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Asset Forfeiture Archives

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.

Student loans and asset forfeiture for New York seniors

Senior citizens in New York may likely be considering their retirement options. Retirement is often a time when people live off the hard earned money they have been saving for most of their adult life. Often, retirees may see the benefit of their hard work and have excellent credit scores. However, a new trend is creating financial difficulties for many seniors and opening them up to the possibility of asset forfeiture.

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.

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.

DMX Chapter 11 bankruptcy dismissed

If you're considering filing for bankruptcy in New York, it's important to know which kind of bankruptcy is right for you and which debts can be discharged. Examples of dischargeable debts include credit card debt and medical debt, while examples of non-dischargeable debt include child support, spousal support, student loans and taxes.

Math skills, or lack thereof, play huge role in foreclosure

Foreclosure can devastate a family, leaving them without a home and in a desperate financial situation. How people get into such an unfortunate situation varies from person to person. Some Garnerville residents may have had to deal with foreclosure -- and according to a new study, foreclosure can be an indictment of a person's math skills.

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