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New Class Action Lawsuit Filed on Behalf of Defrauded Corinthian College Alumni

If you have watched network channels such as Fox and CBS over the past decade, particularly during the daytime, you are probably familiar with Corinthian Colleges. Although you might not recognize the name “Corinthian Colleges,” you are likely familiar with the names of individual colleges within the Corinthian system, such as Everest and WyoTech. If you have been following the news, you are also likely familiar with the class action lawsuits that have been filed on behalf of the student who took out private loans to fund their education with Corinthian Colleges, only to be unable to find jobs after graduation and who now face financial distress and bankruptcy.

A new class action lawsuit was recently filed by Public Council, a pro bono interest law firm based in Los Angeles. This lawsuit is on behalf of more than 100,000 former Corinthian College students who are still saddled with debt from the private loans they took out to attend Corinthian's programs and facing harassment from debt collection agencies.

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How is Student Debt Different from Other Types of Debt?

To say that student debt is a big issue in the United States is an understatement. According to marketwatch.com, approximately 70% of American bachelor's degree holders graduated with some student debt. 40 million Americans currently have student loans, and the total amount of outstanding student debt among Americans is $1.2 trillion. In comparison, the average American household carries $15,609 in credit card debt.

It is not uncommon to hear student debt cited as the reason why a young adult still lives with his or her parents or has put off marriage, home ownership, and having children of his or her own. Student debt is different from other types of consumer debt, such as credit card and car loans, because it often cannot be discharged in bankruptcy.

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Hostess is Going Public Again, Four Years After Bankruptcy

Hostess has been a favorite snack for Americans young and old since 1919. The company first produced its famous cupcake, a dark chocolate-flavored confection topped by an iconic white icing swirl, nearly a century ago and in the decades since, has followed with classic products like fruit pies, Twinkies, Ding Dongs, Ho Hos, and Sno Balls. It most recently made headlines in 2012 when it filed for Chapter 11 bankruptcy. Not long afterward, Apollo Global Management purchased the snack portion of United States Bakery's business, purchasing the Hostess brand and the right to make all products under its umbrella. Now, four years into the life of this latest iteration of the brand, owners Apollo Global Management and Metropoulos & Co. are taking the company public by selling the majority of the company to Gores Holdings, a private acquisition company run by The Gores Group.

Businesses rarely remain unchanged over the years. Since its inception, Hostess has weathered the events of ten decades, taking the ups and downs that came with them. If you are a business owner, look to Hostess as an example of resilience. 2012 was not the first time the company filed for bankruptcy.

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Know Your Rights Under the Fair Debt Collection Practices Act (FDCPA)

When you have outstanding debt, you often get calls from collection agents who are tasked with getting you to repay the money you owe. These people have a difficult job – it can be stressful to locate individuals with debt to hunt down the money their companies have the right to collect, whether they are the original lenders or they have purchased the debt from them. But sometimes, these calls can become unbearable.

The Fair Debt Collection Practices Act (FDCPA) exists to keep debt collection calls civil. Under this federal law, debt collectors are prohibited from engaging in certain behaviors while on the phone with the individuals they call. If a collector violates this law, the indebted individual can have grounds for a harassment claim. If you are the target of these calls, familiarize yourself with what harassment from a debt collector entails and if you feel your rights under the FDCPA are being violated, consider working with a bankruptcy attorney to file a harassment claim.

Defining Harassment

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How Can I Fix My Credit After Filing for Bankruptcy?

When you file for bankruptcy, your credit can be negatively impacted. Do not let this fact alone keep you from filing for bankruptcy if you need it. While going through the bankruptcy process will require you to make sacrifices and change ingrained habits, sometimes bankruptcy is the only way for an individual to take control of his or her finances. When you complete the Chapter 7 bankruptcy process, a record of the bankruptcy stays on your credit report for up to 10 years. Chapter 13 bankruptcies stay on filer's credit reports for up to seven years.

If, after discussing your circumstances with an experienced bankruptcy lawyer, you determine that filing for bankruptcy is the right choice for you, start actively planning for how you will repair your credit while working through bankruptcy and in the years that follow. You can rise beyond this obstacle, but it will require smart planning from you and a willingness to make sacrifices for your future.

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