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August 2016 Archives

It may be possible to rebuild your credit after bankruptcy

With over 1 million individuals and businesses across the nation filing for bankruptcy in 2013, bankruptcy may no longer be something individuals in Long Island avoid doing when their debts have spiraled out of control. Bankruptcy offers a means to settle these debts and regain control of your finances. And, while it may seem that filing for bankruptcy will affect your credit forever, this is not true. Although filing for bankruptcy will impact your credit for a number of years, there are ways to rebuild your credit after filing for bankruptcy.

'Surprise' medical expenses are an overwhelming burden for many

Dealing with a major illness or injury is something that most people in New York find distressing. However, even after treatment, the stress can come back to haunt one financially in the form of "surprise" medical expenses.

Foreclosure numbers are falling, but not for all in New York

The 2008 financial crisis was an economically tough time for homeowners across the United States, with many of them facing foreclosure on their homes. While the foreclosure rates have since gone down in many states, the Mortgage Bankers Association reports that New York still has the second highest rate of foreclosures at 4.6 percent in the first quarter of 2016.

What can an automatic stay do to help debtors in Long Island?

Sometimes a person in Long Island finds him or herself in a position where he or she is overwhelmed with debt. The stress of even trying to figure out how to pay for one's daily living expenses is compounded when one is facing foreclosure, having their wages garnished or having their utilities turned off. What debtors may not realize, however, is that there is a way to stop such actions: the automatic stay that is set off once the debtor files for either Chapter 7 or Chapter 13 bankruptcy.

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