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June 2014 Archives

Chapter 13 protects you and your co-signer

If you're in financial trouble but still have a regular income, then you may not qualify to have all of your unsecured debts -- for example, medical bills, past-due utility bills, credit card debt, etc. -- discharged through Chapter 7 bankruptcy. People who qualify for Chapter 7 protection must pass a means test showing that there isn't enough income to establish a repayment plan.

Credit card debt troubles in the wings in the U.S.?

At first glance, the U.S. as a whole may seem to be in pretty good shape when it comes to credit card debt. Around $32.5 billion in credit card debt was paid off by American consumers in 2014's first quarter and the default rate is currently at a relatively low level, around 3.3 percent.

On medical debt, and how it can hurt you financially

There are plenty of New York residents out there who have dealt with immense medical bills that have changed their lives almost as much as the medical condition that afflicted them -- and caused them the bills in the first place. Medical procedures and surgeries are very expensive, even if you are insured. This debt can absolutely cripple an individual or a family, leaving them in a difficult position with their finances.

Could you actually get away with not paying your debts?

It's a hypothetical situation that almost everyone dreams about but very few actually act on: could I simply not pay my debts? What's the worst that could happen if I ignore all of the collection attempts, phone calls and letters?

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