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April 2015 Archives

Solvency is an important factor for business bankruptcy

Under the U.S. Bankruptcy Code, insolvency generally means that a person or entity has more debts than it has assets. A visual representation of insolvency would be the financial balance sheet of a New York company that has its value in negative territory. When a private or business entity finds itself operating in the red, it may consider filing for bankruptcy to improve its struggling financial state.

Are all retirement investments safe during bankruptcy?

One of the biggest fears that a New Yorker may have about filing for bankruptcy is losing any retirement savings that he may have accrued during his lifetime. Bankruptcy can wipe a person's financial slate clean, sometimes including accounts he had set up for the purposes of eventually retiring. For some, the idea of working indefinitely can be even more terrifying than subjecting oneself to the regulations of the federal bankruptcy courts.

Earning pattern can influence likelihood of bankruptcy

As young Garnerville residents approach adulthood, they may contemplate the variety of occupations that they could embrace as their possible future careers. Studies in high school and post-secondary programs may prepare them for particular industries and, depending upon what they choose to do, they could earn salaries that spread across a wide expanse of possibilities. One interesting financial trend has been noted in a professional industry that most youths can only dream of joining.

Don't let debts snowball into even greater personal losses

Last week's blog post discussed some of the ways that the federal CARD Act seeks to protect debtors from the predatory behaviors of unscrupulous creditors. Despite the government's efforts to keep struggling consumers financially safe, many New York residents still find themselves losing their grip on their economic well-being. When debts become too much to manage, creditors can begin taking legal steps against those who owe them money.

The CARD Act and coping with credit card debt

Nearly six years ago, President Obama signed into law a bill that sought to protect consumers from the confusing and sometimes abusive practices of American credit card companies. Called the Credit CARD Act, or the CARD Act for short, the law prevents credit card companies from hiding card terms from consumers and changing those terms on cardholders in their systems. Generally, the law's goal was to protect New York residents and other Americans from the damaging practices of some aggressive creditors.

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