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May 2015 Archives

Interest, APR can cost credit card users money

It is fairly easy for a New York resident to get a new credit card. Many people receive unsolicited offers through their daily mail and others are bombarded via email with credit proposals from banks and other lending institutions. It may seem like the ubiquity of credit cards available to people would make those purchasing devices unprofitable in such a saturated market; credit card companies, however, have several tools that they can exploit in order to make money off of their credit card holders.

What must be included on a bankruptcy financial statement?

A lot of paperwork is generated when a New York resident chooses to file for personal bankruptcy. For this reason, some individuals decide to retain the services of professionals who work in the bankruptcy and debt relief fields to help manage the requirements of the bankruptcy process. Whether a person files for Chapter 7 or Chapter 13 bankruptcy, he or she may be asked to include among his many documents a personal financial statement.

The value of your home may not be fully exempt in bankruptcy

New York state as well as federal laws provide individuals going through bankruptcy with a homestead exemption. This exemption is a value of real property that a person may protect from his creditors when the Chapter 7 liquidation of assets process begins. However, not all New York residents are eligible for the same homestead exemption. An important factor will determine how much of an exemption a person may claim.

Credit card debt can derail financial plans and dreams

It can take a Rockland resident a long time to save for a big purchase or expense. Whether that expenditure is a short-term experience like a vacation or a big-picture plan such as retirement, when it comes to saving it can be easy to lose focus and get off the right financial track. One way that people find their financial plans and dreams derailed is by incurring large amounts of credit card debt.

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