When an individual files for bankruptcy, he or she may have to liquidate assets to pay off debt. While the liquidation process is an important part of bankruptcy, there are some assets that individuals need to have to survive. Fortunately, the New York bankruptcy code makes certain exemptions that allow individuals to retain ownership of specific assets.
Using bankruptcy to stop or delay foreclosure
If a New York homeowner has received a notice of default from a mortgage lender, it likely means that the lender is beginning the foreclosure process. One strategy to attempt to stop the foreclosure is to file for bankruptcy. However, it may only have a limited impact on whether or not the lender is able to continue with the foreclosure proceeding.
New standard mileage rates now available; business rate to rise in 2015
The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Some debtors still face large credit card debts
As New York residents may know, the amount of credit card debt has changed since 2006. Credit card debt in the U.S. rose until January 2009, when it peaked. At that time, America had been in a financial crunch for about six months. The amount of debt fell sharply until 2010 when it reached a lower point than it was in 2006. While the number of households with credit card debt fell and plateaued, the average debt remained constant.
Removing second mortgage liens during bankruptcy
New York residents who are facing overwhelming debt from first or second mortgages may be interested in one way to find debt relief. One specific legal process may allow a homeowner to remove a lien on their home that is held by the second mortgage creditor.
Personal bankruptcy
Levels of personal debt are high across the nation and many New York residents may be struggling with debt problems. For many people who are searching for a solution to debt problems, debt relief services may seem like an attractive option. However, many of these services encourage customers to file for bankruptcy while labeling their services "debt relief." Bankruptcy is an effective option for dealing with debt but it may not be the best choice for everyone.
