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Telpner Peterson Law Blog

Iowa residents may want to understand credit card debt

Many Iowa residents are concerned with their finances, and part of that concern is placed on their credit scores. Some individuals may believe certain actions are helping their scores when they may actually be hurting them or affecting their financial situations in another way. Utilizing credit cards can impact credit scores, but too much use could lead to substantial credit card debt.

Some individuals may believe that having a high credit card balance may help their credit score. However, high balances are not always a beneficial aspect of a person's credit. Though parties may make monthly payments on time, if their balances are not paid off in full, their credit could actually be negatively affected.

PROPERTY ASSESSMENT PROTESTS

People often think that the County Assessor establishes the amount of their real estate taxes. The tax levy is established by the local governing bodies that collect tax. The assessor is responsible to determine the value of the property to which the tax levy is applied.

Chapter 7 bankruptcy may be option for divorced Iowa residents

Many Iowa residents know that divorce can have a considerable emotional impact and cause great upheaval in a person's life. However, divorce can have more than just emotional ramifications. Newly single individuals could face financial struggles after going through separation. If post-divorce situations have led to monetary issues, some parties may be at risk of accumulating significant debt. Luckily, Chapter 7 bankruptcy may be able to help.

When going through divorce, some parties may feel as if keeping their house is a main goal. However, some individuals may realize afterward that making payments as a single person is more difficult than anticipated. As a result, parties could fall behind on payments and face mortgage debt that could prove difficult to get back on the right track.

Car Fatalities Spike During Spring Break

As if parents did not have enough to worry about when their children depart for a week of spring break fun, a recent study provides yet another cause for concern. Michael French, a health economist at the University of Miami, conducted a study on the impact of spring break on traffic fatalities. His findings are troubling.

Personal bankruptcy could help Iowa residents facing sudden debt

Financial hardships can affect Iowa residents at any point in their lives. Some of those difficulties may be able to be overcome in time with minor adjustments, but other situations may need more substantial action. There are various scenarios in which an individual's finances can become overwhelming, but even if major steps are needed to rectify the situation, there are options like personal bankruptcy for parties who need assistance.

Individuals may find themselves seeking information on such options if they have faced unexpected medical expenses. Medical costs are a top cause of financial burdens, as they can often be expensive and seem to occur suddenly. Unfortunately, even individuals who have health insurance can find themselves facing financial difficulties when it comes to paying medical bills.

Employment Law - Questions & Answers.

Spring is finally upon us and along with the much needed sun comes continued good news on the Iowa employment law front. In February, Iowa's seasonally adjusted unemployment rate fell to 4.1%, down from 4.2% in January, and down from 4.4% one year ago. Iowa remains below the U.S. unemployment rate, which was reported at 5.5% in February. And, along with Spring, comes many questions from employers about their employment rights and obligations. So, without further ado, the following is a list of some of the more frequently asked questions by employers. Keep in mind that the following questions and answers are general in nature, do not constitute legal advice, do not cover any specific situation, and those seeking legal advice to specific issues will need to contact an employment law attorney for legal advice to that specific situation.

Karmaloop may be headed for bankruptcy

Bankruptcy petitions are filed by consumers and businesses for a number of financial reasons. Most of the time, bankruptcy is filed when debts are far too much for Iowa businesses or consumers to repay. Recently, it was reported that Karmaloop could be filing bankruptcy, and Dame Dash and Kanye West are reportedly interested in purchasing the company.

Karmaloop is a company that specializes in online sales for street wear and has had success throughout the years. According to recent reports, the company may be headed for bankruptcy, despite its attempts to avoid a filing. In an effort to save the company, the chief executive has approached a number of investors to attempt to work out the company's debt. If it unable to secure an investor, Karmaloop will be left holding the bag for $100 million in write downs.

Can student loans be discharged in personal bankruptcy?

Bankruptcy is often filed when consumers have no other options. Iowa consumers are usually faced with extreme financial circumstances, including credit card debt, medical bills and personal loans, which leads them to file for bankruptcy in the first place. One of the largest debts Iowa consumers have is student loans, but these cannot typically be discharged through personal bankruptcy.

Consumers who are drowning in student loans are limited on resources available to forgive their debts. This may come as a surprise since most other debts, including car loans and mortgage, can be filed under bankruptcy. The only loophole students have to discharge the loans through bankruptcy is to prove that paying it back would cause undue hardship.

STRENGTHENING PROTECTIONS FOR STUDENT LOAN BORROWERS

Over 40 million Americans have student loans and the average debt amount is $28,000. On March 10, 2015, President Obama proposed a new Student Loan Bill of Rights designed to make college more accessible and the experience of paying for higher education easier.

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