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April 2016 Archives

Credit card debt settlement may be an option for some debtors

Some residents of Long Island may find that using a credit card is very tempting. After all, not only do credit cards allow individuals to purchase goods that they may not be able to afford outright, but they often come with rewards, such as airline miles, that credit card holders can accumulate the more often they use their credit cards. However, paying with a credit card can leave some people with a credit card bill that they simply cannot manage.

Foreclosure activity going down in the U.S., report claims

The Great Recession took its toll on individuals in New York and across the country. The housing industry was especially hit hard, with individuals finding that their property had significantly reduced in value, in some cases falling below what it was originally purchased for. In addition, many homeowners could no longer keep up with their mortgage payments, leading to foreclosures.

When will a bankruptcy discharge take place?

The ultimate goal of any individual in New York who is filing for bankruptcy is to have his or her debts discharged. In general, a bankruptcy discharge means that the individual no longer is responsible to pay back his or her debts that were discharged through the bankruptcy process. A bankruptcy discharge is permanent, meaning that the individual's creditors cannot continue trying to collect on the debt. There are exceptions, however for certain types of valid liens.

Are there any options if one is facing foreclosure?

Although no homeowner wants to see their home foreclosed upon, some individuals in Long Island may be facing this prospect. Unfortunately, many instances of foreclosure are based on factors that the homeowner could never anticipate or are not the homeowner's fault.

Secured cards could help Long Island residents after bankruptcy

Although some Long Island residents may understand that filing for bankruptcy can negatively affect their credit score, what they may not know is that it is possible for their credit to bounce back after the bankruptcy process is complete.

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