Bankruptcy is a way for individuals facing overwhelming financial obstacles to discharge debts, reorganize loans and find economic stability. Anyone can find himself facing the decision to file for bankruptcy, ranging from individuals of modest means to the super wealthy. In New York and the rest of the nation, bankruptcy courts deal with people in all economic demographics.
Whether they are new to the workforce or nearing retirement, many Rockland residents recognize the need to manage their money for the future. Making good financial decisions is a great way to set oneself up for comfortable living later in life. Even when they do not start saving as early as they would like, many people can make up for lost time by prioritizing their budgets and choosing cost-effective money management strategies.
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.
In the wake of the recent national economic recession, many New York residents experienced drops in their credit scores. Different forms of financial liabilities affect a person's credit score, ranging from education and home loans to credit card balances. Such factors can directly influence if individuals can obtain future access to credit.