This blog has previously discussed how, during the bankruptcy process, a Rockland resident can choose whether he or she wants to take advantage of either the state exemptions or federal exemptions set out in the bankruptcy code.
A well-known New York doctor, whose patients have included the former governor of New York as well as noted television figures, recently filed for individual bankruptcy. The doctor states that while at one point he was a successful "anti-aging" doctor, he has fallen on hard times, in large part because of a heated and protracted divorce battle with his now ex-wife. He claims he owes $5 million in litigation and defense costs.
No one ever really wants to have their wages subject to a legal garnishment. Many New Yorkers, after all, count on receiving all of their paychecks to meet their basic household needs and make other, higher priority payments like the mortgage payment and the electric bill.
Dealing with debt isn't an easy reality for most New York residents to face. While financial problems can come and go throughout a person's life, some debt challenges cannot simply be ignored or not directly addressed. Thus, debtors frequently seek options to resolve their debt problems, and one of those solutions is personal bankruptcy.
Some debts are taken on willingly by those who must bear them. For example, some New Yorkers are comfortable acquiring loans for buying homes or cars, while others use financing to pay for their educational pursuits. Debts incurred from mortgages, vehicles, and student loans are often anticipated, and the individuals who hold them are generally prepared to manage their repayments.