Senior citizens in New York may likely be considering their retirement options. Retirement is often a time when people live off the hard earned money they have been saving for most of their adult life. Often, retirees may see the benefit of their hard work and have excellent credit scores. However, a new trend is creating financial difficulties for many seniors and opening them up to the possibility of asset forfeiture.
Paying down credit card debt
Many New Yorkers have had to rely on credit cards to pay for their necessary expenses. Others have had to use credit cards when emergencies arise. In these cases, people are often left with mounting debt, high interest rates and no way to pay back the money. Following the recent recession, this is a common scenario.
Actor files for personal bankruptcy
The decision to file a consumer bankruptcy can be a difficult one for New York residents. There can be questions about whether or not the bankruptcy will result in more hardships that the family had in the first place. There are a lot of stigmas that surround bankruptcy that people may think are difficult to overcome. However, since the recession, views on consumer bankruptcy are changing and people are seeing it less as an embarrassment and more as a viable financial option.
Famous New York company files for Chapter 11 protection
New York businesses are not immune from changing technology, consumer demand and the fluctuating economy. Many factors influence how successful a business can be. Sometimes even with the smallest of changes or challenges, businesses can no longer operate in the black.
