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Posts tagged "bankruptcy"

Interest, APR can cost credit card users money

It is fairly easy for a New York resident to get a new credit card. Many people receive unsolicited offers through their daily mail and others are bombarded via email with credit proposals from banks and other lending institutions. It may seem like the ubiquity of credit cards available to people would make those purchasing devices unprofitable in such a saturated market; credit card companies, however, have several tools that they can exploit in order to make money off of their credit card holders.

The value of your home may not be fully exempt in bankruptcy

New York state as well as federal laws provide individuals going through bankruptcy with a homestead exemption. This exemption is a value of real property that a person may protect from his creditors when the Chapter 7 liquidation of assets process begins. However, not all New York residents are eligible for the same homestead exemption. An important factor will determine how much of an exemption a person may claim.

Credit card debt can derail financial plans and dreams

It can take a Rockland resident a long time to save for a big purchase or expense. Whether that expenditure is a short-term experience like a vacation or a big-picture plan such as retirement, when it comes to saving it can be easy to lose focus and get off the right financial track. One way that people find their financial plans and dreams derailed is by incurring large amounts of credit card debt.

The CARD Act and coping with credit card debt

Nearly six years ago, President Obama signed into law a bill that sought to protect consumers from the confusing and sometimes abusive practices of American credit card companies. Called the Credit CARD Act, or the CARD Act for short, the law prevents credit card companies from hiding card terms from consumers and changing those terms on cardholders in their systems. Generally, the law's goal was to protect New York residents and other Americans from the damaging practices of some aggressive creditors.

Plan ahead to protect your assets

In the estate planning world, an asset protection plan is a plan that prepares an individual's wealth and assets in such a way that they should be protected from financial challenges once the individual passes on. Through organization, planning, and plenty of foresight, New York residents can also plan to protect their assets from the financial challenges that may arise during their lifetimes. To avoid asset forfeiture, some private individuals and businesses enlist the help of legal professionals to help preserve their assets during bankruptcy and other financial legal matters.

What is a debt relief scam?

Not all debt is bad. In fact, many Garnerville residents responsibly carry debt in the form of home mortgages, car and student loans, and other lending tools that enable them to access what they need to live good, productive lives. When debt is managed and maintained, it is not always a crippling burden.

Steps to take if you are facing repossession of your car

It can only take one life-altering event -- perhaps a sudden and expensive illness, a job loss or the death of the family breadwinner -- to cause a person's finances to take a hit, making it difficult to meet their financial obligations. One of these obligations for many in New York is making monthly payments for an automobile. Unfortunately, if you fail to make these payments, your creditor may attempt to repossess your car.

How do people get into trouble with credit card debt?

Credit seems to be available everywhere. Many stores throughout New York offer their customers credit cards that provide those users with in-store benefits. Car dealerships find ways to finance new automobiles for people who cannot pay cash for the vehicles they want and need. The vast majority of people who endeavor to own their own homes must take on mortgages in order to cover the high costs of owning real property.

How can I work down credit card debt after the holidays?

At the end of each year many New Yorkers increase their spending in order to buy gifts for the people they love. The holidays in particular are often a time of year when people let their financial planning fall to the wayside. While some people are able to cope with the added expenses the holidays often bring, others find themselves in financial hot water when their bills begin to arrive in January.

Find debt relief through professional and self help

Consumer debt is an issue for many people who live in Rockland. Whether they are burdened with heavy mortgages, student loans, credit card debt or other forms of financial obligations, they may feel that they just cannot get ahead of their bills. These individuals have options for finding debt relief and may choose to take control of their own problems before turning to professionals for assistance.

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