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.
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.
Bankruptcy is becoming more common among senior citizens. In fact, according to a new report from the Consumer Bankruptcy Project (CBP), the rate of new bankruptcy filings among people who are at least 65 years old has doubled since 2013. The average amount of debt that seniors who file for bankruptcy have is over $17,000.
You have been considering bankruptcy, but you really do not like the idea of liquidating your assets with Chapter 7. You want to keep them. Is that possible if you opt to use Chapter 13 instead?
The point of Chapter 13 bankruptcy is to give you affordable payments to pay off what you owe. These are due on a monthly basis.
Chapter 13 bankruptcy gives you an affordable repayment plan that you can use for the next few years -- typically between three and five years -- to pay back what you owe. Some of your debt may be forgiven, but the goal is repayment instead of elimination.
Every small business owner starts out feeling positive and chasing what many consider the American Dream. They read stories about other companies starting in a garage and growing into an international powerhouse, and they can't help but hope for that type of success.
Bankruptcy feels like a personal matter, but you really want to think through all of the potential ramifications in advance. You're worried that your employer may find out that you filed and then terminate your position.
When debating between Chapter 7 and Chapter 13 bankruptcy, you may be deciding if you want to have your debt forgiven after liquidating assets (Chapter 7) or if you want to pay the debt off through a repayment plan (Chapter 13).
You may have heard Chapter 13 bankruptcy referred to by its nickname: the wage earner's plan. If you ever wondered why it got this nickname, it actually tells you quite a bit about how the process works.