Starting in the 1980s, 401(k) plans rapidly become one of the most popular retirement savings vehicles for workers in New York and elsewhere. The concept grew to replace the corporate pension because it became more common for workers to move between industries instead of work in just one company. Here’s how they work, if you …
401(k) Loans Can Put New Yorkers Deeper into Debt Read More »
At some point, if it believes it will never be repaid, the original bank that makes a loan will sell it to a debt collection company. The loan will be bundled with numerous other ones in the sale, and the price will be a fraction of the total value of the loans. In one example, …
How to Deal with “Zombie Debt” Collectors in New York Read More »
People who file New York bankruptcies often have a lot of credit card debt, auto debt secured by their cars, and mortgage debt. Some people, though, own their houses outright or at least have significant equity in them. In these circumstances, the equity can be placed into the bankruptcy estate and sold to the creditors …
How to Handle the “Exclusion of Gain from Sale” in New York Bankruptcy Read More »
Many New Yorkers have difficulty with auto loans. In some cases, the car’s value has depreciated significantly, making resale difficult, and in others the car was over-financed to begin with, which is more common when the dealership plays the role of lender as well. Unlike the underwater mortgage, the bankruptcy code offers solutions that are …
How to Use Bankruptcy to Reduce Auto Loan Payments in New York Read More »
On October 24, 2011, The Federal Housing Finance Agency released a PDF file detailing the changes to the Home Affordable Refinancing Program (HARP), which is not to be confused with HAMP, the government’s mortgage modification program. These changes are all part of the President’s “We Can’t Wait” initiative to help improve the economic outlook while …
Changes to HARP May Benefit Some Underwater Homeowners in New York Read More »
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