Bankruptcy

In 2005, Congress passed a law that made big changes to federal bankruptcy law. The law, the Bankruptcy Abuse Prevention and Consumer Protection Act or BAPCPA, officially went into effect on Oct. 17 of that year. Now, nearly a decade later, it appears that the new law...

One misconception that many people have about bankruptcy is that going filing means that they will never be able to get credit again. Buying a house or a car, or getting a business loan will be impossible after going through bankruptcy, this theory goes. Fortunately,...

Because everyone’s living situation and financial resources are unique in some way, there is no “one size fits all” approach to fixing problems with debt. Besides debt settlement, there are several forms of bankruptcy that people may qualify for, including Chapter 7,...

Let’s face it, there is still a stigma attached to declaring bankruptcy. Though it is very common for people to go through Chapter 7 or Chapter 13 bankruptcy, those who have never faced crushing death may stereotype those who have as irresponsible with their money....

New York City residents with financial problems may feel cornered by debt collectors, but there are always options. Some people in this position may have a choice between Chapter 7 and Chapter 13 bankruptcy. For others, avoiding bankruptcy entirely may be possible....

Not every asset that a person has can be touched during bankruptcy proceedings. For example, public assistance benefits like disability or unemployment benefits are not subject to seizure. In a recent decision, the New York State Court of Appeals, the state’s top...

The Kodak brand may bring us back to our childhood, but we are quickly snapped back to reality with the announcement of their bankruptcy filing. It’s been going for nearly two years now, but the company hopes to have the case closed soon. Earlier this month, they...

We have spoken a great deal about Chapter 7 and Chapter 13 bankruptcy in this blog. But we have not mentioned Chapter 11 bankruptcy much, which we will rectify today. Like Chapter 7 and Chapter 13, Chapter 11 bankruptcy is available for individuals with overwhelming...

Though declaring Chapter 7 or Chapter 13 bankruptcy can help people and businesses in serious debt trouble, there is no denying that it limits their ability to borrow money, at least for a while. However, this side effect of going through bankruptcy need not be...

Some people have a perception that those who go through bankruptcy are all irresponsible and are taking the “easy way out” of their financial problems. As with any stereotype, the truth is usually much more complicated. One common reason that a household must turn to...