As a New York resident who is simultaneously suffering from financial struggles while also having a high net worth, you may be wondering what options are available to you. In certain cases, your net worth may be so high that traditional or common bankruptcy options aren't available to you. Macco & Stern, LLP, are here to introduce Chapter 11 bankruptcy and what it can do instead.
If you feel submerged under a pile of never ending medical bills, you are not alone. Millions of Americans feel as though they will never escape the burden of medical expenses. In a number of cases, these overwhelming medical bills lead to bankruptcy. A study performed by Kaiser Family Foundation found that one in every three people in the United States has trouble paying for their medical expenses. Approximately 21 million are continually paying off credit card debt associated with medical expenses and another 28 million have run out of money in their banking accounts while making payments. In fact, 62 percent of people who file for bankruptcy in the nation indicate medical debt as the reason for their filing and financial demise.
Before you file for bankruptcy in New York, you might want to investigate and plan how you will use the experience to make your financial future more secure. This is actually exactly what bankruptcy is set up to do - to allow consumers to break free of debt that holds them back so they can make a true fresh start. It may take some time to climb the ladder to the top of the credit ratings but the amount of time involved may be far less than you may fear if you take the right steps.
As a New York resident who is facing unexpected money troubles, you're well-aware of just how quickly a person's financial situation can change. Macco & Stern, LLP, is here to help you as you face your financial situation and work to right it.
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.
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.
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.
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.
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.
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.