Many individuals file bankruptcy each year because they are riddled with unsecured debts. Unsecured debt is debt that is not attached to anything. Some of the most common types of unsecured debt are credit cards, medical bills, personal loans. Secured debts, on the other hand, are secured by collateral. For example, a mortgage is attached to property by a lien. If the lien goes unpaid, the mortgage company can foreclose and take the home.
With the high rates of unemployment and the economy in danger, people will seek out bankruptcy lawyers to help them get out of debt. Bankruptcy is a legal proceeding involving a business or person that can’t afford to pay their debts.
Many of our Staten Island bankruptcy clients, Manhattan bankruptcy clients and queens bankruptcy clients call us up when they are facing a wage garnishment. Many people don’t pay there debts or end up not showing up to court and recieve a letter in the mail from court explaining that their wages are going to be taken to pay off their outstanding debt.
According to one study done by the New York Post, one in four Americans do not have enough money saved to cover more than two months of expenses and one out of every four people doesn’t have any savings. Moreover, a poll conducted on behalf of Chase bank showed that 40% of adults wouldn’t be able to cover unexpected expenses of more than $400. With the uncertainty of the coronavirus and these statistics, many individuals in New York and New Jersey will be forced to file bankruptcy.
Many people often ask us how filing bankruptcy in New York or New Jersey will impact them after their bankruptcy is completed. Many people often ask us “can I own anything after I file bankruptcy?” The answer to this question is simply, yes.
There are many things that you should not do before you file bankruptcy. Read on to find out the top five things that should not be done before filing bankruptcy.
If you are wondering how much debt you have to be in to file for bankruptcy, you should know that there is no minimum set amount. In order to determine if you should file for bankruptcy, you should consider how much income you have and if you can afford to pay back your debts.
Many people wonder if they can file bankruptcy without their spouse. You can file bankruptcy without your spouse without it having any impact on your spouse.
Many people who are overwhelmed with credit card debt and have debt collectors calling their homes are under an immense amount of pressure. When people look for help to get them out of debt, they are often looking at debt settlement or bankruptcy to help them. Bankruptcy is a legal process, that allows you to …
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What Is The Bankruptcy Means Test? The cost of living in New York and New Jersey is so high. If you have fallen behind on your bills and creditors are harassing you, don’t feel bad. Thousands of people file for bankruptcy in New Jersey and New York each year. To determine if you qualify for …