New York consumers are not the only ones facing insurmountable debts, with minimal assets to pay them back. Similar situations happen to New York businesses for various reasons, including loss of expected income, increased competition or loss of profits due to natural disasters.
Businesses in the United States, even traditionally profitable companies, may fall on financial hardships from time to time. There are various options available to such a business, but if their debt burden is too significant, they may consider bankruptcy. It is important for the business, and its creditors, to understand the consequences of such an action.
For New York residents facing overwhelming debt, regardless of the source, it can at times feel like there is no viable solution to regain stable financial footing. It can be difficult to determine how they will ever pay off all of their outstanding obligations, so many turn to solutions that seek to remove some or all of their current debts.
Debt burdens can be overwhelming and stressful in the daily lives of many individuals. The potential good news is that personal bankruptcy options are available to help individuals struggling with debt to enjoy debt relief. In addition, there are different types of personal bankruptcy for different circumstances and situations both with the goal of allowing the filing party to enjoy a fresh financial start.
Options for debt relief are available to consumers through different bankruptcy methods intended to meet the different needs of consumers facing financial challenges. In another part of New York, bankruptcy filings recently increased nearly 10 percent when compared to the same time period one year ago. Bankruptcy filings increased from 161 cases to 177 cases. Chapter 7 bankruptcy filings accounted for 138 of the filings. In addition, 38 Chapter 13 bankruptcy petitions were filed and one Chapter 11 bankruptcy filing was also included in the number of filings.
Individual consumers experience financial challenges all the time. Many people think that businesses or companies are immune from such challenges because they have greater assets, as well as potentially greater access to financial resources. However, running a successful business is difficult and it is not at all uncommon for a business owner to find herself in the position where she is burdened by severe debt. In these cases, Chapter 7 bankruptcy could be a helpful solution.
Successfully managing one's finances can be one of the most difficult parts of adulthood. Even people who make smart financial decisions, plan ahead and accumulate savings can experience financial challenges when unexpected hardships strike, such as job loss, medical issues or other unforeseen disasters. Although bankruptcy law does provide a way for people struggling under severe debt burdens to get a fresh financial start, filing for bankruptcy can be more difficult than many people realize, and even completely out of reach for some.
Even though many people would prefer to have little debt, the reality is that there are many ways that debt can quickly pile up and begin to cause you considerable stress and hardship. Medical debt is one of the common culprits of financial challenges because medical bills can be exorbitant and many people find themselves unable to work for a significant period of time after a medical emergency. While it is easy to feel overwhelmed and think that there is no solution, this is not true. In fact, in the majority of cases, there is not only at least one solution but a range of non-bankruptcy remedies that have the potential to provide valuable debt relief.
If you are struggling to pay back your debt and are being hounded by debt collectors, your life can feel like it is falling apart. No matter what a debt collector tells you, you have rights and cannot be subjected to unethical and illegal behaviors by debt collection companies.
Many people struggling with debt need some form of serious debt relief but may not know where to turn. Despite the fact that the option of filing for Chapter 7 bankruptcy to liquidate debt has been around for some time, there continues to exist a great deal of misinformation about what it takes to qualify for Chapter 7, how the process works, and what the effects of filing are. Not understanding bankruptcy, however, could prevent some people from taking advantage of the significant benefits of filing in some cases.