Long Island Bankruptcy Law Blog
Traffic accidents, credit card debt and bankruptcy
If you were recently involved in an auto accident, our law firm realizes how tough your life likely is at the moment, especially if you were injured. Unfortunately, many people face long-term challenges in the wake of traffic crashes, especially when it comes to their...
Filing for bankruptcy when married
There is perhaps no more dreaded word in the world of finance than bankruptcy. Many people in New York view it as the end of their financial dreams and a death blow to their goals of homeownership, retirement and other goals that they have set for themselves. While...
Using your credit card responsibly
Having a credit card is a helpful way for you to establish credit and build your score. However, irresponsibly or carelessly using your credit card may leave you drowning in debt. Your understanding of how to use your credit card strategically and responsibly may...
Credit basics
Credit, on the face of things, seems simple. As explained by the Federal Trade Commission, a simple definition of credit would be as follows: People borrow money to make purchases, then pay the lender later. Unfortunately, credit card companies and other lenders...
New Yorkers carry a high burden of student debt
For individuals in their 20s and 30s, student loan debt continues to affect overall financial well-being. Until at least very recently, recent trends show student debt remains on an upward trajectory. College graduates from the state of New York have some of the...
What is a debt snowball?
There are many different ways to approach paying off credit card debt. Two of the most popular approaches are either the “debt snowball” or the “avalanche” method. It is important to understand the differences between these popular methods to discern which method of...
Does Chapter 7 discharge all your debts?
If you think that Chapter 7 bankruptcy discharges all of your debts, think again. FindLaw explains that while it is true that Chapter 7 will discharge virtually all of your consumer debt, including your credit card debts, it will not discharge some other types of...
Tips for paying down medical bills
Research published in 2019 found that 66.5% of personal bankruptcies filed in New York and elsewhere that year were related to medical debt. According to a TD Ameritrade report, paying off medical debt is the top reason why individuals want to withdraw money from...
What do you know about the psychological impact of debt?
You know you are in debt, but you may not fully comprehend how debt impacts your psychological health. By understanding the mental impact carrying a financial burden may have, you can gain clarity on certain emotions, thoughts or even physical symptoms you recently...
Understanding the bankruptcy homestead exemption
A common misconception about bankruptcy is that it offers some sort of escape. In reality, it is a sacrifice whose decision many people in Long Island agonize for long hours over. Those who seek personal bankruptcy protection do so understanding that they will likely...
