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Applying Credit-Card Rewards to Student Loans

I recently discussed the question of whether it’s better to repay credit-card debt or student-loan debt. Many New York bankruptcy cases feature both types of debt, so similarly situated debtors might want to know which path is best. However, there is a third path open to debtors who are at least on top of their . . . → Read More: Applying Credit-Card Rewards to Student Loans

Is It Better to Pay Off Credit-Card Debt or Student-Loan Debt First?

Many New York bankruptcy debtors owe both credit-card debt and student-loan debt, so debtors in similar circumstances might want to know if it’s better to pay down one rather than the other to avoid bankruptcy. It’s an especially important question because of the challenge in discharging student-loan debt. Maybe it’s better to focus on that . . . → Read More: Is It Better to Pay Off Credit-Card Debt or Student-Loan Debt First?

Does Bankruptcy Affect a Non-Filing Spouse’s Credit?

Sometimes New York bankruptcy debtors don’t file with their spouses, but when they do they (or their spouses) wonder how the bankruptcy will affect their non-filing partner’s access to credit or FICO scores. It’s an understandable sentiment because credit scores are both important and not important: It’s good to have high ones, but one’s life . . . → Read More: Does Bankruptcy Affect a Non-Filing Spouse’s Credit?

What Is a Bank ‘Setoff’ and How Do They Affect Bankruptcy?

Among the many steps I recommend taking before filing bankruptcy, two of them were looking at your bank’s policies in case they freeze accounts, and considering changing banks. Another reason debtors should consider these courses of action, especially before bankruptcy, is “setoffs.” What are these, and how do they intersect with New York bankruptcy?

When . . . → Read More: What Is a Bank ‘Setoff’ and How Do They Affect Bankruptcy?

6 Steps to Take Before Filing Bankruptcy

Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result. . . . → Read More: 6 Steps to Take Before Filing Bankruptcy

Study: ‘Making Ends Meet’ Most Common Cause of Credit-Card Debt

Excessive Credit-card debt is very common in New York bankruptcy. In fact, in 2016 in the Eastern District of New York, which includes all Brooklyn bankruptcy cases, the average debtor owed tens of thousands of dollars in unsecured debts. (Information from “Who Are Chapter 7 Bankruptcy Debtors?“) The question is, what are the main reasons . . . → Read More: Study: ‘Making Ends Meet’ Most Common Cause of Credit-Card Debt

What Happens to Credit-Card Debt Used to Pay Taxes in Bankruptcy?

Now that it’s 2018, Americans are (or at least should be) thinking about paying their 2017 taxes by April. It’s becoming more common to pay taxes electronically, especially by credit card over the Internet where the process is straightforward, doesn’t require envelopes, and doesn’t cost money for postage. For many, these credit-card bills are repaid . . . → Read More: What Happens to Credit-Card Debt Used to Pay Taxes in Bankruptcy?

Record Consumer Debt Coincides with Higher Credit-Card Delinquencies

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 . . . → Read More: Record Consumer Debt Coincides with Higher Credit-Card Delinquencies

Prepetition Debts and Paying Bills in Bankruptcy

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 . . . → Read More: Prepetition Debts and Paying Bills in Bankruptcy

Bankruptcy: Safer Than a Multi-Level-Marketing Company

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 . . . → Read More: Bankruptcy: Safer Than a Multi-Level-Marketing Company