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Are You the One in Five People Whose Medical Bills Might Lead to Bankruptcy?
With an estimated 20 to 30 million more Americans likely to get health insurance under the Affordable Care Act or “Obamacare” launching in full in 2014, medical economists caution that financial problems because of healthcare are not going to disappear, even if they are lessened. Copays and deductibles under legitimate insurance plans can still add […]
Technical and Emotional Preparation for the 341 Bankruptcy Meeting of Creditors
No one plans far in advance to file for bankruptcy. But whether it is a Chapter 7 filing liquidation of assets (minus the generous exemptions allowed under New York bankruptcy law) or reorganization under Chapter 13, a bankruptcy can be the solution to financial problems that build over time. Many bankruptcies, however, do come from […]
Difficult Choices for Homeowners Following Hurricane Sandy
In many ways, the storm was the simple part. When Hurricane Sandy blew into the greater New York area in October 2012, it took barely a day to wreak $65 billion worth of damage. But the financial challenges of Sandy linger more than a year after its brief moment. Many businesses were destroyed and never […]
Can and Cannot: Debts That Can Be Discharged Through Bankruptcy
In addition to immediate protection from garnishment and collection efforts made by creditors, bankruptcy provides tools for discharging or reorganizing your debt. Using the method right for your financial picture helps you get back on your feet financially. With Chapter 7, debt not paid off using funds from liquidated property is eliminated through discharge. In […]
What Can You Keep When You File Bankruptcy?
For many people unable to pay their bills, bankruptcy is the only reasonable option to restore some kind of financial stability. Most people worry about the possessions they will lose in the process. When you file bankruptcy, what can you keep? The answer is more than you think, depending on the type of bankruptcy you […]
Understanding the Bankruptcy Option Right For You
Bankruptcy is a smart option for those facing bills that realistically will never be paid. Understanding the need for consumers to get a fresh start after financial hardship, legislators created options to help you recover financial health. Two of those options are filing for protection under Chapter 7 or Chapter 13 of the U.S. Bankruptcy […]
Fact and Fiction: Myths about Bankruptcy
If you are considering bankruptcy as an option, you need to separate fact from fiction. Consider these points: Fiction: Changes in the bankruptcy law in 2005 made filing for bankruptcy impossible. Fact: Legislative changes to the U.S. Bankruptcy Code in 2005 were made to respond to allegations that too many people were using bankruptcy petitions […]
The Benefits of Bankruptcy
Bankruptcy is a powerful option to help you regain secure financial footing. If you are facing expenses and bills you cannot pay, understanding what bankruptcy has to offer is important. Consider these advantages of filing for bankruptcy: Immediate relief from collection attempts is a primary benefit of filing for any type of bankruptcy. Upon filing […]
Can a Short Sale Reduce Your Taxes and Save Your Credit Score?
The work of a Bronx short sale attorney might appear to be somewhat grim. In fact, however, such lawyers are problem solvers ― short sales help distressed homeowners find smart, livable solutions to the challenges of mortgages that are underwater and no longer affordable. The bottom line on short sales is they provide a fresh […]
Chapter 7: Eligibility And The Means Test
In 2005, significant changes to the U.S. Bankruptcy Code were made to reduce the number of people eligible to file for Chapter 7 bankruptcy, the most commonly filed form of debt relief. Part of the reasoning behind the legislative change was the belief that too many people were using Chapter 7 to obtain easy or […]
