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Posts tagged "Personal bankruptcy"

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."

The advantages of reaffirming a debt in bankruptcy

When a resident of Rockland County considers filing a bankruptcy petition, one of the many questions he or she may have is whether he or she will be able to keep his or her car. The answer depends in part on the kind of bankruptcy petition that is filed and also on whether the debtor elects to reaffirm the installment payment agreement that was used to finance the original purchase of the car.

Personal bankruptcy basics for individuals

All the recent news about high-profile corporate bankruptcies including, Toys "R" Us, Gibson Guitars and Weinstein Companies, can obscure the remedies that bankruptcy may provide for individuals. Individuals in Rockland County and other suburbs of New York City should remember that portions of the federal Bankruptcy Code are specifically tailored for them. This post will review the fundamental remedies that consumer bankruptcy provides for individuals.

Understanding the role of the bankruptcy trustee

People in Rockland County who may be contemplating filing a petition in bankruptcy court will want to know who will be controlling their fate after they file a petition. Most people realize that the bankruptcy judge will have the final say over whether and how their debts are paid, but very few people are aware of an official called the bankruptcy trustee and the trustee's role in the bankruptcy process.

Personal bankruptcy code held to outweigh arbitration clause

Virtually every credit card contract issued in Rockland County and throughout the country contains a binding arbitration clause. These clauses require all disputes between the card holder and card issuer to be resolved in a binding arbitration proceeding. The Second Circuit Court of Appeals was recently faced with a case in which a card holder attempted to escape the arbitration clause in a credit card agreement after he had won the discharge of the credit card debt in a Chapter 7 proceeding.

Choosing between a Chapter 7 and a Chapter 13 bankruptcy

People in Rockland County who are considering filing a bankruptcy petition usually wonder whether they should use Chapter 7 or Chapter 13. A Chapter 7 bankruptcy usually results in the discharge of many of a person's debts, whereas a Chapter 13 bankruptcy results in a plan to pay existing obligations over time, usually five years. While Chapter 7 may seem more appealing, only individuals whose income is below a prescribed level are eligible for Chapter 7. People whose income is above the prescribed level must file under Chapter 13. Nevertheless, approximately 70 percent of all bankruptcies are filed under Chapter 7, while the other 30 percent are filed under Chapter 13.

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