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October 2013 Archives

Bankruptcy case highlights treatment of rent-stabilized lease

A number of tenants in New York live in apartments where the rent is stabilized by law for those who continue long-standing residencies. A consumer bankruptcy filing by a 79-year-old widow behind on her bills after the tragic death of her husband poses the issue of whether the lease on such a rent stabilized apartment can be regarded as one of her assets under the law.

Early payoff of credit cards not always a good idea

It is true that credit card debt, particularly debt on credit cards carrying a high interest rate, can be expensive when the balance mounts up. Surprisingly, though, striving to quickly pay off the balance on such cards is not necessarily a good idea under all circumstances.

Sports figure selling memorabilia in wake of business bankruptcy

The aftermath of a business bankruptcy for a video game business has seen its owner, famous former Red Sox baseball pitcher Curt Schilling, selling off personal items, including a limited number of items of sports memorabilia, possibly to try to satisfy company creditors. His business was known as 38 Studios and it went into bankruptcy in the early part of 2012.

Handling credit card debt

Lots of people in New York and nationwide have trouble managing credit card debt. Often this, along with medical debt, becomes a major cause of having to seek debt relief through Chapter 7 bankruptcy or Chapter 13 bankruptcy. There are, however, some things to attempt that can help manage credit card debt.

N.Y.C. Opera may file bankruptcy

The New York City Opera, an operation that has been around for approximately 70 years, is facing financial difficulties that may force it to file bankruptcy soon if increased fund raising efforts are unsuccessful. There are evidently only a few more days for the opera company to raise the $7 million required to complete its current season, including three remaining productions. To continue operations for productions planned for next year's season, $13 million more would have to be raised.

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