Corash & Hollender, P.C.

New York Law Blog

Avoiding common debt payment mistakes

Getting into debt is easy. A credit card purchase, a vacation, a medical emergency and before you realize it, you are unable to make your minimum payments. On the other hand, your money troubles may have hit you all at once following a job loss or divorce. While everyone's path to debt is different, many people in New York share the goal of getting out from under the burden of debt.

If you have sat down with your bills and attempted to organize a pay-off plan, you may have felt overwhelmed. Falling behind on certain bills, such as your taxes or your mortgage, can have serious and rapid consequences, but every delinquent bill comes with a cost. The trick is to choose a debt payment option that does not make matters worse for you.

Rule #1 for Taxi Medallion Owners

Most Medallion Owners are feeling despair. No matter how hard they work, they cannot make their loan payments and also support their families. They see no hope and sometimes think there are no choices that can help them. 

Issues that can prompt the need for immediate debt relief

Most New York residents, as well as people in other states, understand what it's like to face temporary financial problems. From minor issues, such as having to pay a late phone bill or come up with some cash to get a few extra groceries before the next paycheck arrives to serious problems involving creditors threatening litigation or lenders saying they're considering foreclosure, financial crises of any kind can be quite stressful.

You can solve most financial problems by determining the best course of action according to your circumstances. There's no general rule for resolving such issues; in fact, what works for one problem may not be viable in another situation. This is why it's critical that you explore all available options to figure out which solution best fits your needs before taking any formal action to resolve a financial crisis. It often helps to speak with others who have successfully overcome similar problems in the past.

Is something in the way of your citizenship?

You may already know that the path to U.S. citizenship is not an easy one. To begin with, you likely went through the process of obtaining permanent residency, which often takes years, depending on the immigration program through which you obtained your green card. After receiving your permanent residency and moving to New York, you had to wait three to five years before beginning the process of applying for naturalization. During that time, you may have been saving money, studying your civics lessons and practicing English.

Now that you are eligible to apply, you are likely eager to gain your U.S. citizenship and the full rights it offers. However, there may be other factors that could prevent you from successfully completing the process of becoming a citizen.

Benefitting from the automatic stay through bankruptcy

Bankruptcy may not be your first choice, but it could be an optimal way for you to take back control of your life. If you are dealing with overwhelming debt, you understand that your financial situation can have a negative impact on multiple areas of your life.

New York readers know debt can lead to many negative consequences, and one of them is the harassment and constant contact from debt collectors. These people may be calling you at home, sending you letters and even taking physical steps to repossess your property or ensure they get payment. This is extremely stressful, especially when you cannot pay, but there are certain ways you can make it stop.

How to Protect Assets from a Nursing Home

Nursing home costs are astronomical. Genworth's recent survey of nursing home costs showed the cost of a nursing home in NYC between $11000 and $15000 per month. None of us want to live in a nursing home. But if you or a loved one require that level of care, the question is, how will you pay for it? At a rate of upwards of $400 per day, it won't take long to run through your life savings. But is there a way to protect your property? Can you preserve some or all of your property for your spouse, or your kids, even if you have to go into a nursing home? The answer is yes.

When Can Chapter 13 Bankruptcy help Taxi Medallion Owners?

Taxi medallion owners face overwhelming challenges these days.  After they make their loan payments and operating expenses, they have nothing left to support their families. While Chapter 7 bankruptcy (surrender your medallion and wipe out your debts) works if you have no other assets, there are times when filing Chapter 7 creates too much risk.  

When Can Chapter 7 Bankruptcy help Taxi Medallion Owners?

Taxi Medallion owners have been wrestling for solutions to refinancing demands of the lender. Chapter 7 bankruptcy requires that you be willing to surrender your medallion. Under the right facts, you will not have to repay the loan and can get your life back.

How to ride turbulent business waves and not land on your face

No matter what type of New York business you own, you are likely no stranger to obstacles in your path to success. In a proverbial business sea, the waters are sometimes crystal clear and easy-to-navigate while in an unexpected moment you can go from smooth sailing to be being tossed around on stormy waters threatening to plunge you to ruin. Somewhere in between is where most business owners thrive, rising above rough tides now and then and taking advantage of the perfect wave when it rolls in.

If you're like most other business owners throughout the state, you undoubtedly try to avoid litigation as best you can. There are indeed many tools and business styles that can help you address your problems head-on without getting dragged into court every time you turn around.

If you see a business dispute brewing, whether among owners, or with third-parties, the use of mediation, is a great tool for solving problems without litigation. Our attorneys are trained and certified in mediation skills.

A great time to deal with problems is before the occur. That is why we always recommend that business owners have a shareholders agreement or LLC Operating Agreement. A sure way for handing internal disputes among owners, is to have clear rules, written when the owners are on good terms, and far before any dispute arises. Our business attorneys can help you plan ahead.

Trust restrictions may help plan your loved ones' inheritances

You may have many reasons for wanting to utilize a trust or multiple trusts as part of your estate plan. This tool can offer many benefits from avoiding probate to protecting assets. You can even ensure that your family and other beneficiaries quickly and efficiently obtain their inheritances in the event of your passing.

Depending on the ages of your loved ones, you may have concerns about directly leaving assets to them, even through trusts. If you have such apprehensions, you may wish to consider adding certain stipulations to the accounts that may allow you to feel more comfortable with your decisions.

Arrange a Free Consultation Now ยป

Free Initial Consultation - Credit Cards Accepted

The secret to our success is that we care about our clients. Contact us online or call our law firm at 718-514-9512.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Visit Our Office / Connect With Us / Review Our Firm

1200 South Avenue, Suite 201
The Corporate Park Of Staten Island
Staten Island, NY 10314

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

7317 13th Avenue
Brooklyn, New York 11228

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

Leave a review

Review Us
Back to Top