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...
Month: April 2015
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...
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...
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...
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...
