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
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,
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
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
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
But not much. Student loans are the bane of consumer debt. A series of changes to the bankruptcy code starting in the late 1970s and culminating in 1998 rendered it impossible for debtors to discharge their student loans short of a showing of “undue hardship,” which in practice meant that debtors had to be physically
Owning a business while filing a personal bankruptcy in New York can complicate the process, and if the business is bankrupt—as is often the case—it’s even harder. If your business is on the verge of bankruptcy, and especially if you’re a sole proprietor, there are some ways to better protect your business income from liquidation
New York homeowners have several options for dealing with underwater mortgages and deteriorating household finance situations: modifications, deed in lieu of foreclosure agreements, bankruptcy, and short sales. The easier option may be refinancing, sometimes called “refis,” which just means taking on a new loan to repay on better terms to repay the terms of the
Receiving a discharge from the bankruptcy court in New York iis the goal of New York bankruptcy petitioners. It should be a relief so that people can continue their lives. Although, occasionally creditors claim the loans you discharged are forgiven instead, meaning you’ll have to pay income tax on the forgiveness. What does this mean
Readers may remember Ocean’s Eleven, the heist movie that was remade several years ago with George Clooney, Brad Pitt, and Matt Damon. Heist movies are one of the few ways typical Americans see con artists. They’re portrayed as handsome villains who rob the rich. In reality, scammers aren’t groups of experienced criminals with expert skills
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