When a Rockland County resident is considering filing a bankruptcy petition, one of the first questions is whether creditors can compel the forfeiture of certain assets, most commonly a car or the family home. The answer to the question is generally more positive than most people realize.
The ability to seize a portion of a debtor's paycheck is one of creditors' most powerful collection tools under New York law. For low-income families, the loss of even a small portion of a regular paycheck can be catastrophic. Filing a petition for personal bankruptcy can help alleviate this problem by invoking the so-called automatic stay.
A previous post on this blog discussed how the foreclosure process works in this state. Although foreclosure is a court process in New York, many Rockland County residents whose homes are in danger of being foreclosed may think that there is little that can be done to slow or stop the process assuming that they indeed owe the bank money. Moreover, some might question why they would sink money into legal fees when they are already in financial trouble and behind on their house payments.
No one in the Rockland County, New York area ever wants to get into financial problems and have to worry about losing their home to foreclosure. Unfortunately, though, even hardworking New York families can find themselves in a situation in which the bank begins the process of taking back their home. These sorts of situations often arise in the case of an unexpected job loss or a sudden health crisis.
People in Rockland County, New York may have heard, even on the television or radios, that a bankruptcy can save your home from a looming foreclosure. While such statements are true in a sense, it is very important that Rockland and Garnerville residents understand what is and is not being promised.
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.
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. Once a person's employment is affected, they may discover that they no longer have the financial capacity to keep up with their other obligations.
The easiest way for a New Yorker to keep their home out of foreclosure is to make sure that they make timely and complete payments toward their mortgage. A history of missed payments or payments that are not the full amount of the monthly sum due may lead the homeowner's lender to initiate foreclosure proceedings against them for the repossession of their home.
Vehicle repossession can be a heartbreaking blow to the life of a New York resident who faces financial challenges. Without a car, a person may be unable to hold down his or her job and meet the many other important commitments he or she is obligated to achieve. However, repossession of one's vehicle is often the result of missed or delinquent payments toward its ownership. This post will briefly discuss why vehicles are repossessed, giving individuals insight on the process and possible ways to navigate the situation.
Home ownership is a goal for many New Yorkers but not all individuals can pull together enough money to outright buy the residences of their dreams. For most home buyers it is necessary to first secure a mortgage before acquiring the keys to a new property. A mortgage involves a loan that a person is expected to repay over time and often with interest so that he may eventually acquire full ownership of a piece of real property.