Most businesses in Rockland County attempt to avoid dealing with a business that has filed for bankruptcy under either Chapter 7 or Chapter 11. The chances of being paid for goods and services is obviously reduced if the other party is a bankruptcy petitioner.
Many New York businessmen look on bankruptcy as the end of a business, but some investors look to bankruptcy as the only path to resurrecting the business. A prime example of using bankruptcy to save a business instead of dismember it was recently provided by the TIME Nyack Hotel.
One of the first tasks faced by a Rockland County resident who has decided to file a Chapter 7 bankruptcy petition is choosing between exemptions provided by the United States Bankruptcy Code or New York law.
One of the prime motivations for filing a bankruptcy petition is accumulated credit card debt. Many residents of Rockland County who have let their use of credit cards get out of control often look to bankruptcy for relief...
Many business and commercial bankruptcies in Rockland County and elsewhere end up with the assets of the enterprise being sold to an investor who intends to reinvigorate the company and turn it into a profitable enterprise.
Many New Yorkers probably have had to deal with medical expenses even after a relatively minor illness or common course of treatment. Particularly for those who do not have the best health insurance...
When a resident of Rockland County considers filing a bankruptcy petition, one of the crucial decisions is whether to file a petition for discharge under Chapter 7 or a petition for reorganization under Chapter 13.