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.
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.
Since the Great Recession began, most Americans, including those from Long Island, New York, have tightened their belts. The increasing cost of household expenses and unemployment has subjected most people to financial challenges and many are eventually forced to declare personal bankruptcy. However, recent reports confirm that the economy started to improve during the first quarter of 2013.