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How are debts managed under individual bankruptcy?

Each day New Yorkers read their newspapers and online news sources and find conflicting information about the economy. Some sources claim that the nation is still embroiled in a battle for solvency while others claim housing market improvements and the stock markets are pulling the economy back into the black. Regardless of what the national economy is doing individuals living here in Rockland can still feel the pinch of financial strain.

A recent report out of the United States Courts' Western District of New York suggests that though fewer people are filing for individual bankruptcy a fair number of consumers are still seeking out the protections bankruptcy can offer. In May 2013, 205 people filed for bankruptcy in the court but just last month only 174 people made similar filings.

Individual bankruptcy filings usually fall into two categories: Chapter 7 filings and Chapter 13 filings. Chapter 7 bankruptcy allows an individual to sell off his assets and other property in order to pay off his debts. Chapter 13 bankruptcy permits a debtor to reorganize his obligations into a manageable repayment plan. Some businesses seek bankruptcy assistance through filing Chapter 11 claims.

The national economic picture always seems to be in flux. Individuals can also find their personal financial affairs out of order when unexpected life changes drain their savings and deplete their resources. Though a recent report demonstrates that fewer people are filing for bankruptcy in one part of the state there are still a number of people who need the protections bankruptcy can offer. Those individuals who want to learn more about the different forms of bankruptcy may choose to seek the advice of bankruptcy attorneys.

Source: Rochester Business Journal, "Bankruptcy filings continue to decline," Will Astor, June 2, 2014

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