New York is home to some of the nation's finest universities, and the students who attend them often take on tens of thousands of dollars of debt to pay their tuition and living expenses. Individuals who are struggling to make student loan payments often believe that this type of debt cannot be discharged in a personal bankruptcy, but this is not always true. While the Bankruptcy Abuse Prevention and Consumer Protection Act does make student loans exempt from discharge most of the time, the 2005 law does allow relief to be granted to prevent undue hardship.
The many reasons younger couples are opting for prenups
In the past, prenups were usually associated with very wealthy or famous people. The word itself seemed to be a taboo, but millennial couples seem to be changing that, causing a significant increase in the number of prenups requested. For many New York couples, a prenup might be an option to consider as they plan their wedding and married life.
Losing health insurance doubles the chances of bankruptcy
Most of the people in New York and around the country who file personal bankruptcy do so because of overwhelming medical debt, and many of them find themselves in an unsustainable financial situation after losing their health insurance coverage. Individuals often lose their health insurance after leaving a job or going through a divorce, and a coverage gap of only two years makes bankruptcy twice as likely according to a recent study.
