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Home›Wholesalers profit›How long will bankruptcy filings be down?

How long will bankruptcy filings be down?

By Marsha A. Jones
August 29, 2021
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This press release from American Bankruptcy Institute is very interesting. It states that total commercial deposits in Chapter 11 for July 2021 fell 62% over July 2020. Total commercial deposits, however, decreased by 39% relative to the previous fiscal year. In July 2021, the total number of bankruptcy filings was 32,387, 24% less than in July 2020, when there were 42,865 filings. In July 2021, the total number of consumer files fell 23%. Amy Quacken, ABI Executive director, stated, “The efforts to Extensive federal Stabilization, Lender Abstention and Continued Low Interest Rates have kept struggling family and business afloat throughout the pandemic.”

It will also be interesting to observe the deposit rates after six to twelve months or when the “new Normal” is restored. Read more here: https://bankruptcyhq.com/

On another topic, the Wall Street Journal estimated that the federal government lost about $ 4.8 billion per month due to the freeze on student debt interest accumulation. The total amount could be as high as $ 105.6billion from April 2020 through the current extension period, which ends January 31, 2022. I remind everyone that a trillion is worth a billion.

Ask for student debt

To continue on the topic of student loans and the ongoing Biden administration discussions regarding the forgiveness portion of outstanding student debt, it should also be noted that Parent Plus Loans are not eligible to receive such a discount. These are loans parents take out to pay for their children’s education. This being said, you may still be eligible to receive income repayment plans and government service relief plans for these loans. These loans have been approved by parents I’ve spoken with. They tell me that I have chosen to invest in my child’s future with my eyes wide open. I will be responsible for these loans regardless of the outcome. This is an interesting approach to personal financial accountability!
I’m not going to continue reading the Wall Street Journal letters following the cancellation my student loan. Personal finance letters seem to be primarily about student loan debt cancellation. I also read them as my brother-inlaw has a subscription. He keeps them for me. Perhaps I should try to find a friend with an NY Times subscription. A recent series in the Wall Street Journal featured letters on several topics that we have frequently discussed. These letters could help us reverse the seemingly unaffordable cycle involving student loan debt. It all boils down to the fact that students must graduate from college and that student debtors must repay their loans within a reasonable amount. There is a second need to provide families with the necessary tools and resources that will enable them to make educated decisions about affordability. For example, which programs at which colleges are most suitable for their student? This should include considering family financial contributions, scholarships and grants, working in school, and possible income from summer work, as well reducing living expenses.

Repay the loan and borrow within a reasonable timeline

Many of the letters had as their central theme that colleges and universities relied on hundreds of millions of dollars of endowments without “skin” to cover 92% outstanding student loans. There is no incentive for countries to make sure that students take part in programs that allow them to repay the loan and borrow within a reasonable timeline.

One other topic. People who don’t use social media and don’t even send text messages are more sensitive than others to the numerous media reports that social networks can have an impact on opinions, actions and knowledge. media. This is why I was interested in a recent report by creditcards.com. It was reported by bankrate.com. A new report from creditcards.com reveals that social media also has a major effect on our spending, especially for millennials between 25 and 40 years old. 72% of Millennials claim that social media impacts their purchasing decisions. 66% of Gen Z (18-24 years old), 49% of Gen X (41-49) at 56, and 45% of the baby boomers (57-75 years old) agree. . When asked what type of posts influence millennials in their spending decisions, 38% mentioned posts from close friends and 31% said ads. 20% also said they were influenced or influenced primarily by posts from relatives and friends. Celebrities or other influential people.

The New York Times reports that health insurance premiums are rising according to many New Yorkers, is another topic. It looks like mine is going to rise by around 4.5%. It’s just another budget item you need to control in these times inflation. However, we believe it will be temporary. There seems to be more doubt. In order to maintain my budget online and avoid the rising prices in grocery stores, however, I began buying more store brand products. I also checked the unit price – how much per ounce I pay, etc. . I don’t know much about you, but I have never noticed a significant difference in the quality of products. And I know that retailers are always trying to minimize any quality differences, as they know that store brands can be extremely profitable.

Last, but not least, inflation is here and supply chains continue to be a concern. So it’s time now to think about your future spending and be realistic as to whether it will rise. I would also suggest that you consider other factors. For example, this winter’s vacation expenditure, gifts, receptions or celebrations, and eventually travel, will likely be higher. The monthly contribution to your suggested vacation account might be increased if it was established formally or informally after the year-end vacation.

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