American Credit Card Debt Hits a New Record High
According to the New York Federal Reserve, Americans’ credit card debt has reached a staggering new record, surpassing $1.2 trillion for the first time. This troubling milestone has sparked concerns about the financial wellbeing of millions of consumers. As the cost of living continues to rise, many households are relying more on credit cards to […]
What Are Your Debt Relief Options When Struggling with Credit Card Debt?
In today’s economic climate, many consumers are still struggling with the effects of inflation and higher interest rates, making it harder for them to manage their debt. As more people rely on credit cards to bridge the gap in their budgets, debt levels continue to rise. Many are just paying the monthly minimum payments on […]
Can I Save My Home from Foreclosure with Chapter 13 Bankruptcy?
Foreclosure can be an overwhelming experience for homeowners who face it. There are a wide range of factors that can lead to foreclosure, especially in today’s economic climate, where inflation and rising homeownership costs have been shrinking household budgets. Unexpected financial setbacks, such as job loss, reduced income from lower commissions or decreased overtime can […]
What is the Bankruptcy Homestead Exemption in New York?
When a homeowner is facing financial difficulty and contemplating filing for bankruptcy, they may question whether they will have to give up their home as part of the process. In bankruptcy law, exemptions allow debtors to retain certain assets, protecting them from being part of the bankruptcy estate and potentially sold off to pay creditors. […]
Bankruptcy vs. Debt Settlement
As consumers are still feeling the economic impacts of higher prices from inflation and increased borrowing costs from higher interest rates, many are seeking their debt relief options. The two main forms of debt relief available are bankruptcy and debt settlement. Most debtors choose either Chapter 7 or Chapter 13 bankruptcy, depending upon their circumstances. […]
Can I File Bankruptcy Without My Spouse?
One common question that we often get from married individuals facing financial difficulty is whether they can file for bankruptcy without involving their spouse. The short answer is yes. Under 11 U.S.C. § 302, married individuals have the option to file for bankruptcy jointly, but they are not required to do so. Many married couples […]
Rebuilding Your Credit After Filing For Bankruptcy
When struggling with debt, many debtors are apprehensive to file bankruptcy. This can be due to a perceived stigma, false perceptions, or a misunderstanding of how credit scoring works. Many credit-related companies, from credit card companies, personal loan lenders and even debt settlement companies try to re-enforce that stigma. The fact is that most people […]
What Are My Loan Modification Options in 2025?
With the rising costs of homeownership and the other effects of inflation, many homeowners are feeling less economically secure. These costs are becoming an increasing factor in causing homeowners to struggle with their mortgage payments and for some to fall behind. When a homeowner falls behind on their mortgage, they have few options to avoid […]
Rebuilding Your Credit After Filing For Bankruptcy
When struggling with debt, many debtors are apprehensive to file bankruptcy. This can be due to a perceived stigma, false perceptions, or a misunderstanding of how credit scoring works. Many credit-related companies, from credit card companies, personal loan lenders and even debt settlement companies try to re-enforce that stigma. The fact is that most people […]
As of November 1, 2024, New Means Test Figures May Lead to More Debtors Failing the Means Test
When debtors are struggling financially and are contemplating filing for bankruptcy, they must determine what Chapter of bankruptcy to file. Chapter 7 bankruptcy allows debtors to achieve a fast financial fresh start by discharging their debts, while Chapter 13 bankruptcy requires debtors to pay at least a percentage of their debt in a Court confirmed […]