Many New York residents who are struggling with debt file for Chapter 13 bankruptcy. This plan allows people to keep major assets, such as their cars and homes, while repaying creditors over a period of 3 to 5 years. In some cases however, circumstances change and a debtor may decide that it is best to convert their bankruptcy to a Chapter 7.
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.
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.
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 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.