New York homeowners with second mortgages may want to know about a case being discussed by the Supreme Court regarding how bankruptcy should affect the status of "underwater" second mortgages. The case involves allegations that the current system, which is governed by the precedent established by a 1992 Supreme Court decision, allows the lien holders of second mortgages to prevent some borrowers who have declared bankruptcy from avoiding foreclosure.
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.
Financial challenges are part of the daily lives of Nassau County, New York, residents. Some may be facing insurmountable debts stemming from student loans, unpaid credit card charges, personal loans or medical expenses. These debts weighing down New Yorkers may not have been the result of poor decision making. A sudden twist of fate or unexpected life changes can simply drive a person into huge debt. The only question left: Is there a way out of these financial challenges?
Some debts can be good, while others can be bad. Generally, debts should be paid on time and local Nassau County, New York, residents know that failing to repay debts in a timely fashion can result in serious financial challenges, huge interest rates, creditor harassment and low credit scores.
Anyone can be subject of financial challenges. Residents of Long Island, New York, are not exempted as their financial footing can be affected by numerous reasons such as unemployment, serious medical condition and major life changes such as divorce. Getting back on track may be difficult if a debtor chooses to give up, rather than finding a solution to the problem.
Showing how easily debt in uncertain times can overwhelm even the famous, just three years after his wife filed for divorce, singer Eddie Montgomery of the country duo Montgomery Gentry has put up his restaurant and house for sale.
As the New Year ushers in, many people on Long Island, New York are making a list of goals to accomplish and bad habits to eliminate. While more people are concerned about their career and health, they should also look into their financial wellness and think about bad money habits, which could result in bankruptcy.
Relying on credit cards to cover most needs is not a good decision. Many Americans, including those here in Long Island, New York, have filed for bankruptcy because of credit card debts. In fact, 32 percent of those who filed for bankruptcy cited credit card debt as the reason they did so; 13 percent said it was because of home foreclosure, and 12 percent said it was due to job loss.
Overspending during the holidays leaves some people grappling with a pile of unpaid debts, a fact that New Yorkers should be mindful of this time of year. Some people only learn the hard way and spend years paying that debt off. The best way to deal with the problem is to look at the underlying realities and then make smarter decisions.
On Long Island, New York, it can sometimes be difficult to address the financial needs of the family. When unexpected financial expenses such as medical bills strike, many New Yorkers have no choice but to take out a loan. For families with limited income, staying current with the payments can be a burden.