Chapter 13 to 7 conversions
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…
The potential financial benefits of filing for bankruptcy
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…
Some debtors still face large credit card debts
As New York residents may know, the amount of credit card debt 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…
How is a discharge obtained in a Chapter 7 bankruptcy?
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…
Overview of chapter 7 bankruptcy eligibility
Bankruptcy is designed to give people who need it a fresh start financially. For people in New York, Chapter 7 may be a viable option. Businesses, including partnerships, are also eligible for Chapter 7, but only qualified individuals will be…
What is the process of a Chapter 7 bankruptcy?
When a New York debtor decides to file for Chapter 7 bankruptcy, the first step is preparing the information that the court requires. This includes a list of all creditors with the nature and amount of debt and an explanation…
New York business owner files for chapter 7 bankrtupcy
The former owner of Printing Methods Inc. filed for Chapter 7 bankruptcy Aug. 8 in U.S. Bankruptcy Court in Rochester. At the time of the bankruptcy, he had debts of $3.95 million and assets of $537,000. The personal bankruptcy filing…
The process of filing for Chapter 7
New York residents who are interested in information about bankruptcy may benefit from specific details of how the bankruptcy process works. A Chapter 7 bankruptcy for an individual begins with the person requesting it filing a petition with the courts.…
Obtaining credit cards after filing for bankruptcy
New York residents who have recently filed for bankruptcy protection may want to know what to expect in the future as far as being able to obtain a new credit card. The answer will often depend on a person’s credit…
Understanding Chapter 7 bankruptcy eligibility requirements
New York residents who are struggling with debt may be interested in some information on Chapter 7 bankruptcy and the eligibility requirements for filing. By filing for Chapter 7, a person may get a fresh financial start to their lives.…
