As young adults in Rockland County graduate from college and prepare to enter the working world, one of the biggest obstacles many face is paying off the loans they incurred to pay for college. For many people, their student loan balance reach into the high five figures, and some exceed $100,000. A debt of such magnitude on a borrower's credit record can preclude access to loans that are necessary to enable the purchase of a home or an automobile. According to a recent study completed by the United States Department of Education, even bankruptcy offers little hope.
Anyone in New York who files a petition under Chapter 7 of the United States Bankruptcy Code must attend a meeting with creditors and the trustee early in the proceeding. The meeting is required by Section 341 of the Bankruptcy Code, and it is commonly referred to as the "341 meeting."
When a resident of Rockland County considers filing a bankruptcy petition, one of the many questions he or she may have is whether he or she will be able to keep his or her car. The answer depends in part on the kind of bankruptcy petition that is filed and also on whether the debtor elects to reaffirm the installment payment agreement that was used to finance the original purchase of the car.
All the recent news about high-profile corporate bankruptcies including, Toys "R" Us, Gibson Guitars and Weinstein Companies, can obscure the remedies that bankruptcy may provide for individuals. Individuals in Rockland County and other suburbs of New York City should remember that portions of the federal Bankruptcy Code are specifically tailored for them. This post will review the fundamental remedies that consumer bankruptcy provides for individuals.
The bankruptcy of a business tenant can be financially cataclysmic for a commercial landlord. If a commercial landlord in New York believes that a tenant is on the verge of filing a Chapter 11 business bankruptcy petition, understanding the provisions of the Bankruptcy Code that directly affect a landlord's rights can save a landlord many thousands of dollars.