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March 2017 Archives

Stopping a foreclosure with a Chapter 13 bankruptcy filing

As a recent post here noted, many New York residents are still facing problems meeting their monthly mortgage payments, even as the national housing markets rebounds from the depths of 2007 and 2008. Thousands of people face the prospect of a foreclosure action, and the potential result of losing their homes. However, what many people may not know is that there are ways to confront a foreclosure action head-on. And one option is filing for Chapter 13 bankruptcy.

What is the timeline in a foreclosure?

Although many New York residents were able to make it through the economic turmoil of the last decade in fair financial shape, the reality is that there are still many people who are struggling. All indications are that the national economy and housing markets are on the upswing, but that doesn't mean that everyone gets to share in the benefits. Some New York residents may still face the possibility of a foreclosure on their home.

What steps should you take to address debt and bankruptcy?

Many New York residents are facing a problem that millions of other Americans throughout the country are also facing: debt. Whether it is student loan debt, credit card debt, mortgage debt or some combination of multiple types of debt, this is a financial challenge that many people are trying to find a way to deal with. So, what steps should New York residents take to address debt and potentially bankruptcy?

U.S. residents have rising credit card debt vs. savings ratios

One way to measure the health of an individual or household's financial health is to look at the ratio of debt to savings. This is especially true with credit card debt, as the high-interest rates often mean the debt continues to grow even while some payments are being made. Savings, on the other hand, points to a certain capacity to weather financial problems, like unexpected medical expenses or other costs, which have not been planned for. Unfortunately, it seems that Americans are increasingly likely to have more high-interest debt than savings to cover such debt.

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