We recently posted information about steps being taken to improve the quality of consumer data that the three major credit bureaus use to evaluate people's creditworthiness. In that blog post, we explained that Experian, TransUnion and Equifax entered into a settlement with 31 state attorneys general called the National Consumer Assistance Plan.
Clients often come to us with complex money problems that can include potential loss of homes through foreclosure when monthly mortgage payments become impossible because of unemployment and other factors. While the number of foreclosures nationally in May 2017 had dropped 19 percent over the previous year, New Mexico ranked number 8 of all states for the number of foreclosures, according to ATTOM Data Solutions as reported by credit.com.
Some of our clients come to us for advice about how to handle staggering levels of student loan debt. We educate them about options for relieving the pressure of monthly student loan payments, such as those discussed in this previous post.
After a slow economic recovery, New Mexicans just received the unwelcome news that our unemployment rate is the highest of any state in the country, according to the Albuquerque Journal. Citing the U.S. Department of Labor or DOL as well as state data, the paper reported that the Land of Enchantment's unemployment rate was 6.7 percent in January, where it has been stuck for months.
Borrowing student loans in order to attend classes can often increase a student's earning potential. Unfortunately, if the expected income does not materialize, student loan payments can become a burden.
The United States Courts website answers the blog headline question above by stating that, yes, individuals can file for bankruptcy without enlisting help from proven legal counsel (called a pro se filing).