Prior posts on this New York bankruptcy and debt relief legal blog have discussed the difficulties some individuals may face in attempting to discharge their student loans through personal bankruptcy. Under the bankruptcy code, a debtor generally must demonstrate that their student loans impose undue burdens upon them before those debts may be dischargeable; however, the bankruptcy code does not provide much guidance as to what constitutes an undue burden in these circumstances.
The loss of a personal vehicle to repossession can be an incredible setback for the livelihood of the affected individual. New York residents who lose their cars, trucks, SUVs, and vans to repossession may struggle to hold down jobs as they no longer have a reliable mode of personal transportation. Once a person's employment is affected, they may discover that they no longer have the financial capacity to keep up with their other obligations.
When a person cannot pay their bills and experiences the pressure of living with overwhelming debt, bankruptcy can be a good option for finding their way back to solid financial footing. However, not all debts can be discharged under a Chapter 7 or Chapter 13 filing. While bankruptcy exemptions may allow a Rockland resident to protect some of their property during the bankruptcy process, that property may later be used to satisfy an unpaid child support obligation or other nondischargeable debts in bankruptcy.
Opening a business can be an overwhelming endeavor. While many Rockland residents dream of starting their own entities and being their own bosses, few take the difficult step of forming businesses. Of those that do open their business's doors, many will face challenges in their first years of operation.