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June 2016 Archives

Be wary of debt negotiation programs in Long Island

For the many individuals in Long Island struggling under a mountain of debt, searching for a way out can seem impossible. In situations like these, debt negotiation programs, also known as debt settlement companies, may seem like the way out of one's problems. However, DNPs often do more harm than good.

Late-night TV show host wipes out millions in medical debt

Residents of Long Island may be familiar with the work of "Last Week Tonight" television host John Oliver. In one recent episode regarding the debt-buying industry -- an industry that brings in billions of dollars -- Oliver cancelled over $14 million of medical debt for almost 9,000 individuals.

What makes a debtor eligible to seek Chapter 7 bankruptcy?

Facing overwhelming debt can take over every aspect of an individual's life. The stress of constant calls from creditors, threats of repossession, the possibility of foreclosure, and simply being unable to meet one's monthly living expenses may make debtors in Long Island wonder if they have any means of debt relief. For those who are struggling with overwhelming debt, one form of debt relief they may want to consider is Chapter 7 bankruptcy

Facing foreclosure? You may still have options

There are many reasons why a homeowner in Long Island could be facing foreclosure, and many of these reasons are beyond the homeowner's control. For example, predatory lending played a major role in the foreclosure crisis, and many people could not anticipate that the value of their home could drop so significantly that the amount they owed on their property far exceeded the property's worth.

New York expands program aimed at avoiding foreclosures

Owning your own home is certainly the American dream, but some individuals in New York they may have found that factors outside their control have affected their finances, making it difficult for them to pay their mortgages. However, the state recognizes this problem and has taken action to help residents seeking mortgage modifications.

What happens during Chapter 7 credit counseling?

In a post a couple of months ago we discussed how Long Island area debtors who want to file for bankruptcy must complete a credit counseling course prior to filing, and must complete a debtor education course before their debts will be discharged. This week we will go into the specifics of each of these requirements and discuss what will be covered in each type of course.

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