It can be a scary proposition to face the repossession of a personal vehicle. New Yorkers face repossession when they fall behind on their car loan payments and are unable to make good on the debts that they incur to their lenders. The loss of a car can mean the loss of freedom for some, as well as new and difficult challenges regarding how they will get through their daily lives.
The goal of almost any bankruptcy proceeding is to have the filer's debts discharged. When a debt is discharged it is either approved to be paid off under a repayment plan or satisfied through repayment based on a debtor's asset liquidation. Depending upon the type of bankruptcy that a New York resident pursues, a debt discharge may look different than those of others going through the bankruptcy process.
It can be difficult for New York shoppers to reign in their holiday purchases. With tempting deals that start as early as the week of Thanksgiving, the holiday buying season is long and sometimes hard to pass up. However, as many shoppers put their gift purchases on credit cards, some face difficult realities when their credit card bills arrive with balances that they cannot pay off.
Bankruptcy can be a financial tool for individuals and businesses alike. However, readers of this New York debt relief and bankruptcy blog know that individuals and businesses often cannot utilize the same types of bankruptcy protections. In some cases, different types of businesses cannot use the same types of bankruptcy; for example, while many large companies may find success through Chapter 11 bankruptcy filing, many small businesses may not even qualify for the process.
Filing one's own personal taxes can be confusing for a New York resident. The process can be further complicated when an individual must file his taxes during bankruptcy proceedings. Depending upon the type of bankruptcy that the individual pursues, he may or may not have to file a separate tax return for his bankruptcy estate.