Long Island Bankruptcy Law Blog
Why should you not increase debt just before bankruptcy?
You have been struggling with debt, and you believe bankruptcy might be the answer to your problems. If you are considering filing for bankruptcy, refraining from racking up any additional debt may be a sound move. You want to do all you can to give your bankruptcy...
What is the Fair Debt Collection Practices Act?
New York residents like you may get into situations in which you end up struggling with debt. There are numerous different reasons that backslides into debt happen. Regardless of the reason, you deserve to process through your debt without harassment. Unfortunately,...
Options for debtors who suspend Chapter 13 payments
One of the problems some New York residents have with Chapter 13 bankruptcies is that they take three to five years to complete. The problem stems from the fact that many things in life can change in this time, and debtors may feel locked into the payment plans they...
What’s the difference between good and bad debt?
There is such a thing as good debt. The trick is learning the difference between which debt will cause you problems and which debt will help you. It is important to understand because you should not be afraid to take on any debt at all. You just have to learn to take...
What is the Chapter 7 timeline?
When you file bankruptcy, it may feel like you do a lot in the beginning and then sit around waiting for a long time before anything else happens. What you may not realize is all the work going on behind the scenes. According to the U.S. Courts, during your...
What are priority debts?
When you file for Chapter 13 bankruptcy, you must create a repayment plan that lists all of your debts, but the court does not treat every debt the same. According to the United States Courts, debts you must repay in full become priority debts. Your priority debts...
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...
