Macco & Stern, L.L.P.
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December 2014 Archives

What options exist for dealing with credit card debt?

Because credit card debt is so common in the United States, many people fail to see the debt as a problem until it has snowballed. Credit is useful and invaluable in many situations, but sometimes life intervenes and circumstances change in ways that make repaying incurred debt difficult if not impossible. Examples of such circumstances include job loss or reduced hours, health emergencies, unexpected family additions, or the need to provide care for a loved one. For many people with high levels of credit card debt and limited income, the problems extend beyond financial stress to include delinquent payments (and the resulting late fees) and creditor harassment.

Chapter 13 provides opportunity for debt adjustment

When people find themselves in the midst of serious financial challenges, it is easy to think that there is no effective solution. That is oftentimes untrue, however, as there are a range of options and debt relief solutions that can help with repayment and liquidation of debt. For people who can count on regular income, Chapter 13 could be a viable solution as it provides for adjustment of the individual's debt and does not require liquidation of assets.

Foreclosure provides opportunity for scammers to exploit

Many New Yorkers do not have a solid understanding of the foreclosure process. This means that if homeowners receive a foreclosure notice or find themselves dealing with difficult financial circumstances--such as unemployment--that could lead to foreclosure, they often do not know what to do or how to respond. Many people are unaware that there are a range of legal solutions that could provide valuable assistance and may instead fall prey to unscrupulous businesses or organizations seeking to take advantage of struggling homeowners.

We will help guide you through financial hardship to debt relief

In many cases, an individual or family begins struggling financially after a series of other unfortunate events or circumstances. For example, a person may suffer an unexpected illness or disability and lose his or her ability to work. Lay-offs and job loss are also common predecessors to financial hardship. After the initial stress of dealing with a sudden illness or loss of employment, the strain that comes with efforts to juggle finances and maintain financial stability is often quite significant. It is during these times when people are in desperate need of debt relief options but often do not know where to begin.

How does the FDCPA help with credit card debt?

Credit card debt is familiar to most American consumers. Although many consumers are able to manage their debt levels, others fall may fall into trouble-often due to no fault of their own. Many New York consumers who carry credit card debt are able to effectively make payments and keep ahead of their credit card balances until an unexpected circumstance occurs, like a job loss or a serious illness. When consumers begin struggling with credit card debt and the accompanying creditor harassment, the FDCPA can be of assistance.

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