Peter R. Scribner, Esq. ATTORNEY AT LAW
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Rochester Bankruptcy Law Blog

Are you living beyond your means?

You like the finer things in life. You think of life as something to enjoy. When you go on vacation, that means staying at nice hotels and spending weeks on the road. When you buy a new car, you want a luxury sedan. When you go out to eat, you always look for trendy, upscale places to check out.

There's nothing wrong with wanting to get the best out of life. But it can become a problem if you are living beyond your means.

Getting help with medical debt

Suffering an injury or requiring an unexpected surgery can land you in the hospital for at least a few days, maybe even a few weeks. It's not something most people want, but accidents happen and some people have medical conditions that require significant attention. 

Not only can a hospital stay be stressful, you may be left with piles of medical debt after it's over.  

Bankruptcy and retirement: You may want to consider it

Bankruptcy can be seen as something negative. And while the decision to file should not be taken lightly, it can have benefits.

One that may be crucial is that either a Chapter 7 or Chapter 13 can put a stop to relentless creditor harassment. It can also provide a path to help you get back on track financially and again able to meet a age goal for retirement.

Reaching retirement? Eliminate your debts beforehand

When you are young, it is easy to make a habit of revolving credit lines. As you get older, however, the debt you maintain should be lower, since you want to be able to pay it off prior to retirement.

Unfortunately, life happens. There's a chance that you lost your job earlier than expected or had a medical emergency that added to your financial stress. Whatever the situation is, if you are in over your head with debt, bankruptcy may offer needed relief.

Which is the right type of bankruptcy to get out of debt

The bills continue to pile up and each month requires tougher and tougher decisions about what to pay. This may be related to a illness or unexpected job loss or it could be incrementally falling further behind each month. Bankruptcy offers a financial reset and can put a stop to creditor harassment. 

There are two primary forms of bankruptcy for consumers, Chapter 7 and Chapter 13. Chapter 7, or liquidation bankruptcy, is usually faster than a Chapter 13 bankruptcy and gives you that fresh start quickly. However, it may require you to sell some of your assets to satisfy creditors.

What to do when credit card debt grows out of control

It is possible to go from paying off the balance on credit cards each month to an insurmountable mountain. Life happens. One serious injury, a lengthy illness or a job loss can tip the scales.

If each month seems to get worse, options exist. While you might not know how to pay it off, remedies do exist. Be proactive and learn some initial tips by reading this post.

Bankruptcy and retirement: Get the facts

When you're growing older, the one thing you want to guarantee is that you can have a comfortable retirement. You've worked for many years, and you deserve to be able to relax as you reach your golden years. Sadly, if you've lived beyond your means or are in a position where your expenses outweigh your income, you could face bankruptcy before or during retirement.

Many people put off filing for bankruptcy because of the fear that their retirement accounts will be affected by it. The reality is that you may not have to worry about your retirement being affected by bankruptcy at all.

3 common reasons people declare bankruptcy

If you have had trouble making ends meet recently, you are not alone. You probably have friends, family or neighbors in Rochester with similar problems. While some people continue to struggle and can never quite get ahead, others choose different methods to get their debt under control. For instance, a few credit counseling sessions might be enough for one person, but for another, bankruptcy might be more effective.

Many people consider bankruptcy to be something that should be avoided at all costs. However, there are many benefits to declaring bankruptcy such as automatic stays, which can stop creditors from coming after you or put a hold on foreclosure proceedings. But, how do people end up in a situation where bankruptcy is necessary? Here are some common causes of bankruptcy.

When is Chapter 13 bankruptcy the right option?

When people think of bankruptcy, they often conjure up images of someone who is too old or sick to work. While it is true that Chapter 7 bankruptcy has specific protections for those who have lower levels of income and fewer overall assets, that doesn't mean that only people in dire financial straits or who don't have jobs need the protection of bankruptcy.

In fact, those who work high-profile and high-paying jobs can often find themselves overwhelmed by debt. After all, you probably need a car, wardrobe and home that is comparable to those of your peers. The more you make, the more debt you may find yourself carrying at any given time. Even those with substantial assets and income may require the protection of Chapter 13 bankruptcy proceedings.

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Peter R. Scribner, Esq.
1110 Park Avenue
Rochester, New York 14610

Phone: 585-800-9616
Fax: 585-256-6462
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