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Rochester Bankruptcy Law Blog

Qualification factors for Chapter 7 bankruptcy

If you're currently facing a financial crisis, you are definitely not alone in your struggle. In fact, if you were to survey the first 50 people you pass on a New York street, the majority would likely say they have experienced serious money problems at one time or other in their lives. Restoring financial stability is often possible, if you know how to determine a best course of action.

Regardless of what the exact issues were that led to your financial problems, perhaps you faced a medical emergency or lost your job, Chapter 7 bankruptcy might be an option for debt relief you want to consider. As with most debt relief programs, there are eligibility requirements you must meet before submitting an application.

Underlying issues that impact your financial future

If you're one of thousands of New Yorkers who are currently facing financial trouble, you are definitely not alone in your struggle. In recent years, the U.S. economy has greatly fluctuated, first plummeting then slowly rising back to a more stable position. Economics typically falls under three main categories: global, local and personal. You may notice that each of the categories impacts the other. In short, if the U.S. economy takes a hit, your personal finances might suffer as well.  

Understanding the common causes of financial crisis may help you avoid problems. However, it's not at all uncommon to encounter financial challenges at some point in your life. How swiftly and fully you are able to recover depends on several factors, including what type of support resources you access to help overcome immediate problems and move toward restored financial stability.  

Don't let financial problems get you down

Some say money makes the world go 'round. Others claim it's the bane of their existence. You may fall somewhere in between these two schools of thought, perhaps depending on the current state of your finances. It's easy to become discouraged or feel overwhelmed when a financial crisis hits. It's also not uncommon, especially in New York and other high-cost-of-living states. A key factor to getting back on your feet is knowing what options are available to help you overcome serious financial problems.

The good news is that there are usually several options available. Most financial snags are reparable. You may be able to regain your footing by implementing a simple restructuring of your payment plan. Then again, some situations call for stronger solutions. You can take comfort in knowing there are support networks available to help you determine which options may best fit your particular needs.

Was the credit collection call you received valid?

If you use your credit card to purchase items online or in person in a New York department store and never make an effort to satisfy your debt, collections agencies have the right to contact you to attempt to secure payment. However, just because you have an existing balance on one or more credit cards does not mean people can hound you with phone calls and use aggressive, harassing tones to pressure you into taking some type of action.

There are also scammers out there, so the mere fact that someone on the other end of your phone line claims to be a creditor who is trying to collect a debt doesn't mean it's genuine. There are certain steps you can take to get a better feel for whether you think you are dealing with a valid phone call or someone who is harassing you. Knowing your rights and where to turn to for help to address relentless creditor issues are the first steps in the right direction.

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Rochester, NY 14623

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Rochester, NY 14626

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Fairport, NY 14450

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