A New York resident may misplace a bill or forget to drop a payment in the mail from time to time, but long-term delinquencies or consistently missed payments can lead to bigger problems and more aggressive collection efforts on the part of creditors who are owed funds. For example, when a homeowner stops making payments on a mortgage the home may fall into foreclosure. As mentioned in previous posts, foreclosure is a legal process through which a mortgage lender takes possession of a home and effectively removes a mortgage payer from the premises. The loss of a home through foreclosure can be devastating for a family, but there are some effective steps that individuals facing foreclosure can use to stop or avoid foreclosure all together.
Company size can impact a business bankruptcy differently
It is not uncommon for a New York resident to read a local newspaper story about a major corporation filing for business bankruptcy. To the uninformed reader, a headline indicating a business's entry into the bankruptcy process may signify the start of its demise into obscurity. However, many of our readers know that bankruptcy does not have to be an ending, but rather a beginning.
For some, personal bankruptcy is a side effect of cancer
Cancer can reach the life of almost any New York resident, whether through an individual's personal diagnosis or through its impact on the life of a friend or loved one. Not everyone who receives a cancer diagnosis is lucky enough to beat it, although some are fortunate enough to receive the medical care they need to return to their pre-cancer lives.
When are stockholders paid during a business bankruptcy?
When a company suffers financial setbacks it is often unable to pay bills and other financial obligations. New York businesses that sell and offer stock often have monetary responsibilities to those parties that purchase shares in their organizations. When a business starts to take a downward financial turn and chooses to file for business bankruptcy in order to address its problems, its shareholders may wonder if and when they will receive recompense for their investments.
