When a New York debtor decides to file for Chapter 7 bankruptcy, the first step is preparing the information that the court requires. This includes a list of all creditors with the nature and amount of debt and an explanation of the nature and amount of the debtor's income. The court will also require a list of all property that the debtor owns and a detailed list of living expenses. If the debtor is married, the court will need all of the same information from the spouse as well. All of this information allows the court to accurately evaluate the debtor's financial position.
New York residents who are struggling with debt may be interested in some information on Chapter 7 bankruptcy and the eligibility requirements for filing. By filing for Chapter 7, a person may get a fresh financial start to their lives.
Unpaid medical bills will be the number one cause of personal bankruptcies in the United States, despite the implementation of the federal Affordable Care Act, according to a 2013 NerdWallet Health study. The ACA will increase the numbers of people who will have health insurance, but many medical costs are not covered by insurance policies.
As most New Yorkers know, debts are neither inherently good nor inherently bad. If they pay bills on time and pay off credit cards each month, then debtors can avoid acquiring debts that are difficult to pay off. Failure to pay on time, however, not only results in higher interest rates but also leads to creditor harassment from third-party collectors who dog the debtor to pay his or her debts.
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.
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.
Many people on Long Island, New York believe in the old adage that says health is wealth. However, rising medical costs can be a serious issue that can land a person in a pile of debt. In a report by the National Patient Advocate Foundation in the United States nearly two-thirds of bankruptcy filings are a result of medical debt.
Many Americans, including those from Long Island, New York, have been struggling with their personal finances since the Great Recession. The Great Recession began in 2009 and many people are still dealing with financial challenges due to unemployment, debts and the high prices of commodities.
Many Americans, including some from Nassau County look at agriculture as a profitable venture. However, just like any other business, farming has its ups and downs. When pests and natural calamities strike, farmers are more likely to encounter financial challenges. Because their business ventures, which are their farms, are often attached to their houses, farmers who are struggling with debts are in danger of losing not only their business but also their home.
New Yorkers know how credit cards benefit their lives. A single swipe of the plastic allows cardholders to buy what they want, whenever they want. While credit cards are a convenient way to buy goods and services instead of having to use cash, people often make mistakes when using their credit cards, which can result in a great deal of debt. For Long Islanders who end up saddled with overwhelming debt, credit cards are dangerous things that may bring long-term consequences, such as creditor harassment and financial challenges.