Both Chapter 13 and Chapter 7 bankruptcies give New York residents a clean slate upon which to build a secure financial future. A Chapter 7 filing can also help debt-strapped people get out from under some of their tax obligations. This is a perfectly legal approach to discharging or minimizing tax debt, as long as the government does not believe that you are attempting to evade your tax obligations unlawfully.
For most people, the thought of filing a Chapter 7 bankruptcy is frightening. The process is shrouded in a great amount of negativity, and although some of the negativity is true, some of it is false. We have found that once people weigh the negative consequences against the positives, most of them feel better about the prospect of a Chapter 7 filing.
Some of the things that truly matter in life often come with a slew of myths and misconceptions. Chapter 7 and Chapter 13 bankruptcies are no exception to this concept. Many of the ideas about bankruptcy that frighten Long Island residents are not true. To make the best financial decisions and find the right way to clear your debt, it is crucial to investigate all of your options before choosing a path. This includes any of the myths surrounding Chapter 7 and Chapter 13 bankruptcy.
While it may be possible to logically assume that your financial stability is going to be strong or weak according to various circumstances in your life, you can never predict with 100 percent certainty what lies in store for your financial future. Life takes twists and turns, sometimes quite suddenly and unexpectedly. If a situation arises that throws you for a loop regarding expenses, your budget and ability to pay back debt, it might be more challenging than you think to get things back on track.
Living as a senior citizen in New York can be enjoyable for so many reasons. It can also be quite scary if your financial situation is in ruins. Just because you've worked your entire life doesn't mean that your finances will be in good shape. It all depends on how you handle your finances and credit. Let's take a look at bankruptcy as a senior citizen so you can determine if it's right for you.