Yes, you can rebuild your credit within a few years if you’re careful about your finances and pay your bills on time after you’re done with your bankruptcy case. A lot of people worry about their credit history when they consider filing for bankruptcy in New York. It’s a legitimate concern and a healthy impulse …
Can I rebuild my credit after bankruptcy in New York? Read More »
If you live in New York and are being called by debt collection agencies at all hours of day and night or at work, or if you feel like you are a victim of harassment by debt collection agencies, you do have some options for dealing with the problem. Which option you choose depends on …
Dealing with debt collector harassment in New York Read More »
The credit industry lobby did a terrific job of portraying bankruptcy as the refuge of the irresponsible. Hence the 2005 “Bankruptcy Abuse Prevention and Consumer Protection Act” (sometimes jokingly referred to as the “Bankruptcy Protection Prevention and Consumer Abuse Act,” which for the record would be BPPCAA). As those of us who work in the …
Bankruptcy, social safety nets and planning ahead Read More »
Consider what the difference is between someone who steals money from another and someone who borrows money from another without repaying it. At what point does that amount to simply stealing as well? In New York bankruptcy the line between these two is very important because a creditor that believes it has been cheated by …
Financial-planning Web sites and other resources often distinguish between “good debt” and “bad debt.” New York bankruptcy debtors might think that this distinction will somehow help them, but I don’t see much value in it. I’ll illustrate examples of these terms and then provide an alternative framework for bankruptcy. “Good debts” are generally seen as …
When Facing Bankruptcy, No Debt Is ‘Good’ or ‘Bad’ Read More »
According to a study conducted by Credit.com last year, a surprising 73 percent of Americans die in debt, leaving behind a mean-average balance of $61,500. The most common form of debt was credit-card debt (68 percent), followed by mortgage debt (37%) and then others. Given how frequently Americans die with debt, what are the consequences …
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 …
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 …
Is It Better to Pay Off Credit-Card Debt or Student-Loan Debt First? Read More »
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 …
What Is a Bank ‘Setoff’ and How Do They Affect Bankruptcy? Read More »
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. …
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