Chapter 13

Many people living on Long Island, in Brooklyn or in other parts of New York City and the surrounding areas may have a second or third mortgage on their homes. New Yorkers take out these mortgages for a number of…

Many people who live on Long Island or Westchester County may start exploring bankruptcy because they are facing the prospect of losing their homes in foreclosure. Indeed, the thought of losing one’s residence can cause a great deal of fear and emotional…

Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in several important ways. One of those differences relates to the bankruptcy filers’ abilities to use their own income to pay off their debts. If a Long Island resident has some disposable…

Individuals usually decide to declare bankruptcy after they have exhausted all other financial options. Bankruptcy allows people a fresh financial start, but with a cost. To satisfy as many outstanding debts as possible, banks may require an individual to liquidate…

Your only form of transportation. Your grandmother’s jewelry. The house you and your family grew up in. These are some of the assets that people with extreme debt may fret about losing to foreclosure, repossession or bankruptcy. But there is…

You’re getting calls or other notices from a creditor or collection agency on a debt they say you owe. However, you don’t see it on your credit report. They must be mistaken, right? Not necessarily. Although most companies report consumers’…

You were living within your means. You were able to pay your bills every month, buy groceries and gas and keep up with the minimum payments due on your credit cards. However, you didn’t have much left over at the…

Chapter 7 is traditionally associated with personal bankruptcy filings. However, in some cases, businesses can file for Chapter 7. It depends on how the business is structured. Sole proprietorships are considered legal extensions of their owners. However, Chapter 7 can…

You’ve made the decision to file for bankruptcy, or maybe you’ve already begun the process. While the bankruptcy will impact your credit and your life for a while, it will also give you a fresh start. It’s essential to make…