Another grocery chain has decided to seek protection from creditors by filing a Chapter 11 petition. Seasons Kosher Supermarkets, based in Flushing, N.Y., filed its petition in the Eastern District of New York on September 16. An announcement by the company that accompanied the filing indicates that the chain is attempting to arrange interim financing that will allow it to remain in business during the Chapter 11 proceeding.
For families in Rockland County who are struggling with financial problems, one of the greatest fears is the loss of the family home through foreclosure. Filing a bankruptcy petition often seems like surrender, but, a bankruptcy petition under either Chapter 11 or Chapter 13 can be the surest means of stopping a foreclosure proceeding in its tracks.
When a Rockland County resident is considering filing a bankruptcy petition, one of the first questions is whether creditors can compel the forfeiture of certain assets, most commonly a car or the family home. The answer to the question is generally more positive than most people realize.
Many residents of Rockland County may assume that all popular musicians are rich and that none of them comes close to needing bankruptcy protection. However, the recent bankruptcy filing of female rapper "Da Brat" belies this myth and provides a peek into the finances of an otherwise successful musician.