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January 2017 Archives

Time is an important factor when tackling credit card debt

After the holidays, many people receive credit card statements that are higher than usual. After spending money on gifts, travel, and a host of other costs, New Yorkers may wind up with balances that exceed their capacities to pay in full. It may be tempting to ignore a high credit card statement for as long as possible, but advisers in the field of credit counseling warn that putting of payments can be detrimental to the card holder.

Understand your tax obligations in Chapter 7 bankruptcy

Last week this Rockland bankruptcy and debt relief legal blog introduced the topic of the means test under Chapter 7 bankruptcy. This week it will explore a question many individuals have when they are considering whether bankruptcy will serve them: Will filing help me eliminate my owed back income taxes?

Is my income subject to the Chapter 7 bankruptcy means test?

Many Rockland residents would be eligible for some form of personal bankruptcy protection should they choose to pursue bankruptcy to achieve financial stability. However, not every individual will have the same bankruptcy options as others and those options that are available to them may depend on the value of their assets and the amount of their income. Particularly, a person who wishes to use Chapter 7 bankruptcy to alleviate their debt may see their income evaluated under a means test if it is greater than the median income of all New Yorkers.

Keep your resolution to keep credit card debt in check

Every year Garnerville residents have a chance to start fresh as the new year rolls around on the calendar. Well, that chance just happened and along with plans to get healthy, reconnect with old friends and get ahead in their careers, many individuals make plans to become more financially savvy. One way that New Yorkers can take control of their finances is by getting their credit card debt under control, but doing so can be a lot more challenging that it may at first appear.

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