing drought that is hitting the continental United States hard.  This drought is already being called the worst in a generation, and its effects could be ruinous on the economy and on individual households.

One of the most central ways in which some experts measure the health of the economy is by way of consumer spending.  While this statistic has seemingly lost some importance in recent years because more people are saving as opposed to spending, it nevertheless helps track the overall level of confidence in the public.  Unfortunately, it was recently discovered that overall consumer spending dropped for the third consecutive month in June, and this was not an expected result.

One of the ways in which an economy is measured and either progresses or fails to do so is by way of a collective psyche that exists among those who live and work within that economy.  This psyche can change without notice from time to time, and it can lead to tangible results one way or the other.  It seems that this collective psyche of the American consumer has continued to slip, as June was not a good month for this measure.

One of the many different forms of fallout that occurs when an economy implodes involves the real estate market and its plummeting values and troubled mortgages.  This most recent economic recession to hit the United States hard has been no different, as millions of people have lost their homes to foreclosure in recent years to foreclosure, which is a ruinous process and result for anyone’s ability to borrow money in the near future.

Most people have heard something about the student loan debt problem that exists in the United States, as the amount owed on student loans collectively has surpassed credit cards for the first time.  In addition to the massive amounts of borrowing, more people are already in financial trouble due to the effects of the recession.  This obviously makes things even more difficult for people who have student loan debt.

The news seems to be getting worse for those who must repay the costs of their education.  Recently, the Federal Reserve Bank of New York performed a survey that revealed that of the 37 million student loan borrowers who existed in the United States during the fourth quarter of 2011, only 39 percent of them were actually paying down their balances.  Another 14 percent of borrowers were delinquent at the time and 47 percent of borrowers were not required at the time to make payments either because of deferments or other types of temporary exemptions.

There are many different variables that experts will look at when they are attempting to measure the progress or lack thereof with regards to an economy.  One of the main variables that will lend some tangibility to the confidence that consumers are feeling involves taking a look at retail sales.  Unfortunately, the latest reports are not bringing good news, as retail sales in the United States fell for the second straight month in May.

Specifically, overall retail sales across the country fell by a factor of 0.2 percent, which matched the drop that occurred in April.  Unfortunately, this drop represents the biggest slump in two years.  Most people blame the drop in these retail sales on waning consumer confidence with regards to their security.  This has much to do with the stagnating unemployment rate and the sluggish wages that are not growing like many would have hoped when a recovery was announced in recent months.

Many people believe that despite all of the different equations and mathematical theories that highly intelligent people use to attempt to explain and predict the economy, the bottom line is that it comes down to a collective psyche that is difficult to define.  Unfortunately, two measures that tend to shed some light on that psyche took a bit of a tumble last month, as both industrial output and consumer confidence slipped compared to the previous month.

Specifically, output fell by 0.1 percent last month after rising by a full one percent in April.  This output level deals specifically with factories, mines and utilities and the amount that they produce.  Consumer confidence slid to a score of 74.1, which represents a fall from the previous score of 79.3 and the lowest score so far this year.  Neither of these drops are seen as a good thing, clearly, and the only differences that seem to appear deal with the amount of concern we should feel.

In 2005, Congress passed a massive bankruptcy reform law that in the opinion of critics and bankruptcy lawyers around the country made it much more difficult for consumers to file for bankruptcy protection.  In addition to the added steps including credit counseling required for a filing, there were also extra expenses added to such a step.  As a result, millions of Americans who may be bankrupt in terms of the definition have not filed for this protection, according to the results of a recent study.

Despite the fact that the recession has curtailed the use of credit cards by consumers in the United States, the number of people who are using credit and debit cards to make consumer purchases has been increasing in popularity.  At the same time, the number of people paying for purchases with cash or checks has been declining.  While most people have likely made anecdotal observations of this phenomenon, recent research has given some tangibility to this trend.

On the first Friday of every month, the official United States jobs report is released.  Since the recession hit, this report has been highly anticipated every time it is put out there for the public.  For many months in a row now, there have been healthy gains in the jobs market.  Unfortunately, today’s jobs report was the weakest number in a year.  In addition, the unemployment rate rose from 8.1 percent to 8.2 percent.

It used to be that older Americans who were at or nearing retirement age would look forward to the days ahead when they could enjoy the fruits of a lifetime of labor and relax.  Unfortunately, many Americans now look towards their golden years and wonder how they are going to manage to service all of the debt they are carrying.  According to a recently published report, older American consumers are carrying a higher average debt load than ever before.

When people run into serious financial problems and they need to file for bankruptcy protection as a result, they do so in order to eliminate their debts and to obtain a fresh financial start.  However, there are certain types of debt that cannot be discharged, and one of those types of debts is student loan debt.  However, there are exceptions to the rule regarding student loans, although those exceptions are nearly impossible to meet.  One woman in Maryland has recently managed to do so.

As the economy begins to slowly improve on some levels, more and more news that could be perceived as positive is being released.  That appears to be the case with California overall and its residents.  However, there is also a subtle warning sign that is becoming public knowledge that people should be aware of when truly attempting to measure the overall financial health of the people who live within that economy.

Most everyone in the United States understands that credit ratings and credit scores will largely define their ability to borrow in one way or another and that their payment history on their former or existing debts will shape that credit score.  However, despite the fact that most people seemingly have become more aware of issues surrounding debt and credit during the throes of the current recession, a recent study discovered that many Americans are still largely unaware of the intricacies of credit, credit scores and credit ratings.

For what seems like an eternity now, the amount of credit card debt that was being carried collectively by American consumers has been trending downward.  That’s likely because the recession has led to countless account charge-offs, bankruptcies and the priority put in place by some consumers to pay down these debts.  However, that trend began to reverse itself in March, as consumers were carrying much more credit card debt during this month than compared to the previous year.

Now that the calendar has moved into May, there are several reports that are being generated with regards to different markets and their performance during the first quarter of 2012.  Most experts were relatively optimistic in predicting the amount of growth that would occur within the American economy during the first quarter, but unfortunately those projections were higher than the actual results. While the economy did grow, it continues to crawl along at a snail’s pace.

When an economy falls into a recession, there are certain steps that different individuals and entities will take in order to ease the financial burden on as many people as possible.  One of those steps was taken in an effort to help millions of student loan borrowers who have been paying their accounts down since they finished school.  That step involved capping federally subsidized student loan interest rates at 3.4 percent.

When an economy slips into a difficult recession, one of the foundations of that situation is almost always a massive loss in jobs, whether those job losses were a cause or a result of that recession.  This most recent downturn has been no different, as the jobless rate in California has remained dangerously high.  However, a recent report issued by academics who have been studying this issue for many years indicates that the job market in California could be improving soon, albeit slightly.

When an economy takes a precipitous downturn and a real estate market all but collapses at the same time, one of the few pieces of ‘good’ news that develops is that many times, rental rates will go down given the high number of people who no longer own homes but who still need places to live.  However, a recent study that was completed has shown that even as real estate prices remain somewhat stagnant in the county, rental rates are rising once again.

Recent years have seen a terrible economic recession, a massive loss of jobs, a real estate market that has imploded and millions of people having their credit ratings all but ruined for years.  As a result of this difficult and at times excruciating process, credit has largely been seen as extremely difficult to obtain for most people, especially those who suffered as a result of the recession.  However, it seems that large lenders are once again warming to the idea of extending credit to people who may be seen as risks.

The United States Bankruptcy Court system works much like any other branch of government.  This means that it must perform its basic functions within a specific budget in order to maintain its own viability.  This ability to function properly has been challenged in recent years because of the explosion of bankruptcy filings across the United States.  To meet this increased demand, more judges were added on a temporary basis by Congress.  Unfortunately, those temporary seats could soon be empty.

For many years the general belief has been that even if you have to borrow to advance your education, you were still making a sound investment in yourself because of the higher earnings you would likely enjoy throughout your working life.  In recent years, more and more people have been continuing their education and borrowing to finance it.  Unfortunately, this has led to a growing problem with regards to student loan debt.

Most people tend to understand that the more debt you carry, the more risk you face if you encounter any type of unforeseen financial circumstance, such as the loss of a job or a medical emergency.  Unfortunately, based on a report recently released by the federal reserve, it seems that many people are not necessarily prepared for these possibilities based on the amount of debt they are carrying that already needs to be serviced.

One of the more interesting ways to gauge the overall progress of the economy in the United States is by measuring the level of consumer confidence that is present.  While some feel that this is a wholly intangible and otherwise worthless measure of an economy, others feel that many aspects of an economy involve a collective psyche, and that consumer confidence is a direct measure of that psyche.  If the latest report is accurate, it seems that recent economic progress has slowed.

Few costs tend to give pause to American consumers more than gas prices, as the majority of Americans depend on their vehicles to get through their daily routine.  Therefore, most would expect that consumer spending would decrease when gas prices rise.  However, based on the release of recent statistics, that does not appear to be what’s happening in the country even with the recent spike in the cost of filling the gas tank.

When a recession hits an economy and people react accordingly, it tends to lead to an overall decrease in the amount of consumer debt that’s owed.  That’s usually due to several factors, including the pay-down of individual debts by people who are concerned about their situations, the bankruptcy filings that tend to rise and the drop in spending based on those same fears.  As would be expected, the amount of consumer debt in the United States has been dropping in recent years.  That trend has now changed.

When a recession takes hold of an economy, those who live under the conditions of that economy tend to suffer enormously.  This stands to reason, as people tend to encounter a precipitous rise in their respective stress levels, and most people understand that prolonged periods of stress can lead to serious health problems.  However, the results of a recent study regarding life expectancy during this current recession have been an enormous surprise.

When an economy takes a precipitous downturn as the American economy has in recent years, people on all levels of the socioeconomic spectrum suffer on an individual basis.  What this basically means is that when people lose jobs and exhaust their savings, they begin to have trouble meeting their most basic obligations.  According to recent statistics released by the government, it appears that millions of people are dealing with the aftermath of being unable to pay their bills.

When the recession seemed to fully take hold beginning in 2007, the number of bankruptcy cases filed by both businesses and consumers skyrocketed.  This was not a surprise, as both businesses and individuals found themselves in serious financial trouble for many different reasons.  During the years of 2008 and 2009, business bankruptcy filings rose at a faster rate than consumer bankruptcy filings, but after that year the trend began to reverse itself.

Over the past generation or so, when credit was easy to come by and loans could be obtained for cheap, many parents declined to save any or enough money for their children’s education and instead decided to simply borrow to finance it.  Some parents borrowed directly and paid the costs of education while others cosigned student loans for their children.  The result is that more and more parents are seeing their retirements threatened because of this growing debt.

In recent years, the amount of money collectively spent with credit cards dropped precipitously given the obvious problems that were being faced with the economy.  Consumer confidence was extremely low and many people stopped using credit cards to make purchases.  However, according to some basic numbers released by Visa, it seems that consumers are gaining confidence in their ability to handle their credit card accounts.

When an economy suffers for years at a time as the American economy has, it can be difficult to understand the entire picture because the specifics of local economies can be so vastly distinct from others.  However, one group has been attempting to bring about a level of understanding regarding the relative economic health of different places by studying and publishing scorecards that rank states according to the financial stability of its residents.  The latest scorecard has been released, and it is not good news for California.

Most people have already seen news reports regarding the crushing amount of student loan debt that dogs graduates for years at a time.  Recent statistics have revealed that collectively, more than $1 trillion in student loan debt is owed in the United States, and this mountain of debt has surpassed credit card debt for the first time.  According to a recent report, bankruptcy lawyers are now noticing that more and more people are filing for bankruptcy protection because of unmanageable student loan debt.

One of the many ways in which people will watch and measure the status of an economy is by keeping track of the foreclosure rate in a particular area.  In recent years, the foreclosure rate in San Diego County has been high as it has been everywhere else.  However, recent data released by DataQuick reveals that the foreclosure rate in the area has dropped recently.

According to DataQuick, the foreclosure rate in San Diego County dropped in the fourth quarter of 2011 as compared to both the previous quarter and the fourth quarter of 2010.  Specifically, default notices were sent to 4,813 homeowners in San Diego County during the fourth quarter, which is a drop from the 4,917 foreclosure notices sent during the same quarter of 2010.  This represents a drop of 2.1 percent and also represents the second-lowest in the past four years.

In general, there are few issues that arise within the realm of bankruptcy law that could be considered hot-button in nature or otherwise controversial.  The practice of bankruptcy law by attorneys generally involves helping people who are tired of struggling with their finances out from under mountains of stress and into a new and more enjoyable life.  However, a recent study has led to strong responses from many people associated with the practice of bankruptcy law.

When an economy suffers through a terrible recession, people also suffer on an individual level.  When money is tight, consumer purchases drop precipitously, and one of the many ways in which consumer spending and overall consumer confidence is measured is by tracking vehicle purchases and the average age of vehicles.  According to one automotive market research firm, the average age of vehicles in the United States has hit an all-time high.

When an economy struggles and the people who live in that economy suffer as a result, there are certain realities that result.  Specifically, consumer spending tends to plummet in general, particularly when it comes to what could be considered discretionary spending.  Researchers have been tracking consumer spending closely since the current recession hit with its full force in 2008, and a recent release of statistics reveals that Americans are spending substantially less on eating out in restaurants.

There are many different ways that someone can suffer from severe financial problems, and it’s far from uncommon for someone in this position to incur tax debt from years past that a taxpayer could not afford to pay at the time.  In recent years, many different tax resolution firms have been running aggressive advertising campaigns offering consumers an opportunity to settle their tax debts for a small portion of what they owed.  Now comes word that one of the biggest tax resolution companies is filing for bankruptcy protection.

One of the many ways in which professionals and researchers in general can track the state of the American consumer occurs because of the calendar.  The holiday season is an annual test to see how willing consumers are to spend on gifts for each other, and recent years have shown a slight increase in spending after a drastic drop in the previous few years.  According to recently released statistics, it appears that spending was up again this holiday season.

When someone encounters serious financial problems and they decide to provide themselves with a fresh start by obtaining protection from the United States Bankruptcy Court, the proceedings are expected to be followed in terms of the orders generated the same as with any other court.  Therefore, when a debt is wiped out by a bankruptcy, it no longer legally exists.  However, at least 800 people are alleging that Capital One is failing to honor bankruptcy court proceedings and rulings.

In 2005, Congress passed massive and sweeping bankruptcy reform laws that made it more difficult for people to file a Chapter 7 bankruptcy case and discharge their debts.  One of the many new requirements included in this law was what is known as the means test, which in its most simplistic form states that people who have too much disposable income need to file a Chapter 13 case and pay off a larger portion of their existing debts.

When people experience serious financial problems in the United States, they tend to file for bankruptcy protection at their nearest federal district so that the collection efforts that are likely hounding them can be stopped and so that their debts can ultimately be discharged.  This is a system that has been in place for generations in one form or another, and many people here assume that these laws are similar around the world.

When an economy has been struggling or worse for several years, as has been the case in the United States, there are many different ways to measure the progress or lack thereof of that economy.  One such way is by following the statistics regarding bankruptcy filings.  For dozens of months on end, the number of bankruptcy filings in the United States rose, but that trend has been slowly reversing itself in recent months.

The end of the calendar year is often a time for those who study the economy to take stock of what’s happening in general, and the end of 2011 is a time when people are attempting to track the economy as it continues to suffer.  Fortunately, there do appear to be some positive signs emerging, including a lowering unemployment rate and a drop in the number of consumer bankruptcy filings that have been initiated.