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Posts tagged "financial challenges"

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.

Consumer bankruptcy fraud sends reality star to prison

It is an unfortunate fact that every year some individuals choose to break the law and commit bankruptcy fraud. While some instances of bankruptcy fraud occur due to accident or inadvertence, in other cases individuals in New York and across the rest of the country deliberately violate legal mandates to follow proper consumer bankruptcy procedures. A popular reality star is now in jail for committing crimes related to bankruptcy.

After consumer bankruptcy, actor still battles money problems

Residents of Rockland may know Burt Reynolds from movies like "Smokey and the Bandit," "Deliverance" and "Boogie Nights." The ever-popular showman has been involved in a long list of big screen productions over the last five decades. Despite his enduring popularity and ubiquitous presence on television and in film, Reynolds has encountered serious financial troubles over the years that even led him to file for consumer bankruptcy.

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.

Supreme Court rules inherited IRA not protected in bankruptcy

For many New York residents personal bankruptcy is a necessary step in getting through difficult financial situations. Unlike foreclosure, creditor harassment and other negative events that can result when debts are neglected, taking the initiative to file for Chapter 7 or Chapter 13 bankruptcy can be a proactive move for a more secure future. Bankruptcy can provide a person with legal protections that guarantee some of his wealth will be preserved in the future.

Paying off debts before bankruptcy can lead to criminal charges

It is only natural for people facing personal bankruptcy to want to satisfy as many of their debts as possible. While some New York residents may prioritize bank debts, others may choose to satisfy debts to family members and other personal connections in advance of others. However, there are certain rules they must follow in managing their outstanding obligations.

Scammers may threaten wage garnishment

It can be easy for people to fall behind on their debts. New York residents can have a lot of obligations that they just can't meet each month. If the pattern continues for too long, creditors can become aggressive about collecting the debt. In some cases, the creditors might turn to asset forfeiture techniques in order to collect some money. These can include wage garnishment, repossession or foreclosure, depending on the type of loan.

Credit card debt on the rise following recession

Many people may think that the so-called Great Recession that plagued the country starting in 2008 would have caused people to increase their credit card spending. As people lost their jobs, they may have needed credit cards to pay for necessary expenses. However, data has shown the opposite to be true. During the recession, consumers used their credit cards less. Consumers lost confidence and bought fewer luxury goods. Furthermore, credit card companies raised interest rates and tightened lending standards.

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