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Lawmakers considering bankruptcy for student loan debts

One of the problems with bankruptcy today is that it doesn't address the looming problem of student loans. For many people in America who have crippling debt, the issue isn't that they don't make enough money or that they aren't good with it. The reality is that their student loans can cost them as much as a mortgage payment each month, straining their finances significantly.

It's not unusual to see that many people carry debt in the form of student loans. For one in three consumers, student loan debt makes up around 49 percent of their debt, leaving them with as much as half of their debts untouchable through bankruptcy. Presently, bankruptcy does not allow the discharge of many student loans.

What is the reaffirmation agreement?

Bankruptcy can be a scary time for families considering it as an option for eventually getting their finances back on track. Fortunately, there is an array of resources to help navigate you through this trying time, and you can visit Colorado's Bankruptcy Court website to learn more. 

Bankruptcy proceedings have numerous ins and outs. There are many terms you need to familiarize yourself with, such as the concept of a reaffirmation agreement. Signing one can drastically alter the course of events during your bankruptcy, so you always want to speak to a legal professional first before signing any paperwork. 

Same-sex couples face unique challenges in divorce

As a same-sex couple, being able to marry gives you the same rights as heterosexual couples. You get the right to thousands of benefits federally and at the state level, too.

Of course, just like opposite-sex marriages, same-sex marriages can end in divorce. With them, though, there are more complications. Why? Many same-sex couples were not married when they would have been because it used to be illegal. As a result, the shared assets they have may include more than just what they've acquired during their marriage.

In debt? The right help does make a difference

It can be difficult to imagine yourself going through bankruptcy, especially if you were always good at managing your money. You may be distressed over the fact that you lost your job, became disabled or suffered other problems that caused you to fall behind on your bills.

You are not alone in this situation. Many people struggle to make ends meet at one time or another. Even those who earn high salaries could find themselves struggling with money and turning to bankruptcy if they fall ill or live beyond their means.

Teen angst: When teens get caught up in divorce

Teens are going through fragile years in their lives. Disruptions can seem like the end of the world, even if nothing really changes. Teens are among the most difficult people to talk to during divorces, too. Though they understand what's happening, they also may have the independence to stay away from home, participating in more school events or staying overnight with friends.

As a parent, it's important to monitor your teen for changes in their behavior after you tell them that you're getting a divorce. Your teen may be fine with the divorce and have no major concerns, or they may feel that everything they know is changing. It's your job, as a parent, to make sure you know how your teen feels and to guide them through the changes in a healthy manner.

How to tell your teenage children about your divorce

Divorce is a difficult process for every member of your family, especially your children. Teenagers are especially vulnerable during the end of a marriage. Talking about your divorce to your teens can be a difficult task. Teens are mature enough to understand the basic situation, but they still lack full emotional development. 

How you explain the divorce to your adolescent children may impact their lives in many ways, including their future relationships. Knowing how to approach this topic will help you say the right things at the right time. Here are some suggestions. 

Chapter 13 bankruptcy could be the right choice for you

Bankruptcy isn't always easy, but it can be the right solution for some people who are struggling with money. Whether you're still working and are trying hard to make ends meet or cannot work as a result of your circumstances, it's important to know if and when bankruptcy may be the right choice for you.

Bankruptcy comes in a few forms, but one that is talked about less than it should be is Chapter 13. Chapter 13 bankruptcy is special, because it doesn't require you to liquidate any of your assets. Federally, if you have debts less than $394,725 (unsecured) and $1,184,200 (secured), you can apply for Chapter 13 bankruptcy.

Even toddlers need to know what's happening during divorce

The end of a marriage is tough but having to get your kids through it is often more difficult. They may not be old enough to understand why mom or dad isn't living in the same home any longer. They might not understand why you argue or can't spend time together.

It's not easy to raise a child and go through a divorce at the same time, but it's possible to make the situation easier on your child. Even if your child is only 1 or 2 years old, there's a potential to have a small conversation about divorce and what's happening in an age-appropriate way.

3 misunderstandings about bankruptcy

Bankruptcy is a loaded term. It may invoke feelings of fear or confusion. This is especially true because there are so many widely-held misconceptions about bankruptcy. Many of the things you hear about bankruptcy from others are simply not true.

How can you know what beliefs about bankruptcy are right or wrong? Here are some of the most common misconceptions about bankruptcy so you can know the truth.

Disabilities threaten marriages in the United States

With so many people celebrating the fact that they can now marry into a same-sex marriage legally throughout the United States, it may seem shocking that some of these individuals would feel forced to divorce. Like other married couples, some people in a same-sex relationship now face a problem. If they have a disability and need Medicaid, they may have to divorce.

People with disabilities may need Medicaid to guarantee health care. In 2019, individuals with disabilities are held to a strict income limit of only $1,157 for a married couple if both spouses are applying and $771 a month for single applicants. Community spouses, those who aren't applying, can have countable assets up to $126,420. That doesn't leave a lot of room for errors, even with the home being excluded up to a state-specific value.

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