Long Island Bankruptcy Law Blog
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...
What are some tips for paying down my credit card debt?
It is difficult to face credit card bills that keep stacking up. If you find yourself overloaded with credit card debt, it is possible to regain control of your finances. Keep reading for some important tips on paying down your credit card debt. Negotiate with your...
Reasons older people file bankruptcy
When you reach your golden years, you probably expect that you will be financially stable and able to enjoy a nice retirement. Unfortunately, for many people, that is a reality they will never see. Instead, they find themselves in a bad financial place that requires...
Will I lose my house in a bankruptcy?
Going through bankruptcy may end up being the best decision that you ever make for your financial and mental health. However, there are some concerns that come up during the process. One of the more common concerns relates to the process of selling off property in...
What assets can a person keep under chapter 13 bankruptcy?
Under chapter 13 bankruptcy, New Yorkers with regular income can develop a plan for repaying their debts. Depending on how much money you earn, the bankruptcy period may last three to five years. During the bankruptcy period, creditors cannot start or continue...
How can you alleviate credit card debt?
It is easy to overuse credit cards. When you have credit, it can be easy to say that you will pay it off later. Sometimes, even when a person has the money to make a purchase, he or she will use a credit card. The problem is that with high interest rates, you may end...
