Owning a home continues to be one of the primary American dreams. For this reason, most homeowners attempt to protect their home at all costs. When financial challenges occur and homeowners face the risk of foreclosure, this can be an exceptionally frightening and stressful time. Homeowners not only fear the loss of what is probably their biggest investment but also their family's home, a place where special memories were made.
Financial challenges are always tough for New York families. Worrying about which bills to pay, dealing with the harassment of debt collectors and creditors, and trying to find ways to improve their financial outlook can all take a serious toll of families' sense of security and peace of mind. The risk of foreclosure generally ratchets the stress and pressure up considerably, however, because people fear losing their home, which is often their greatest investment.
Nearly every Long Island resident likely knows that bankruptcy exists as a form of debt relief. Many people probably fail to consider Chapter 7, however, because of stories they may have heard or their own fears about what the process will look like for themselves and their families. It is important to remember, though, that when you are struggling with crushing debt and severe financial stress, Chapter 7 bankruptcy can be an especially effective way to get a fresh financial start.
Even though the recession has technically been over for a while now, residents of Long Island, New York, continue to deal with the fallout. Homeowners who find themselves struggling with financial challenges often face the risk of foreclosure, especially when they are unaware of debt relief options or banks are unwilling to work with them. Unfortunately, foreclosure is a result that benefits no one. New York residents who find themselves in this situation should investigate their options for foreclosure defense, both for their own benefit and the benefit of their neighbors.
Although the recession may officially be over, many New York residents and others across the country are still dealing with the lingering effects and continued financial challenges. Many people struggle for a short time and then regain their financial footing, while others seem to fall further and further behind as the result of snowballing, unfortunate circumstances. When debt rises and people are unable to make their monthly payments, may find themselves dealing with harassment and stress from a collection agency.
When business owners encounter financial challenges, they often face a large amount of stress and many decisions that need to be made. For business owners who have multiple locations, it may be only a single location that is struggling, or at worst it is the chain as a whole. Some business owners may decide to simply close their doors, even though this may not be the only option. But, for many businesses, Chapter 7 bankruptcy could be a potential solution that they did not initially consider.
Since the recession and financial crisis began in 2008, many New York residents have faced a wide range of financial challenges and setbacks. People have experienced job loss or reduced hours and extended unemployment, which frequently cause difficulty in paying bills. Homeowners have had to worry about losing their homes when the mortgages become too expensive and their homes are no longer worth what they were when they bought them. Foreclosure was a real and imminent concern for many people.