In today’s troubled economy, many people in New York and nationwide are experiencing difficulty handling credit card debt. For many, such debts mount up based on accumulating interest and may be a contributing fact to the need to file a personal bankruptcy of either the Chapter 7 or Chapter 13 variety.
An interesting question was posed to the bankruptcy adviser at ABC News this month that we figured many of our readers might also be asking. The question asks whether a bank can foreclose on a home well after a bankruptcy filing has been settled.
It is true that credit card debt, particularly debt on credit cards carrying a high interest rate, can be expensive when the balance mounts up. Surprisingly, though, striving to quickly pay off the balance on such cards is not necessarily a good idea under all circumstances.