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October 2015 Archives

How can bankruptcy help someone who is facing foreclosure?

There are some Long Island homeowners who face significant financial challenges, above and beyond their problems making the monthly mortgage payment. The unexpected loss of a job or the sudden onset of a medical condition can leave many people relying on credit cards to make ends meet, and eventually the situation goes from mounting credit card debt to failed mortgage payments. Unlike credit card statements, there is no minimum payment for a mortgage -- the monthly payment is typically a set amount.

Options for relief from significant credit card debt

Overwhelming debt can arise from many sources including unexpected medical bills or auto repair costs, the loss of employment and inability to keep up with payments, or even simply overspending through the use of credit cards. Credit cards can be one of the easiest traps to fall into as many consumers fail to comprehend the significant interest rates they may be agreeing to pay.

The trustee and liquidation to unsecured creditors in Chapter 7

When financial challenges make it necessary to consider filing for bankruptcy in New York, the first step is to find out which option is best. Once that is done and a decision is made to move forward with a Chapter 7 bankruptcy, the first hurdle is taken care of. It can often be difficult to come to the final decision to file for bankruptcy and many will feel relief when they gather information about it and get the process going. However, there are many aspects that also need attention such as what the trustee does in the case when it comes to distributing assets.

What are the benefits of filing for Chapter 13?

People in New York who are considering filing for bankruptcy are frequently confused by the many different options available to them. Compounding that is the fear that a filing with follow them around for the rest of their lives and negatively affect their financial standing forever. The reality is that there are many avenues to debt relief and bankruptcy is one that is often used to get back on better financial footing. A particular option that is available in the right circumstances is Chapter 13. Understanding its benefits is key before moving forward with this strategy.

New York bus company files for Chapter 11 bankruptcy

New York consumers are not the only ones facing insurmountable debts, with minimal assets to pay them back. Similar situations happen to New York businesses for various reasons, including loss of expected income, increased competition or loss of profits due to natural disasters.

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