Chapter 7

The New York-based cupcake chain store, Crumbs, has been forced to shut down all of its stores due to dwindling sales. The company plans to file for Chapter 7 bankruptcy while liquidating all of its assets. In a public statement, a spokesperson…

Having large amounts of outstanding debt is an understandable reason for choosing to file for bankruptcy. It might seem as though there are few viable options for people trying to eliminate their debts, although Chapter 7 bankruptcy might be one of them.…

As we have talked about on our blog, credit card debt is often a driver for people who file for bankruptcy. Debt can easily spin out of control if people rely on credit cards for everyday expenses; high interest rates,…

Upon the death of a loved one, family members might receive an inheritance, sometimes in the form of an inherited individual retirement account, better known as an IRA. Many people might choose to keep the account in that form with…

Unpaid medical bills will be the number one cause of personal bankruptcies in the United States, despite the implementation of the federal Affordable Care Act, according to a 2013 NerdWallet Health study. The ACA will increase the numbers of people…

As most New Yorkers know, debts are neither inherently good nor inherently bad. If they pay bills on time and pay off credit cards each month, then debtors can avoid acquiring debts that are difficult to pay off. Failure to…

Showing how easily debt in uncertain times can overwhelm even the famous, just three years after his wife filed for divorce, singer Eddie Montgomery of the country duo Montgomery Gentry has put up his restaurant and house for sale. The…

Relying on credit cards to cover most needs is not a good decision. Many Americans, including those here in Long Island, New York, have filed for bankruptcy because of credit card debts. In fact, 32 percent of those who filed…

Even celebrities have their share of financial downturns, and when they do, they want the same thing as everybody else, a fresh start. New Yorkers who have followed Aaron Carter’s career may be saddened to hear that he is one…

DMX has many fans on Long Island, New York, among other places, and it might have been a shock for his fans to learn that the rapper is in the middle of insolvency. However, at the moment, that is not…