Most Garnerville residents receive and pay a variety of bills on a periodic basis. Mortgage and rent payments are needed to keep families in their homes, and utility fees are necessary to keep their homes' lights on and water running. In addition to the bills for individuals' basic necessities, many people also have to pay down their credit card bills for the charges they have incurred in the prior months.
Not all debts can be discharged during the Chapter 7 bankruptcy process. In fact, some of the debts that cause Rockland residents the most concern may survive bankruptcy and continue to be due even after an individual has successfully completed the requirements of the Chapter 7 filing.
The failure to stay current on one's mortgage payments can result in the debtor's lender filing a foreclosure action against them. Foreclosures force New York residents out of their homes and impose significant burdens on those who are already facing financial troubles. As has previously been discussed on this blog, bankruptcy can, in some cases, provide individuals with the opportunity to stop the foreclosure process.
Credit card debt is a problem for many New Yorkers. It can become a financial headache when accidents and emergencies require otherwise responsible individuals to run up big balances on their cards; it can become a problem when individuals fail to pay down their charges and incur fees and penalties related to their balances. While options like bankruptcy and debt relief strategies can help those who face significant credit card debt overcome their financial hurdles, one of the best ways to stay out of credit card debt is to avoid it in the first place.
The stress of living with overwhelming debt can be very burdensome. In fact, some New York residents may be willing to do anything in order to get out from under the crushing weight of outstanding financial obligations. However, built-in protections to the bankruptcy laws often prevent individuals from becoming destitute during the process of climbing out of debt.