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March 2015 Archives

Debt collectors hounding you? Know your rights

If you are struggling to pay back your debt and are being hounded by debt collectors, your life can feel like it is falling apart. No matter what a debt collector tells you, you have rights and cannot be subjected to unethical and illegal behaviors by debt collection companies.

What consumer protections exist related to credit card debt?

When consumers begin to struggle under significant credit card debt, they often feel powerless against the credit card companies. However, there are certain laws that specifically limit certain actions by credit card companies and impose specific duties. One of the primary laws that protect users of credit cards is the Credit CARD (Card Accountability Responsibility and Disclosure) Act that was passed in 2009. All of the provisions contained in the Act are now in effect.

Filing for bankruptcy does not mean you will lose everything

There is a common misconception that you will lose all or most of your assets if you file for bankruptcy. Understandably, this idea scares many people away from seeking helpful debt relief through Chapter 7 or Chapter 13 bankruptcy. It is important to know, however, that you will not lose everything by filing for bankruptcy, and at Macco & Stern LLP, we can help you protect and preserve your assets.

Cases of Chapter 7 bankruptcy continue to decrease

Many people struggling with debt need some form of serious debt relief but may not know where to turn. Despite the fact that the option of filing for Chapter 7 bankruptcy to liquidate debt has been around for some time, there continues to exist a great deal of misinformation about what it takes to qualify for Chapter 7, how the process works, and what the effects of filing are. Not understanding bankruptcy, however, could prevent some people from taking advantage of the significant benefits of filing in some cases.

Video: You can't afford your mortgage. Now what?

If you can't afford your mortgage, do not panic. Life can come with curveballs: job loss and medical bills are just some of the biggest financial hurdles. But when these issues arise, it often becomes more and more difficult to make ends meet. Payment obligations can become a true burden.

Personal bankruptcy can help you get back on your feet

The reasons why Long Island residents consider filing for personal bankruptcy are varied and diverse. In many cases, a person's need for bankruptcy takes him or her by surprise because the events leading up to the bankruptcy are completely unexpected. Filing for bankruptcy - despite being a difficult decision - can be very beneficial for people who are suffering severe financial hardship prior to filing and desperately need debt relief and a fresh start.

Video: Should I worry about filing for bankruptcy?

It's common to think of bankruptcy as a frightening choice. If you are struggling with mountains of debt and thinking about filing for bankruptcy, don't let fear stop you from getting the relief you need. Macco & Stern, LLP, knows there are important things to consider. Take a look:

Chapter 11 bankruptcy: one form of New York debt relief

New York debt relief is a complicated topic. There is no perfect form of debt relief. Instead, there are many different types of debt relief, including both bankruptcy and non-bankruptcy remedies. Within the range of possibilities, not every type of debt relief will be appropriate for every situation. Choosing the best type of debt relief generally involves a consideration of the individual or entity seeking debt relief, as well as the debt situation itself. For example, businesses commonly take advantage of Chapter 11 bankruptcy when seeking debt relief, while individuals more commonly file under Chapter 7 or Chapter 13.

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