Many people in Rockland County understand that a Chapter 7 bankruptcy proceeding can be used to discharge, that is, write off, many different kinds of debts. Many people choose Chapter 7 to rid themselves of excessive consumer debt, such as credit card debts. In...
Month: November 2017
Michael Vick pays creditors 99 cents on the dollar
People who choose a Chapter 7 bankruptcy usually intend to obtain a complete discharge of all obligations. Those who choose Chapter 11 have some intention to repay at least some of their debts. Former New York Jets quarterback Michael Vick owed slightly more than $17...
Chapter 11 bankruptcy ends, creditors and shareholders get little
Most media coverage of corporate bankruptcies in New York and elsewhere focuses on the initiation of the proceeding, especially if the debtor is a major business enterprise. Few stories, however, provide a portrait of how the process ends. The termination of a Chapter...
Retail credit cards may trap unwary consumers
Virtually every inhabitant of Rockland County has received at least one offer of a retail credit card - that is, a credit card offered by a retailer instead of a bank. While the cards offer certain advantages, they now come with very high interest rates, some higher...
Clothing retailer trapped in involuntary bankruptcy
Most residents of Rockland County, New York, view the filing of a bankruptcy petition as the voluntary act of someone who is buried in unmanageable debt. Occasionally, however, a person or company may be forced into a bankruptcy proceeding by a creditor who files a...
How a famous restaurant fell into bankruptcy
Le Cirque in New York City was a world-famous restaurant, known for excellent food, impeccable service and, of course, high menu prices. When the restaurant filed a Chapter 11 bankruptcy petition in March 2017, most observers expected it to reorganize its finances and...
