By Tara Siegel Bernard, The New York Times Jan. 20, 2012 Blacks are about twice as likely as whites to wind up in the more onerous and costly form of consumer bankruptcy as they try to dig out from their debts, a new study has found. The disparity persisted even when
By Esther Claudette Gittens Bankruptcy is a beacon of hope for homeowners facing foreclosure. In New York State, both Chapter 7 and Chapter 13 bankruptcies offer a path to financial stability. While some attorneys have traditionally recommended Chapter 13 for its potential to generate more income through extended legal representation,
In today’s economic landscape, homeowners’ financial health plays a crucial role in their overall stability and security. Whether you’ve just purchased your dream home or have been a homeowner for years, understanding and actively managing your financial well-being is paramount. This article delves into the importance of maintaining financial health
The decision to declare bankruptcy can be daunting, often accompanied by fears of losing everything. However, it’s important to remember that bankruptcy laws are designed to provide protections that allow individuals to keep certain property and assets. These laws ensure a fresh start without total financial devastation, offering a sense
Bankruptcy, often seen as a financial catastrophe, can actually be a lifeline for many drowning in overwhelming debt. It’s important to acknowledge that bankruptcy can be an emotionally challenging process. It can feel like a failure, a sign that you’ve lost control of your finances. But it’s crucial to understand
The prospect of facing foreclosure can be daunting and stressful. However, it’s crucial to remember that as a homeowner, you have rights and protections afforded by federal law, state regulations, and your mortgage contract. Understanding these rights can help you navigate foreclosure with clarity and confidence. You enter into a
When faced with overwhelming bills due to life events like divorce, illness, or unemployment, bankruptcy can be a beacon of hope, serving as a financial lifeline. By eliminating qualifying debts such as credit card balances, overdue utility bills, and personal loans, bankruptcy offers individuals a fresh start, a chance to
Understanding the differences between secured and unsecured credit cards is crucial when navigating the world of credit. With a multitude of options available, it’s easy to feel overwhelmed. However, by grasping the nuances of these two types of cards, you can make an informed decision that aligns with your financial goals and
Yes, creditors can garnish your income, but some specific rules and limitations apply depending on the type of debt, state laws, and financial situation. Garnishment is a legal process in which a creditor obtains a court order to collect money directly from your paycheck or bank account to repay a
Investing in your child’s education is one of parents’ most significant financial commitments. With the ever-rising costs of higher education, strategic planning and disciplined saving become paramount. Whether your child is a newborn or a teenager, starting to save for their college education as early as possible can alleviate the
