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May 2014 Archives

Debt collectors may try to take your Social Security

Let's say that you are older and have retired, that you have some sort of disability that hampers your work, or that a work injury has made it impossible for you to work for a period of time. In any of these scenarios, the individual could receive Social Security payments, may they be supplemental income payments or disability payments or other income from a pool that you have paid into over many years.

The pros and cons of filing for bankruptcy

One of the cases made against filing for bankruptcy is the damage it inflicts on the individual, both financially and personally. In some regards, this is true. It's hard to argue that bankruptcy isn't a stressful time that will cause the individual filer to feel anxious and nervous about his or her future. A bankruptcy will also cause someone to lose some of their unprotected assets through liquidation if the filer chooses a Chapter 7 filing; or to have the bankruptcy reflected on their credit score for a decade in the case of a Chapter 13 filing.

Student debt greater than credit card, auto debt in US

One of the major issues of our time is the rise of college costs and the resulting debt that many graduates leave school with. Tuition, supplies, living costs -- these are just a few of the major financial burdens that are placed on young people and their families, looming over them and causing them stress all while they are trying to study and get an education.

Credit card debt poll shows declining card use

Credit card debt has always and will always be an issue for people all around the country. There are plenty of Long Island residents that have struggled with credit card debt before, and there will plenty more in the future. It's just the way credit works, unfortunately. Thankfully though, there are effective strategies to get out of debt for those in need.

reaffirmation agreements of mortgages- beware!

A reaffirmation agreement is a doctrine set forth in the Bankruptcy Code that basically binds a debtor who could otherwise discharge an obligation o reaffirm and have that obligation survive the bankruptcy.  The Bankruptcy Code requires the reaffirmation of debt secured by personal property.  The failure to do so could result in its return to the creditor.  That is most often seen in the context of a continuing car loan that a client will reaffirm and agree to repay beyond the bankruptcy discharge and that the Debtor will remain liable on that obligation regardless of obtaining a bankruptcy discharge.

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