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Posts tagged "Personal Bankruptcy"

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.

What is a 'no asset' case in a Chapter 7 bankruptcy?

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. A decision to seek discharge under Chapter 7 can often produce what is called a "no asset" case. This is a case where the debtor has no assets that can be liquidated to pay the claims of unsecured creditors.

Should student loans be dischargeable in Chapter 7 bankruptcy?

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.

What is a '341 meeting' in a Chapter 7 bankruptcy?

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."

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