It is only natural for people facing personal bankruptcy to want to satisfy as many of their debts as possible. While some New York residents may prioritize bank debts, others may choose to satisfy debts to family members and other personal connections in advance of others. However, there are certain rules they must follow in managing their outstanding obligations.
One of the advantages of bankruptcy, whether for a New York business or an individual consumer, is that it generally wipes clean the financial slate for that entity. While it may deplete the entity's resources through debt repayment and asset liquidation, it also usually leaves the entity without creditors hounding it for money. The timing of a bankruptcy filing can affect which claims and debts against the entity are subject to the terms of the bankruptcy court's final order.
When a New York resident is sued for negligence, premises liability or other forms of civil liability he may do everything in his power to defend himself. Defending a lawsuit can often involve engaging the services of a lawyer and enduring lengthy legal processes that demand the defending party's time, attention and money.
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.