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Conquering Financial Procrastination


    Chapter 7

         Note: The laws changed in January 2011 which impacts the above video.

         The New York homestead exemption is now $150,000 (per person) for Long Island

         and most of the downstate region.

    Chapter 13



    Bankruptcy Stress

    Credit After Bankruptcy

    Discharging Taxes in Bankrutpcy

    Reaffirmation Agreements

    Loan Modifications


Bankruptcy Laws and Bankruptcy Rules

Bankruptcy laws vary from state to state. They can also be a bit complicated for anyone who does not have legal background. For these reasons alone, if you are considering filing for bankruptcy your first step should be to consult with someone who is qualified to provide you with all of the information, advice, and assistance you need. You should never be tempted to begin the process on your own.

You may, however, benefit from knowing some facts in advance. This can help you to be better prepared for your initial consultation.

Contrary to common belief, bankruptcy laws are neither designed to relieve you of your financial responsibility nor to make the process of bankruptcy harder than it needs to be. The laws are in place to assure the most fairness for both consumers and creditors. They also lessen the burden on the legal system.

Depending upon your particular financial situation, you will be advised regarding which chapter of bankruptcy is the most appropriate for you, or whether you have a better option for settling your debts without bankruptcy. Even if bankruptcy is an option for you, it still should be thought of as a last resort when none of the other options are applicable to your particular situation.

The newer bankruptcy laws are also designed for fairness. As consumers no longer find it easy to take bankruptcy lightly as a means to be irresponsible with their finances and avoid paying their debts, everyone involved will benefit from this in the long-run. Under the new bankruptcy laws, those who can be reasonably expected to pay their debts must do so, rather than simply having their debts discharged.

In addition to consumer accountability for debts, the new bankruptcy laws also emphasize consumers taking responsibility for their financial situations. In the past, many found it too easy to continue being financially irresponsible, often leading to the need for filing for bankruptcy again. The new focus on learning effective money management and proper use of credit minimizes the consumer’s risk of continuing in negative financial patterns.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was designed to be in the best interests of consumers, creditors, and the legal system. While bankruptcy is not as easy as it used to be, it is useful for those who legitimately need it. When everyone in the system works together honestly, the new bankruptcy laws work to everyone’s benefit.