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.
Long Island residents are aware of how medical expenses increase their financial stress. That is particularly true for the retired, who may suffer financial challenges due to out-of-pocket medical expenses.
The Affordable Care Act, commonly known as Obamacare, will soon mean that millions more in New York and the rest of the nation will be covered by health insurance. Unfortunately, that does not always mean they will be protected from the burdens of huge medical bills.
Many Long Islanders may have heard of studies showing that medical expenses are the leading factor behind personal bankruptcy filings in America. A new study takes that sobering statistic in a new direction. The study, published in the journal Health Affairs, found that Americans diagnosed with cancer were more than twice as likely as cancer-free Americans to file for Chapter 13 or other forms of bankruptcy protection. That held true even for patients with health insurance.