Blog

A well-known New York doctor, whose patients have included the former governor of New York as well as noted television figures, recently filed for individual bankruptcy.

No one ever really wants to have their wages subject to a legal garnishment. Many New Yorkers, after all, count on receiving all of their paychecks to meet their basic household needs and make other, higher priority payments like the mortgage payment and the electric bill.

Dealing with debt isn’t an easy reality for most New York residents to face. While financial problems can come and go throughout a person’s life, some debt challenges cannot simply be ignored or not directly addressed.

Some debts are taken on willingly by those who must bear them. For example, some New Yorkers are comfortable acquiring loans for buying homes or cars, while others use financing to pay for their educational pursuits.

Prior posts on this New York bankruptcy and debt relief legal blog have discussed the difficulties some individuals may face in attempting to discharge their student loans through personal bankruptcy.

The loss of a personal vehicle to repossession can be an incredible setback for the livelihood of the affected individual. New York residents who lose their cars, trucks, SUVs, and vans to repossession may struggle to hold down jobs as they no longer have a reliable mode of personal transportation.

When a person cannot pay their bills and experiences the pressure of living with overwhelming debt, bankruptcy can be a good option for finding their way back to solid financial footing. However, not all debts can be discharged under a Chapter 7 or Chapter 13 filing.

Opening a business can be an overwhelming endeavor. While many Rockland residents dream of starting their own entities and being their own bosses, few take the difficult step of forming businesses.

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.

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