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New York Law Blog

The trap of making minimum monthly payments

Credit card debt is one of the most common factors in the financial struggle of millions in America. This debt is not always the result of uncontrolled spending. In fact, you may find yourself pulling out the plastic to pay for groceries, medical bills or even utilities when the budget gets tight.

Paying the minimum amount on these credit card bills is not going to make you financially solvent. Instead, it may just make matters worse. Consumer advocates recommend paying off your credit card balance each time you use it, but that may not always be possible. If you have accumulated debt on multiple credit cards, you have options for paying it down quickly.

Abandoning a mortgage typically not the best debt relief plan

When you first began noticing you were struggling financially, you probably did what many other New York residents in similar situations do: tried to cut spending, looked for sales when purchasing things, and perhaps even sold a few items to increase cash flow. That may have even worked for a while.

Now that things have gotten worse, however, with creditors hounding you almost every day by phone, your position at work slated for a cut-back, and no way to restore financial stability in the foreseeable future, you might be tempted to up and walk away from your mortgage, leaving your home to foreclosure.

Why types of debt are dischargeable through bankruptcy?

Financial struggles can strike at any time, and no one is immune. Even the wealthiest- or highest-income earners may find themselves in a situation where they are unable to keep up with their debts and pay bills on a regular basis. Over time, unpaid bills can accumulate, interest can start to add up, and you may find yourself choosing which bill you should pay because you know that you cannot pay them all.

If you find yourself in a situation similar to this one, you likely feel overwhelmed by your circumstances. It may not seem like it at the time, but there is a way out. By filing for bankruptcy, you may be able to discharge some of these debts and work toward a better and stronger financial future.

Are you struggling financially? Have you considered Chapter 7?

An old cliché says, "The definition of insanity is doing the same thing over and over again, but expecting a different outcome." You might feel this way as you attempt to fix your financial situation. If your finances control you instead of you controlling them, you might need to find another way to end your struggle.

Filing for Chapter 7 bankruptcy could provide the answer. Many people are wary of the process because they fail to understand it. Answering your questions about the basic process might make it a more attractive option.

Chapter 11 Bankruptcy Helps Small Business Owners

Chapter 11 bankruptcy can be a useful tool to buy time to pay your creditors.

Protecting yourself in a Business Divorce

There are a number of powerful tools that can be used to protect a business owner facing a business divorce. Business owners are protected by Business Corporation Law Section 1104(a). In fact, the law protects shareholders from oppression, fraud, corporate theft, illegal actions, etc.

EVERY COMPANY WITH MORE THAN ONE SHAREHOLDER SHOULD HAVE A SHAREHOLDERS AGREMEENT

Too many shareholders have lost everything because they simply failed to protect themselves with a tailored shareholder's agreement. More and more shareholders and directors are finding themselves facing a dispute, as between their directors and shareholders. A shareholder's agreement is essential to fully determine the basis for important decision making and to provide protection for the parties involved in the ownership of the company against the actions of the others, whether minority, majority or equal shareholders. In the event of a dispute or dissolution, a shareholder's agreement that contains a valuation formula can carry the day.

Bankruptcy as a Negotiating Tool for Taxi Owners

You really want to continue driving but you are having trouble making the note payments.  If you own a house with your wife in New York, and have less than $330,000 in equity above the mortgage, bankruptcy might be an option. Educate yourself about bankruptcy.  Then call to develop a customized strategy.

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