Debt Relief

There are many ways in which New York residents could find themselves in a big financial hole. Spending on credit cards can quickly spiral out of control with interest charges and late fees, for example. Moving money around to pay…

There are many ways to gauge the nation’s financial health. One of these measures is the average household credit card debt. This is thought to be a good way to view the level of financial health among our country’s households…

Many Long Island residents are struggling with debt, but some of the worst problems are borne by the young, working poor who have been saddled with debt from health care costs and student loans. These people are seriously in need…

New York residents are probably familiar with the growing problem of student loan debt. The cost of education keeps going up, and many graduates are finding that there aren’t enough well-paying jobs available to help them pay off their loans…

To those who are struggling with overwhelming debt, personal bankruptcy seems like anything but a laughing matter. But apparently some people think otherwise. Recently, the news websites Boston.com and Breitbart.com ran stories erroneously reporting that Nobel Prize-winning economist Paul Krugman…

A financial industry report recently noted that delinquent payments on credit cards appear to be falling to their lowest levels in 15 years. The American Bankers Association report said that the delinquency fell to 2.47 percent in the fourth quarter…

Consumer advocacy groups in New York and across the country have long warned of the “debt traps” posed by payday loans. Certain practices by short-term lenders, they say, are designed to send borrowers who really need debt relief into a spiral of…

Filing for bankruptcy is a step that people from any socio-economic background can consider if their liabilities are greater than their assets. Whether the individual involved is a millionaire, is struggling from one paycheck to the next or has suffered…

The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction AlternativeSM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification…

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on…