Bankruptcy
How bankruptcy can affect your credit and loan options
Filing for bankruptcy in New York can influence credit scores and borrowing options. The effects often vary depending on the type of bankruptcy, the debts involved and individual financial circumstances. Understanding the potential short and long-term impact may help...
What bankruptcy can do when wage garnishment hits in New York
A shrinking paycheck can make every bill feel heavier. You might already see smaller deposits because a creditor began taking part of your wages after obtaining a court judgment. The loss can feel immediate since you still need to manage rent, groceries,...
Which bankruptcy chapter can help avoid foreclosure?
When New York residents are facing overwhelming debt, they will have a multitude of worries to address. Receiving the endless calls from creditors, comparing income to debt, wondering what the future holds – all can lead to significant stress. Property owners will...
Do I have to give up my possessions in bankruptcy?
When people think about bankruptcy, they may assume that they must give up everything they own in order to have a fresh start. This is not the case, as most people will be allowed to keep certain assets even if they decide to file for bankruptcy. Chapter 7 bankruptcy...
Can student loans be part of a bankruptcy?
After a lengthy reprieve that started in 2020, those with ongoing student loan debt had to resume making their installments in October of 2023. When considering average monthly payments at nearly $300, the additional money going out could create financial problems....
Chapter 13 bankruptcy can help people retain various properties
Job loss, medical emergencies, divorce and overall financial struggles can leave many New York residents wondering how they will make ends meet. When they have fallen behind on their bills, the endless stream of phone calls from creditors can be enormously stressful....
Tips for rebuilding your credit score after bankruptcy
Dealing with overwhelming debt can be extremely stressful. In fact, some people try so hard to claw their way out of the hole and do so for so long that they end up developing deeply set anxiety and depression that impacts nearly every aspect of their lives. If you’re...
What are possible obstacles to a Chapter 7 bankruptcy discharge?
For New Yorkers who are experiencing financial struggles, bankruptcy is often a worthwhile option to consider. People who do not own a home or have significant property that would be liquidated can benefit greatly from the Chapter 7 discharge. Despite its positives, a...
Facts about Chapter 7 and reaffirming debt to keep the property
When New Yorkers have smothering debt they cannot pay back, they think about various solutions to the problem. Some fear bankruptcy amid the belief that it can be permanently damaging. However, bankruptcy is a viable solution to get out of debt and restart a financial...