One of the biggest fears that a New Yorker may have about filing for bankruptcy is losing any retirement savings that he may have accrued during his lifetime. Bankruptcy can wipe a person's financial slate clean, sometimes including accounts he had set up for the purposes of eventually retiring. For some, the idea of working indefinitely can be even more terrifying than subjecting oneself to the regulations of the federal bankruptcy courts.
Actor files for personal bankruptcy
The decision to file a consumer bankruptcy can be a difficult one for New York residents. There can be questions about whether or not the bankruptcy will result in more hardships that the family had in the first place. There are a lot of stigmas that surround bankruptcy that people may think are difficult to overcome. However, since the recession, views on consumer bankruptcy are changing and people are seeing it less as an embarrassment and more as a viable financial option.
Supreme Court hears bankruptcy exemption issue
Times are tough for many New Yorkers. People are finding it difficult to find jobs that pay enough to cover all their basic living expenses, their medical costs, their student loans and credit card debt. The rising costs of basic essentials -- like gas and food -- doesn't help the matter. In some cases, people are turning to bankruptcy to try and eliminated some of their debts.
Exemptions protect assets in New York bankruptcy
The economy has changed in many ways since the collapse in 2008. People have seen many changes, and they have been difficult for many people. Even people who seem like they should be able to make their ends meet are having difficulty.
