Businesses throughout New York open their doors for the first time each day. For some, selling their goods and services within their communities is easy to do. Others struggle to keep their doors open after the excitement of starting up wanes. Many businesses attempt to preserve their existences through bankruptcy and other financial opportunities when their only other option is to close.
Supreme Court rules inherited IRA not protected in bankruptcy
For many New York residents personal bankruptcy is a necessary step in getting through difficult financial situations. Unlike foreclosure, creditor harassment and other negative events that can result when debts are neglected, taking the initiative to file for Chapter 7 or Chapter 13 bankruptcy can be a proactive move for a more secure future. Bankruptcy can provide a person with legal protections that guarantee some of his wealth will be preserved in the future.
Start of school season means credit card debt for some
The fourth of July has come and gone and for some Rockland residents the end of summer may be too rapidly approaching. As summer winds down back-to-school preparations gear up for teachers and families alike, and soon stores will be filled to the brim with backpacks, notebooks and other educational tools. The return of kids to school and the coming fall are often signs of a time when Americans make poor financial choices that can lead to overwhelming credit card debt.
Consumer bankruptcy has advantages, disadvantages
Bankruptcies down in New York, but Chapter 7 leads
Chapter 7 bankruptcy can provide debt relief and protect certain property belonging to the filing party at the same time. Although bankruptcies in one part of New York recently hit a low, Chapter 7 bankruptcies continue to be the majority of filings in the area. The recent bankruptcy filings number is the lowest number since 2005. Bankruptcy numbers throughout the country have declined since 2009. Several factors contribute to the decline. Some of those factors include consumer reluctance to take on new debt and consumers eliminating existing debt.
