Intuition tells us that debt causes difficult health problems, and in recent years researchers have carefully established this fact. One study even found that debt can kill people: As many as 12,000 Americans died because of debt during the great recession. Scientists are also exploring the effects of poverty on cognition, and the results are …
If you’re reading this post then chances are you are “potentially affected” by the data breach of Equifax, one of the three major credit-reporting bureaus. It’s probably the largest such breach in U.S. history. Equifax gathers and maintains all the personally identifiable financial information that a thief could want: people’s names, addresses, Social Security numbers, …
The Equifax Breach: What You Can Do to Protect Yourself Read More »
I’ve written about wealthy relatives bearing gifts and how New York bankruptcy can help elderly debtors to illustrate the tension between elderly debtors’ options for shielding their assets from probate while enabling smooth transfers to their descendants (usually their children). The tension works like this: Elderly debtors may have own substantial assets they want to …
Not all areas of the law are the same, which can lead to confusion for people who are unfamiliar with the law. This can be especially true for bankruptcy because it’s a mundane court process that millions of Americans have encountered, even though it takes place in federal court. One question debtors may ask is …
In mid-August The Washington Post ran an article in its business section warning of the perils of consumer debt returning to record high levels. “Haven’t we learned?” it moans. The better question is, “So what?” It appears the author has not learned that population growth, higher incomes, different debt compositions, and low interest rates should …
Record Consumer Debt Coincides with Higher Credit-Card Delinquencies Read More »
Debtors in New York bankruptcy sometimes misunderstand the difference between paying a prepetition debt that they intend to discharge and paying their regular bills while in bankruptcy. The difference is important because debtors can stop paying some debts in bankruptcy, but neglecting the wrong debt can result in the same consequences as though the bankruptcy …
Prepetition Debts and Paying Bills in Bankruptcy Read More »
Not all debtors who file New York bankruptcy do so with no assets, no job, and no secured debts. For these debtors, a straight chapter 7 bankruptcy will suit them perfectly. Other debtors, though, may have more at stake. They may have savings, for instance, that offer a choice: file bankruptcy or try paying off …
The New York Fed is apparently very interested in the effects of college costs on young Americans’ home buying. The central bank branch explored the topic of student loans leading to lower homeownership rates in April, but in July it looked at it from a different angle: how public university tuition costs relate to homeownership. …
New York Fed: Higher College Costs Translates to Less Homeownership Read More »
People with teetering finances frequently seek alternatives to New York bankruptcy. It seems to be a sensible thing to do, but wherever there are people who need to make quick money, there will be others who will sell them what they want to hear—and nothing else. One example you may have heard of is multi-level-marketing …
Bankruptcy: Safer Than a Multi-Level-Marketing Company Read More »
A few weeks ago a married New York City couple wrapped up their affairs and leapt from their ninth-story chiropractic office. They carried small plastic bags in their pockets containing identification and notes. One pointed to a “financial spiral” that made it impossible for them to live with their “financial reality.” Reporters discovered that they …
Bankruptcy Is a Better Solution to Debt Than Suicide Read More »
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