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The right help when it comes to filing for bankruptcy

Many people in Rockland County who are considering bankruptcy are deterred by the thought of adding to their financial problems by adding attorneys' fees. The answer to the question of whether an attorney is necessary in a bankruptcy filing can be complex, and it always depends upon the individual's financial situation.

Barriers to a discharge in a personal bankruptcy

Most people in Rockland County who have endured the rigors of a personal bankruptcy filing felt that the outcome justified the effort, because many debts were discharged. Sometimes, however, the debtor will fail to attend to one or more necessary details and will learn that a discharge will not be granted.

How bankruptcy can provide protection from creditors

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 mystery for some people. For most individuals who file a petition in bankruptcy, the strongest protection is provided by the automatic stay, a court order that is issued automatically when a bankruptcy petition is filed.

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 case.

How bankruptcy can save a home from foreclosure

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.

Rapper seeks bankruptcy protection, citing $7.7 million in debt

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.

Can creditors make an objection to the discharge in Chapter 7?

New Yorkers who have been overcome by debt and are seeking a discharge by filing for bankruptcy should be aware of certain factors that could impact the success or failure of the case. For individual debtors without property and assets that can be used to settle their secured debts, Chapter 7 is generally the best alternative. However, it is imperative to understand the rules when filing for bankruptcy under Chapter 7 and that there is no guarantee there will be a discharge. Knowing when creditors have the right to object to the discharge is key to avoiding these pitfalls and clearing the debt.

Study shows rise in elderly people filing for bankruptcy

In New York and across the nation, older people are increasingly finding themselves facing overwhelming debt they are unable to repay. At a time when they should be looking forward towards retirement, these problems are causing concern about how they are going to retain their home, keep their property and even survive. While older people will frequently believe negative perceptions about bankruptcy, it is a way to get back on stronger financial ground and move forward with their lives without the everyday worry about bills. For those who are experiencing financial turmoil, it is important to know what steps to take to file.

Westchester construction firm files Chapter 11 petition

Firms who file bankruptcy petitions offer many different reasons why they are in financial peril. In a recent filing in White Plains federal court, the president of a construction firm based in Armonk, NY, blames lack of revenue for the firm's inability to pursue legal claims and recover money allegedly owed to it.

How often is bankruptcy related to medical problems?

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, these bills can pile up quickly, as some residents of Rockland or Garnerville may have plans leave them responsible for a large deductible, to the tune of thousands of dollars.

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