To some New Yorkers, bankruptcy is a very scary word. To those individuals, it may mean failure or it may mean a loss of control. Even many people who have never had to consider the repercussions of filing for bankruptcy have negative associations with the term. What few people fail to recognize is that personal bankruptcy can have many benefits as well.
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.
Some New York readers may be familiar with the legal term "jurisdiction." Jurisdiction has to do with where a legal matter can filed and what court may hear the related matter. Most parties who wish to engage in legal matters must have some connection to the jurisdictions in which they choose to file their bankruptcy or litigation paperwork.
Many people in New York buy major purchases on credit. From cars to houses to major electronics, choose to finance these things that make up their wants and needs. In exchange for allowing payments over time, the seller will often retain a security interest in the property until the final payment is made. If the buyer fails keep up with their payments the company that sold the property or financed it can sometimes reclaim it.