New Yorkers who are considering filing a Chapter 13 bankruptcy petition are frequently deterred by fear of the unknown. One of the biggest unknowns is the effect that filing a Chapter 13 petition - frequently called a wage earner or, more generally, a consumer...
Month: September 2017
Shoe retailer plans bankruptcy to shed unprofitable stores
Bankruptcy can serve many purposes for a financially stressed New York business, from restructuring its operations to increase profitability to liquidating its assets and going out of business. The women's shoe retailer Aerosoles is reported to be on the verge of...
Toys “R” Us considering bankruptcy protection
The changing retail markets in the United States have affected both large and small merchandisers. As big online retailers such as Amazon gain larger and larger shares of various markets, their competitors are facing dire financial futures. One of the most...
How does bankruptcy affect garnishment proceedings in New York?
The ability to seize a portion of a debtor's paycheck is one of creditors' most powerful collection tools under New York law. For low-income families, the loss of even a small portion of a regular paycheck can be catastrophic. Filing a petition for personal bankruptcy...
TV star found guilty of bankruptcy fraud
People who filed bankruptcy petitions often lose sight of their responsibility to be honest in their statements to the court and to the bankruptcy trustee. Both the court and the trustee possess the power to impose civil fraud penalties on persons who make material...
