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Personal Bankruptcy Archives

When will my debts be discharged after filing for bankruptcy?

Long Islanders who are having financial challenges and have sought relief through filing for bankruptcy might not be fully cognizant of certain basic factors. These are important to understand as the process moves forward. One question that might be foremost in the debtor's mind is when the discharge of debts will take place. Knowing the answer to this foundational question can help the debtor prepare for the future.

Former MLB player files for Chapter 13 bankruptcy

Financial challenges can happen to anyone in New York and across the country. Even those who seemingly had it all with major paychecks, fame and a prominent lifestyle are vulnerable to financial realities and must consider alternatives such as filing for bankruptcy if they are no longer able to make their payments and the debt turns into an endless cycle. For any debtor who has reached the point where it is necessary to find a way to get back on stronger financial ground, it is wise to consider bankruptcy.

Bankruptcies come off credit reports after a number of years

Many of our readers in New York know that during the so-called "Great Recession" one of the biggest issues was the when the housing "bubble" burst. As the economy started to crumble at the end of 2007 and into 2008, Americans saw billions in investment holdings disappear. But, it wasn't until the value of homes started to crater soon after, that individuals and families in New York and throughout the country really began to feel the most serious impact of the recession. For millions of people, that meant filing for bankruptcy.

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.

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.

The benefits of an automatic stay in a bankruptcy filing

Previous posts here have mentioned that New York residents who are facing financial challenges need to weigh the "pros" and "cons" of filing for bankruptcy. While some people may believe that there are more drawbacks to filing for bankruptcy than there are benefits, that isn't necessarily true. One powerful benefit of filing for bankruptcy is an automatic stay on creditor collection efforts.

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?

Helping New Yorkers qualify for personal bankruptcy

Filing for bankruptcy is not an easy decision for most people. Admitting one has gotten into more debt than he or she can handled can be difficult. However, there may be good reasons for starting a personal bankruptcy case, and there are many New York residents who need to use this legal process due to a period of unemployment or unexpected medical expenses. Even so, there are certain requirements that may need to be met for certain types of bankruptcy cases.

Chapter 7 bankruptcy can bring financial relief

There are times when even the most responsible, hard-working individuals in Long Island find themselves in a financial bind. It only takes one large, unanticipated expense that can lead to financial chaos. Those who find themselves in such situations may want to consider filing for bankruptcy.

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