Residents of Rockland County who are experiencing financial difficulties, especially from significant credit card debt, are often told that bankruptcy can protect them from creditors. While this statement is generally correct, the "how" of this protection is often a...
Month: October 2018
Sears bankruptcy will have varied impacts on others
By now, the news of the bankruptcy filing by Sears is well known. Many Sears stores will close, and many employees will lose their jobs. But, what about firms that sell goods and services to Sears or rent space to Sears? Preliminary analyses of the retail market...
Retailing icon Sears on verge of bankruptcy
Another retailing icon appears to be edging toward a bankruptcy filing. Sears, one of the most recognized names in American retailing, is expected to file a business bankruptcy petition. The decline of Sears appears to be the result of a changing retail climate in the...
Taxation of debts cancelled in bankruptcy
Most residents of Rockland County have never heard of cancellation of indebtedness income. The common perception is that when a creditor cancels a debt, that's it. The debtor is completely off the hook, and nothing more needs to be done. Unhappily, that is not the...
Jurisdiction of U. S. bankruptcy courts
Rockland County businesses and individuals who are contemplating the filing of a petition in bankruptcy court rarely stop to wonder why Congress created a special court to handle bankruptcy cases. The creation of bankruptcy courts and the defining of their...
