Long Island Bankruptcy Law Blog
How do you keep yourself out of debt?
New York residents like you do not want to fall back into debt once you start making your way out of it. Of course, this is often a difficult task, especially if you have years of bad financial habits built up. One of the most crucial parts of success in fighting debt...
New rule could be harmful to consumers
Currently, debt collectors in New York and throughout the country are forbidden from contacting debtors by email or through text messages. However, the Consumer Financial Protection Bureau, or CFPB, issued a rule that will allow them to do so starting sometime in...
What is the snowball method and does it work?
If you currently feel like you waded way in over your head in debt, bankruptcy may start looking like an attractive option. Bankruptcy may certainly help to resolve some financial problems, but it does not tackle the underlying issue of debt management. One popular...
Should you use a personal loan to consolidate debt?
If you have outstanding credit card debt, wish to lower your interest rates and simplify your monthly repayment obligations, you may consider taking out a personal loan. While personal loans have become a popular tool for consolidating credit card debt in recent days,...
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...
