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May 2017 Archives

Filing for bankruptcy to stop foreclosure

Our readers may be familiar with many of the advantages that New York residents will benefit from in the bankruptcy process. Many different types of debt can be addressed, and the financial challenges of unexpected life changes that impact finances can be resolved. However, for some people, there is one main goal when filing for bankruptcy: stop foreclosure.

Addressing credit card debt with a bankruptcy filing

Many people in New York are able to make their monthly credit card payments, even as they carry thousands of dollars in balances on the cards. Maybe they think that they will be in a better financial position to make a full effort to repay the debt later on down the line, perhaps after getting a salary increase or finding a better paying job. In the meantime, they continue to use credit cards for purchases and make every effort to make the minimum payments each month.

What are the most common questions when it comes to foreclosure?

Individuals and families in New York who are facing financial challenges are usually looking for options: Can I increase my income? Can I trim my budget? Can I address my debt situation? The questions and answers are different for everyone, but one financial challenge can be scarier than the rest - the prospect of losing your home in a foreclosure action.

What causes Americans to pursue a bankruptcy filing?

Most of our readers have probably seen the most recent news about the national economy that indicates that things are looking good for the future. However, there are still plenty of people in New York who are facing financial challenges that an upswing in the economy can't help. For many people, the main problem is debt, and excessive debt can lead individuals and families in New York to consider filing for bankruptcy. But, what type of debt is the most common cause of bankruptcy filings in America? According to a recent article, the answer is medical debt.

Answering your questions about bankruptcy filings

People in New York who are on the verge of filing for bankruptcy have usually already faced quite a few financial challenges. For some, the march toward bankruptcy has been years in the making, as credit card debt has piled up and left them with few options. For others, the financial problems have occurred more suddenly, perhaps due to unexpected life changes, like a health condition that results in significant medical expenses or the sudden loss of employment in a struggling economy. Whatever the reason, these individuals and families have arrived at the conclusion that a personal bankruptcy filing is the best option to address these serious financial issues.

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