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.
Options for debt relief are available to consumers through different bankruptcy methods intended to meet the different needs of consumers facing financial challenges. In another part of New York, bankruptcy filings recently increased nearly 10 percent when compared to the same time period one year ago. Bankruptcy filings increased from 161 cases to 177 cases. Chapter 7 bankruptcy filings accounted for 138 of the filings. In addition, 38 Chapter 13 bankruptcy petitions were filed and one Chapter 11 bankruptcy filing was also included in the number of filings.
Individual consumers experience financial challenges all the time. Many people think that businesses or companies are immune from such challenges because they have greater assets, as well as potentially greater access to financial resources. However, running a successful business is difficult and it is not at all uncommon for a business owner to find herself in the position where she is burdened by severe debt. In these cases, Chapter 7 bankruptcy could be a helpful solution.
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.
Even though many people would prefer to have little debt, the reality is that there are many ways that debt can quickly pile up and begin to cause you considerable stress and hardship. Medical debt is one of the common culprits of financial challenges because medical bills can be exorbitant and many people find themselves unable to work for a significant period of time after a medical emergency. While it is easy to feel overwhelmed and think that there is no solution, this is not true. In fact, in the majority of cases, there is not only at least one solution but a range of non-bankruptcy remedies that have the potential to provide valuable debt relief.
For people in Long Island and throughout New York, there's no way to be prepared for the curveballs that life often throws. Whether it's unemployment, an unexpected medical issue or simply making mistakes with one's finances, there are many ways in which financial challenges can arise. Chapter 13 bankruptcy is a useful tool to get back on better financial footing while simultaneously saving one's home from being foreclosed upon.
When homeowners struggle with serious financial challenges and find themselves at risk of losing their homes, they often search for any way possible to stop foreclosure. Unfortunately, the desperation and helplessness experienced by many homeowners facing foreclosure make them targets for mortgage fraud or foreclosure fraud. The incidents of mortgage and foreclosure fraud have increased in recent years, often taking the form of short sale scams or foreclosure rescue and loan modification scams.
When financial challenges arise or things like unemployment suddenly occur, people's lives can be turned completely upside down. Many people do not have significant savings, so even a slight decrease in the income that was expected can wreak havoc on a budget and create serious problems. For many people struggling with insufficient income to meet their monthly financial obligations, one of their first concerns may be how to stop repossession of their vehicles. While bankruptcy can provide protection against repossession in some situations, there are also legal limitations on a creditor's rights when it comes to repossession of vehicles.
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 people find themselves in the midst of serious financial challenges, it is easy to think that there is no effective solution. That is oftentimes untrue, however, as there are a range of options and debt relief solutions that can help with repayment and liquidation of debt. For people who can count on regular income, Chapter 13 could be a viable solution as it provides for adjustment of the individual's debt and does not require liquidation of assets.