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November 2014 Archives

How to determine eligibility for Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy enables people struggling with severe financial hardship to obtain a liquidation of their debts and a fresh financial start. Also known as liquidation bankruptcy, it requires the turning over of assets to a trustee who will sell them and use the proceeds to pay debt obligations. However, Chapter 7 is not intended to allow people to simply eliminate their debts without regard to actual necessity. There are strict eligibility requirements that limit who may actually take advantage of this debt relief mechanism.

Older consumers have particular need for debt relief

Debt is generally a normal part of the life. The majority of New York residents likely carry some form of debt, although the overall levels of debt may vary from household to household. Unfortunately, debt can easily grow and become unmanageable, especially when consumers experience unforeseen circumstances or emergencies. When people begin to struggle under crushing levels of debt, many of them seek some type of workout or other debt relief solution to ease the financial strain.

Depend on us to help you challenge foreclosure

Owning a home continues to be one of the primary American dreams. For this reason, most homeowners attempt to protect their home at all costs. When financial challenges occur and homeowners face the risk of foreclosure, this can be an exceptionally frightening and stressful time. Homeowners not only fear the loss of what is probably their biggest investment but also their family's home, a place where special memories were made.

What is required before filing for bankruptcy & discharging debt?

When New York consumers are struggling under crushing amounts of debt, it can feel as if there is no way out. Dealing with the harassment of bill collectors or problems related to wage garnishments can make the situation even worse for those already worried about how to make ends meet. Many consumers and families would benefit from a greater understanding of personal bankruptcy, a very valuable debt relief tool which can stop foreclosure or result in more manageable payments.

Misconceptions about Chapter 7 bankruptcy

Many New York residents may be hesitant to file for Chapter 7 bankruptcy because they underestimate its advantages as a debt relief tool and have a range of misconceptions about the actual effects of Chapter 7 bankruptcy. Understanding the realities of Chapter 7 can help consumers make a better informed decision about whether filing for bankruptcy is the right step for them.

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