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Posts tagged "creditors"

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.

Solvency is an important factor for business bankruptcy

Under the U.S. Bankruptcy Code, insolvency generally means that a person or entity has more debts than it has assets. A visual representation of insolvency would be the financial balance sheet of a New York company that has its value in negative territory. When a private or business entity finds itself operating in the red, it may consider filing for bankruptcy to improve its struggling financial state.

The CARD Act and coping with credit card debt

Nearly six years ago, President Obama signed into law a bill that sought to protect consumers from the confusing and sometimes abusive practices of American credit card companies. Called the Credit CARD Act, or the CARD Act for short, the law prevents credit card companies from hiding card terms from consumers and changing those terms on cardholders in their systems. Generally, the law's goal was to protect New York residents and other Americans from the damaging practices of some aggressive creditors.

Why is bankruptcy handled by federal courts?

Like many of the laws that currently govern New Yorkers and other Americans throughout the nation, bankruptcy laws are originally based on ideas from British governance. According to the Federal Judicial Center, the first bankruptcy laws and procedures established in this country were set in 1800 and allowed business people to be held accountable for their debts at the request of their creditors. It was not until reforms in 1841 that debtors could file for bankruptcy support themselves.

What is a debt relief scam?

Not all debt is bad. In fact, many Garnerville residents responsibly carry debt in the form of home mortgages, car and student loans, and other lending tools that enable them to access what they need to live good, productive lives. When debt is managed and maintained, it is not always a crippling burden.

Give your New York business the power to address debt problems

In a short period of time, a New York business can find itself working with a variety of creditors. From banks that loan it money for start-up costs, to credit card companies that give it spending power to outfit it to succeed in its industry, businesses can quickly owe money to a lot of creditors with a lot of different loan terms. If a business struggles to gain a financial foothold, it can find itself facing those creditors all at once when bills start falling into default.

How can I work down credit card debt after the holidays?

At the end of each year many New Yorkers increase their spending in order to buy gifts for the people they love. The holidays in particular are often a time of year when people let their financial planning fall to the wayside. While some people are able to cope with the added expenses the holidays often bring, others find themselves in financial hot water when their bills begin to arrive in January.

Find debt relief through professional and self help

Consumer debt is an issue for many people who live in Rockland. Whether they are burdened with heavy mortgages, student loans, credit card debt or other forms of financial obligations, they may feel that they just cannot get ahead of their bills. These individuals have options for finding debt relief and may choose to take control of their own problems before turning to professionals for assistance.

Business bankruptcy is an option to save life's work

The dream of owning one's own business sometimes becomes a reality for hardworking New York residents. From the stresses of funding the start-up to navigating the challenges of marketing and contracts, the toil associated with making a new business succeed can be overwhelming. The immense amount of work that a person puts into his enterprise can intensify his feelings of disappointment when that business begins to fail.

What happens to a business under Chapter 11 bankruptcy?

Many of the posts on this blog have addressed how New York consumers can approach bankruptcy as a method of finding solid financial footing. While individuals certainly make up a large portion of the cases in bankruptcy courts, businesses also face precarious economic times. While some bankruptcy methods overlap for both consumers and businesses, some are better tailored to one debtor population.

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