The holidays have come and gone and a new year is now upon the residents of Rockland. As individuals across the community plan and commit to their 2015 resolutions, some may think about what they can do to improve their financial health in the year to come. While some people may be able to take control of their money matters with planning and monitored spending, others may need more drastic assistance to get their financial lives back on track.
At the end of each year many New Yorkers increase their spending in order to buy gifts for the people they love. The holidays in particular are often a time of year when people let their financial planning fall to the wayside. While some people are able to cope with the added expenses the holidays often bring, others find themselves in financial hot water when their bills begin to arrive in January.
The state of New York has four federal bankruptcy courts located within its borders. Those courts represent the north, south, east and west of the state and serve corporate and individual debtors who are compelled to seek bankruptcy protections. Periodically the United States Bankruptcy Courts provide data on filings throughout New York and the rest of the country and this post looks at some recent data provided on business bankruptcy filings right here in the state.
Residents of Rockland may know Burt Reynolds from movies like "Smokey and the Bandit," "Deliverance" and "Boogie Nights." The ever-popular showman has been involved in a long list of big screen productions over the last five decades. Despite his enduring popularity and ubiquitous presence on television and in film, Reynolds has encountered serious financial troubles over the years that even led him to file for consumer bankruptcy.
An exemption in bankruptcy applies to property protected by law from being used to satisfy outstanding financial obligations to creditors. Because exempt property cannot be liquidated or otherwise used to pay off creditors, it is ultimately retained as the property of the party who files for bankruptcy. New Yorkers considering bankruptcy may believe that it would be in their best interests to include all of their property in exemptions, and therefore not give up any of their possessions to discharge their debts.