When New York consumers are considering filing for Chapter 7 bankruptcy, it is important that they understand how this process works to determine if it is right for them. This type of bankruptcy can eliminate debts, but not all debts…
New York residents may have read that the hip-hop star Curtis James Jackson III, who is better known by the stage name 50 Cent, filed for bankruptcy on July 13. While stories about wealthy celebrities running into financial problems are…
Liquidating business assets in a sale can sometimes be the smartest move for a business owner in New York who is no longer making money. When a business is not turning a profit, selling the business may not be possible…
New York-born music producer Scott Storch filed a Chapter 7 bankruptcy petition in June after spending a $70 million fortune on private jet flights, real estate, jewelry, cars and cocaine. The 41-year-old previously filed for Chapter 13 bankruptcy in 2009…
New York-based children’s clothing retailer Ezrani 2 Corp. filed for Chapter 7 bankruptcy on June 18. The company operates a group of stores under the name of RUUM American Kid’s Wear that sells clothing and accessories to boys and girls…
New York mortgage lenders may have been relieved to learn that the U.S. Supreme Court recently reaffirmed a decision that Chapter 7 bankruptcy filers are not able to strip away junior liens secured by real property. In its decision, issued…
Many New York residents who are struggling with debt file for Chapter 13 bankruptcy. This plan allows people to keep major assets, such as their cars and homes while repaying creditors over a period of 3 to 5 years. In…
Many New York residents view filing for bankruptcy as a desperate last resort that only those who have exhausted all other options would even consider. However, some financial experts say that the social stigma surrounding bankruptcy is misplaced, and they…
As New York residents may know, the amount of credit card debts has changed since 2006. Credit card debt in the U.S. rose until January 2009, when it peaked. At that time, America had been in a financial crunch for…
One of the most anticipated moments of a bankruptcy case for the debtor is the discharge. This is the wiping out of certain debts, allowing the individual going through the bankruptcy process to begin on a fresh financial footing. The…
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