When a business chooses to file for bankruptcy, it has some control over the format it may use. While some New York entities may prefer to use bankruptcy as a way to shut their doors through the Chapter 7 process, others may prefer to use Chapter 11 to reorganize and...
Month: July 2016
What happens to the cosigner if someone defaults on a loan?
Before a person establishes his own credit history, it can be difficult for him to secure loans and other financial opportunities that require him to make full and timely payments. For example, a person may not be able to get a mortgage to buy a house if he cannot...
New Yorkers may choose between state and federal exemptions
There are bankruptcy laws in both the federal United States Code as well as in the New York State Code. Each set of laws provides individuals who file for bankruptcy with exemptions that they may use to protect certain items of property from liquidation during the...
What is the CARD Act?
The CARD Act, also known as the Credit Card Accountability Responsibility and Disclosure Act, was enacted in 2009 in an effort to provide consumers with protections from predatory credit lenders. This post will touch generally on some of the goals and policies of the...
Casino group struggles to restructure under Chapter 11 bankruptcy
When a New York business enters the Chapter 11 bankruptcy process, it is afforded a number of protections. One of those protections prevents the business's creditors from initiating litigation against it for the collection of the balances owed to the creditors. In...
