Welcome to Bankruptcy Guide
Bankruptcy New York Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Seeing Daylight Through the Eyes of Bankruptcy Laws
from:Bankruptcy laws are very clear about when you can and cannot file bankruptcy. Because of so much misuse of the bankruptcy proceedings in the past, the laws were revised in 2007. In effect the new law made it more difficult to file a chapter 7 than in the past, but once qualified, you no longer have to lose absolutely everything. The law recognizes that people in a severe debt situation need to start with a clean and manageable slate. Losing your home and the car you use to drive to work can only make the situation worse.
As a result the bankruptcy laws now allow people to keep their home and primary cars in many situations. The personal bankruptcy laws are defined under chapter 7 or chapter 13 while businesses can file a chapter 11. The laws vary, of course, depending on which type of bankruptcy applies to your situation.
When you file a bankruptcy it is almost as if a magician performed magic. The credit calls will stop and any financial collection activities are suspended by law. The mortgage company stops threatening foreclosure on your house and the credit card collection companies stop contacting you almost immediately. Even if you do get something in the mail or a phone call, all you have to do is notify your attorney who will make sure the law is followed. You will experience almost immediate relief because now your bank account or other benefits you may be receiving are not under threat of unannounced seizure.
The new bankruptcy laws require that you go through credit counseling which can be done online if you prefer. For a small fee you go through a process which analyzes your current financial status and works through a budget plan that you can follow in order to recover from the bankruptcy as quickly as possible. You also want to learn all you can to avoid having this situation ever happen again.
Bankruptcy laws provide clear rules about which assets you must list and how to value those assets. The value in some cases is replacement value which is normally retail value. You must past a “Means Test” before you are allowed to file for bankruptcy. The “Means Test” determines your true financial status and whether you can pay any of your debt. It then indicates which chapter you qualify under for filing purposes if you meet the Means Test minimum standards.
Bankruptcy laws cover a number of situations. The laws define exempt property, eligible debts that can be included in the bankruptcy filings, payment of creditors, liquidation of assets and a number of other topics. Because of the many bankruptcy law interpretations that must be made throughout the process, it is recommended that you use an attorney if at all possible. The attorney will insure you meet the requirements of the law and that you also get the greatest relief permissible.
Filing bankruptcy is a serious business that should only be undertaken when there seems to be no other options. Though the new laws are tougher than the older laws, the fact is that they do not hinder legitimate consumers and businesses from getting the relief they need.
Bankruptcy New York Specific links
Bankruptcy New York News
MF Trustee: $1.6B Gap Between Claims, Assets - Bloomberg
 Bloomberg | MF Trustee: $1.6B Gap Between Claims, Assets Bloomberg Enlarge image MF Global MF Global Stephen Yang/Bloomberg MF Global Inc. signage is displayed at 60 East 53rd Street in New York. The MF Global Inc. (MFGLQ) brokerage has a shortfall of at least $1.6 billion to pay commodity customers' claims, ... MF Brokerage Has $1.6 Billion Shortfall to Pay Claims MF Global trustee sees $1.6 billion claims gap MF Global Trustee Sees $1.6 Billion Customer Shortfall |
Madoff, Lehman, MF Global, Hostess, PFF, Kodak: Bankruptcy - San Francisco Chronicle
Madoff, Lehman, MF Global, Hostess, PFF, Kodak: Bankruptcy San Francisco Chronicle Adds Connaught Group in New Filings, MF Global in Updates, Barney's and Airvana in Watch List, Kodak and United Retail in Briefly Noted and Surgery Center in Downgrade.) Feb. 10 (Bloomberg) -- Fred Wilpon and other owners of the New York Mets baseball ... Koch Industries Sued by Madoff Firm Bankruptcy Trustee for $21.5 Million Madoff Trustee Sues Koch Industries to Claw Back Ponzi Proceeds Madoff Trustee Seeks $105M Clawback From Koch, 2 Banks |
Lehman sues Citigroup in bid to recover $2.5 billion; Citi says Lehman ... - Washington Post
Lehman sues Citigroup in bid to recover $2.5 billion; Citi says Lehman ... Washington Post NEW YORK — Lehman Brothers Holdings Inc. and its creditors are suing several units of Citigroup Inc. to recover $2.5 billion the failed investment bank transferred to a backup account at Citi months before seeking bankruptcy court protection. |
Kodak Phasing Out Digital Camera, Picture Frame Division Under Bankruptcy - Bloomberg
 Bloomberg | Kodak Phasing Out Digital Camera, Picture Frame Division Under Bankruptcy Bloomberg Kodak will seek to license its brand to other makers of the devices as it exits cameras in the first half of 2012, the Rochester, New York-based company said today in a statement. It will book a $30 million charge and estimates saving $100 million ... Out of Focus Kodak to shutter camera business Kodak Focuses Consumer Business On More Profitable Growth Opportunities |
Connaught Group Ltd. Files for Bankruptcy in New York - BusinessWeek
Connaught Group Ltd. Files for Bankruptcy in New York BusinessWeek 9 (Bloomberg) -- Connaught Group Ltd., the creator of the Carlisle Collection of women's clothing, filed for bankruptcy protection in New York. The company listed debt of as much as $100 million and assets of as much as $50 million in Chapter 11 ... Low Consumer Spending Sinks Connaught Group Into Ch. 11 |