How Bankruptcy Can Stop Foreclosure in New York
If you cannot afford your monthly mortgage payments on your New York home, the lender will eventually begin foreclosure proceedings to collect the debt. If you don’t act in a timely manner, you could lose your home, and your credit score will tank. This will make it difficult to buy or rent another property in […]
10 Things That Happen When You File Chapter 7 Bankruptcy in Yonkers NY
Bankruptcy helps people who can no longer pay their debts get a fresh start. Once you file bankruptcy in Yonkers NY, it sets off a chain reaction of events. Some of these events are designed to protect you, while others are designed to protect your creditors. Knowing how the process unfolds will help you prepare […]
Why Every Bankruptcy Case Gets a Trustee
When navigating the bankruptcy process, you may come across the term “bankruptcy trustee.” But what exactly is a bankruptcy trustee, and what role do they play in the bankruptcy proceedings? Let’s shed light on the crucial role of a bankruptcy trustee, their responsibilities and their impact on the bankruptcy process. Understanding this information will help […]
How Does Filing Chapter 7 or Chapter 13 Bankruptcy Affect Your Credit
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. If you are unable to manage your debt, you can file Chapter 7 or Chapter 13 bankruptcy. While this may not be the ideal outcome, bankruptcy stops creditors from taking action to collect their debts and repossess […]
Consumer vs Non-Consumer Debt in Bankruptcy in White Plains NY
Consumers ended 2021 with record levels of debt, according to data released from the Federal Reserve’s New York district. Consumer debt stood at $15.6 trillion, with a large chunk coming from mortgages. Credit card balances and auto loans also increased, though student loans saw little increase. So what is consumer debt, exactly, and why is […]
Top 7 Reasons Why People File Bankruptcy in New York
The number of bankruptcy filings in the United States has steadily increased over the last century, with all-time highs in 2005, when more than 2 million cases were started. In that year, one out of every 55 households filed for bankruptcy. While bankruptcy filings have decreased since then, roughly 1.5 million people still file bankruptcy […]
The Do’s and Don’ts of Filing Bankruptcy in New York
If you are having trouble paying your bills, bankruptcy might be the solution you’re looking for. But before you start the process, it’s important to know some do’s and don’ts to make sure that the process moves smoothly. For example, certain decisions you make, such as transferring a house into another family member’s name, can […]
When is Bankruptcy the Best Option
Most people aren’t thrilled to file bankruptcy, but it can be the solution you need when you’re overwhelmed with debts. If you’re having trouble paying your bills, the first step is to speak with an experienced bankruptcy attorney in New York. They will look over your finances and bills and determine if bankruptcy is the […]
Are Auto Loans Forgiven Under New York Bankruptcy?
If you’re thinking about filing for bankruptcy in New York, you probably have concerns over what’s going to happen to your vehicle. You need your car to get to and from work, so it’s important that you have a plan of action for this asset. Fortunately, most people are able to keep their car and […]
Should I File Bankruptcy Before Marriage or After?
When you’re getting married, the last thing you want to talk about is each other’s financial struggles. But it’s an important topic to discuss, as your partner’s finances will become yours, and vice versa. While some debt is okay, it shouldn’t exceed 36 percent of your monthly gross income. People who have debt that’s higher […]