Last week's blog post discussed some of the ways that the federal CARD Act seeks to protect debtors from the predatory behaviors of unscrupulous creditors. Despite the government's efforts to keep struggling consumers financially safe, many New York residents still find themselves losing their grip on their economic well-being. When debts become too much to manage, creditors can begin taking legal steps against those who owe them money.
Repossession of goods such as cars and boats can occur when a debtor fails to make payments on a loaned item. Foreclosure, which is effectively repossession of a mortgaged home by a bank or other creditor, can also occur when a debtor is experiencing his lowest financial health. Repossession and foreclosure can make the difficulties of living with money troubles compounded for a debtor and the rest of his family.
There are, however, legal methods of bringing foreclosure and repossession to a halt. Bankruptcy is a process through which a consumer may reorganize or liquidate all of his debts in a legal and protected environment. With the help of legal representation and the rules of the presiding bankruptcy court, a debtor may be able to stop foreclosure and repossession and put his or her life back on solid financial footing.
When unpaid bills and collection calls begin to mount, debtors may simply want to hide from their problems. Instead of prolonging their problems, though, one proactive decision that they can make is to contact a bankruptcy attorney to learn about their potential legal options. The Law Office of Ronald V. De Caprio represents Garnerville residents in the bankruptcy courts of New York who are struggling with debts and who need to stop repossession of their goods and take control of their money troubles.