Like many other types of laws, American bankruptcy laws have evolved over time. As economic conditions change and the financial pressures put on individuals progress, the legislation that governs individuals' actions must also advance. In the last decade, citizens of New York and the rest of the country have witnessed some big changes in the world of consumer bankruptcy.
There is no doubt that credit cards can present financial problems for people who carry balances on his or her charging devices. New Yorkers with credit card debt may have trouble making their minimum payments and may find themselves penalized by their credit card companies for maxing out or exceeding their credit limits. What some people may not realize is that all of those financial hardships that credit card debt can impose can also manifest negative health consequences in those who bogged down by their bills.
It can be a real challenge for many Americans to admit when they need help. Throughout New York and in communities all across the country, individuals who are struggling with debt and with managing their financial challenges are working hard to keep their money problems under control without any outside assistance. For whatever reason, it is the preference of many to try to fix their complications on their own.
Many of the posts on this Garnerville bankruptcy law blog address matters related to personal bankruptcy and the tools individuals can utilize to improve their financial situations. Today's post looks at the similarities and differences between a form of bankruptcy commonly used by businesses and those forms of bankruptcy generally used by private parties. In the business and commercial world, Chapter 11 bankruptcy is a way to keep an entity's doors open while also addressing sensitive issues related to outstanding debts.