Are Student Loans the New Debt Epidemic?

Student debt overwhelms millions of recent college graduates and their parents Many recent grads and their families are being overwhelmed by a serious student debt problem. American student loan debt has ballooned to more than $1 trillion, with more than 7 million borrowers in default. The United States leads the world in abandoning students to […]

How Soon After a Bankruptcy Can I Purchase Property?

The Federal Housing Administration (FHA) specializes in insuring loans for qualified borrowers who have issues that exclude them from conventional loan programs, such as less than perfect credit histories. While subprime loans also cater to this type of borrower, FHA loans offer market-competitive interest rates and terms much lower than those of subprime loans. FHA lenders require […]

Payday Loan Scams

Although payday loans are illegal in New York State (as well as 14 other U.S. states), Internet lenders are preying on those in the New York City area with “too good to be true” offers. The offers may sound attractive, but once you get caught in these payday loan cycles, it’s very difficult to break […]

What is a New York Judgement Lien

In New York when you have not paid a debt, your creditor can seek compensation by obtaining a lien against your property. Judgment liens against real or personal property can be awarded in court. In civil matters, this can take place after a verdict is given by a judge, jury or when a court approved […]

What is the New York Bankruptcy Means Test?

The “Means Test” in bankruptcy was created through legislation passed in 2005 and is used during a Chapter 7 bankruptcy case to determine a person’s eligibility to file. The test analyzes the debtor’s income over the past six months prior to filing and compares it with the state’s monthly median income. The Means Test is […]