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June 2017 Archives

An overview of how Chapter 7 bankruptcy works

Even though the national economy has rebounded nicely in the last few years and the stock market is regularly reaching all-time highs, the unfortunate reality is that there are still millions of Americans who are facing difficult financial challenges every day. For some, the most pressing concern is overwhelming debt. That is where Chapter 7 bankruptcy could help.

Achieving debt relief through non-bankruptcy remedies

When it comes to addressing overwhelming debt, most New York residents will likely examine all possible options. The first steps might include establishing a strict household budget and sticking to it, while paying as much on the debt as possible each month in an effort to bring the balance down. If that doesn't make a dent in the debt balance, some people may try other options, like reaching out to creditors to explain the circumstances of a temporary hardship, hoping to structure some kind of relief from payments or interest charges.

Are balance transfers a good way to address credit card debt?

There are millions of Americans who are dealing with credit card debt. While some of these individuals and families may just focus on paying the minimum monthly payment, there are many who are doing their best to address this debt issue and find healthy financial solutions. For some, part of the solution might be to transfer the balance of one credit card with a high interest rate to another credit card with a lower interest rate. This is known as a "balance transfer."

Bankruptcies come off credit reports after a number of years

Many of our readers in New York know that during the so-called "Great Recession" one of the biggest issues was the when the housing "bubble" burst. As the economy started to crumble at the end of 2007 and into 2008, Americans saw billions in investment holdings disappear. But, it wasn't until the value of homes started to crater soon after, that individuals and families in New York and throughout the country really began to feel the most serious impact of the recession. For millions of people, that meant filing for bankruptcy.

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