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July 2015 Archives

Rapper's bankruptcy claims are challenged in court

The rapper known as 50 Cent made headlines in New York and throughout the rest of the nation recently when he filed for bankruptcy. The artist alleged that he was broke and that he did not have sufficient money to satisfy all of his debts. However, due to the timing of his Chapter 11 bankruptcy petition, questions arose as to the veracity of his insolvency claims.

Even with cash flow awareness, debt can be a problem

Every New York business has means of income and costs as expenses. In terms of income, profits from the sales of goods and services provide businesses with the revenue they need to keep their operations going. Expenses, however, can be anything from the rent a business must pay for its space to the salaries and wages that it must pay to its workers. How income and expenses filter into and out of a business is known as the business's cash flow.

What is pre-bankruptcy counseling?

Personal or consumer bankruptcy involves the reorganization or liquidation of a person's assets in order to satisfy his debts. This New York bankruptcy law blog has discussed these methods of bankruptcy, also known as Chapter 13 bankruptcy and Chapter 7 bankruptcy, and steps that occur once the bankruptcy petition is filed. However, there are some requirements that a person must meet before he can submit his bankruptcy paperwork. One of those requirements is pre-bankruptcy counseling, and this post discusses just what it entails.

Credit card debt often follows travelers back home

Family trips and personal vacations can be good ways for individuals to refocus after dealing with the stresses of life and work. Whether a Garnerville resident travels to a nearby retreat or a distant land, he generally has to incur some expense in order to make his dream vacation into a reality. While some people tend to save up for their trips, others fail to plan and finance their escapes with credit cards.

Why doesn't bankruptcy automatically erase my student loan debts?

Unlike credit card debt and mortgage debt, educational loan debt is held to a different standard during bankruptcy proceedings. Not all Garnerville residents who file for personal bankruptcy will see their student debt erased. In fact, having student loans discharged in bankruptcy requires a debtor to face his creditors and prove that repayment would put him into a financially challenging place.

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