Debt burdens can be overwhelming and stressful in the daily lives of many individuals. The potential good news is that personal bankruptcy options are available to help individuals struggling with debt to enjoy debt relief. In addition, there are different types of personal bankruptcy for different circumstances and situations both with the goal of allowing the filing party to enjoy a fresh financial start.
Experiencing severe financial challenges can be one of the most stressful times in your family's life. Not only is your security and peace of mind at stake, but you may also face the very real risk of losing your most significant investment: your home. Even though the situation can seem quite bleak when you are in the middle of it, there are actually a range of legal solutions that can help to stop foreclosure and get you back on solid financial footing.
Successfully managing one's finances can be one of the most difficult parts of adulthood. Even people who make smart financial decisions, plan ahead and accumulate savings can experience financial challenges when unexpected hardships strike, such as job loss, medical issues or other unforeseen disasters. Although bankruptcy law does provide a way for people struggling under severe debt burdens to get a fresh financial start, filing for bankruptcy can be more difficult than many people realize, and even completely out of reach for some.
The reasons why Long Island residents consider filing for personal bankruptcy are varied and diverse. In many cases, a person's need for bankruptcy takes him or her by surprise because the events leading up to the bankruptcy are completely unexpected. Filing for bankruptcy - despite being a difficult decision - can be very beneficial for people who are suffering severe financial hardship prior to filing and desperately need debt relief and a fresh start.
New York debt relief is a complicated topic. There is no perfect form of debt relief. Instead, there are many different types of debt relief, including both bankruptcy and non-bankruptcy remedies. Within the range of possibilities, not every type of debt relief will be appropriate for every situation. Choosing the best type of debt relief generally involves a consideration of the individual or entity seeking debt relief, as well as the debt situation itself. For example, businesses commonly take advantage of Chapter 11 bankruptcy when seeking debt relief, while individuals more commonly file under Chapter 7 or Chapter 13.
Credit cards can be a great financial tool for New York residents who need to make a large purchase or cover the expenses associated with an unexpected emergency. Unfortunately, however, credit card debt can quickly snowball, creating significant financial hardships for consumers. Many people struggling with high levels of credit card debt face creditor harassment, late fees and interest rates that can make paying off a balance seem impossible. In some cases, extreme levels of credit card debt can lead to filing for bankruptcy.
Severe financial challenges can easily send the most thoughtful and intelligent people into a cloud of confusion. When struggling under the weight of snowballing interest, missed payments, creditor harassment and insufficient income to meet debt obligations, it is very hard to see the light at the end of the tunnel--or to develop a strategy about how to get there. For many people, the focus becomes immediate: how to survive, how to stop repossession, how to stop foreclosure.
When New York consumers are struggling under crushing amounts of debt, it can feel as if there is no way out. Dealing with the harassment of bill collectors or problems related to wage garnishments can make the situation even worse for those already worried about how to make ends meet. Many consumers and families would benefit from a greater understanding of personal bankruptcy, a very valuable debt relief tool which can stop foreclosure or result in more manageable payments.
When New York residents consider filing for bankruptcy, they often have many questions about the process. It is important to understand that filing a petition for Chapter 13 bankruptcy requires the filer to provide a significant amount of information and evidence to the bankruptcy court in support of the petition.
One of the cases made against filing for bankruptcy is the damage it inflicts on the individual, both financially and personally. In some regards, this is true. It's hard to argue that bankruptcy isn't a stressful time that will cause the individual filer to feel anxious and nervous about his or her future. A bankruptcy will also cause someone to lose some of their unprotected assets through liquidation if the filer chooses a Chapter 7 filing; or to have the bankruptcy reflected on their credit score for a decade in the case of a Chapter 13 filing.