The Chapter 11 bankruptcy process can be a complex process as businesses can have different types of debts as well as different categories of creditors. In addition, creditors may receive different types of priority. During a Chapter 11 business bankruptcy, some types of debts may be more difficult to discharge than others so it is important to understand the complexities of the Chapter 11 bankruptcy process and how to develop a strategy to deal with complex business bankruptcy issues.
Personal bankruptcy options are available for individuals struggling with debt and its associated burdens. Bankruptcy filings were on the rise in the western portion of New York in February. The increase was the first year-over-year increase since December of 2014. The 20 percent increase in February was significant and represented 17 counties in New York State. In addition, year-to-date filing numbers were also up 4.5 percent. The increase reversed a trend showing a decline in bankruptcies. In total, 603 filings have been recorded this year.
The idea of carrying debt can make some Rockland residents cringe. Being responsible for debt may conjure up images of mounting bills, harassing collection calls, and overwhelming stress for those who are subjected to the weight of debts. However, in some situations, debt may not always be a bad thing. Particularly in the context of business, there are such things as good debts.
Debts can build up from many causes, whether they are related to medical expenses, student loans, credit card balances, or others. One way that individuals may find themselves facing the need to file for personal bankruptcy is if they incur large tax bills. However, New Yorkers who hope to discharge their tax debts through bankruptcy should be aware that such scenarios are not always achievable.