Making the decision to file for personal bankruptcy should not be taken lightly. Declaring bankruptcy can have long-term financial consequences. However, for some New York residents, it can make funds available to take care of necessary expenses. Some of the people who may benefit the most from bankruptcy are couples who were recently separated or divorced, senior citizens and the unemployed.
Many New York residents know that credit card debt can become overwhelming. Using a credit card wisely, authorities say, is a way to purchase what is needed even when cash is low. The importance of knowing and restricting purchases to an amount that is repayable makes the difference between good buying habits and crushing debt.
Long Island residents who are struggling to make payments on their credit card debts or mortgage may be interested in how a Chapter 13 bankruptcy can help. This bankruptcy type has many advantages and allows manageable payments to be made over a period.
According to a study released on July 29 by the Urban Institute, 35 percent of Americans have debt that has gone to collection. The study reportedly looked at 7 million credit profiles and found that a large number of those in debt lived in southern states such as Georgia, Kentucky and Alabama. For an account to go into collections, it has to be 180 days or more past due.
As we have written about before on our personal bankruptcy blog, one of the most bedeviling types of debt for consumers is student loan debt. This is because it can be very difficult to wipe out student loan debt in bankruptcy, unlike other forms of debt such as credit card debt. As a result of this difficulty, there has been a lot of discussion in the halls of Congress and in the White House about how to relieve some of the pressure people feel with student loan debt -- which, these days, can easily reach $100,000 or more.
For many people, filing for personal bankruptcy can serve as a financial fresh start. It can be a real relief to know that by filing for Chapter 7 or Chapter 13 bankruptcy, the worries that might develop from worrying about large amounts of credit card debt or about losing the family home can be put to bed.
Being in debt is stressful. When you’re behind on bills and credit card payments, your debt sometimes get sold to third-party collectors, who begin calling you constantly. If you missed or did not get a notice that your debt was being sold, you may have no idea who is behind these harassing calls meant to collect money from you.
There are many ways to gauge the nation's financial health. One of these measures is the average household credit card debt. This is thought to be a good way to view the level of financial health among our country's households across the board. But is this measure really as accurate as it's made out to be?
The recent mudslide in Washington state that killed more than two dozen people and injured many more will have a big impact for years to come. Many families lost loved ones, not to mention many treasured possessions, and dozens homes and vehicles were destroyed. The mudslide was tragic for many on a personal level, and the financial heartache that many people are experiencing makes it all the worse.
Long Island residents might need to put some of their expenses on credit cards. While this is not problematic in and of itself, unchecked spending on credit cards can put some people in a precarious financial situation.