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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.

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.

When can creditors repossess my property?

Many people in New York buy major purchases on credit. From cars to houses to major electronics, choose to finance these things that make up their wants and needs. In exchange for allowing payments over time, the seller will often retain a security interest in the property until the final payment is made. If the buyer fails keep up with their payments the company that sold the property or financed it can sometimes reclaim it.

Business sells off assets amidst filing for bankruptcy

Previous posts on this blog have discussed the differences between business bankruptcy and personal bankruptcy, as well as the differences between the various forms of bankruptcy available to individuals seeking out financial legal protections. While some types of bankruptcy allow individuals to keep their assets, others require parties to sell off their possessions in order to satisfy creditors. A recent news story may highlight for New York readers how bankruptcy can lead a business to undergo the process of asset forfeiture.

Television star may have wages garnished

There are certain events in life that put a financial strain on New York residents' lives. Often, these events are beyond a person's control. For example, sometimes a medical issue can be so severe that even with insurance, people rack up debt and have a difficult time paying all their bills. Or, people lose their job and can no longer afford to pay their bills. Divorce is another life change that can have a financial effect. As two people learn to live separate lives, bills can go unpaid or simply be forgotten about.

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