Increase in bankruptcy filings in Western New York

Increase in bankruptcy filings in Western New York

Buffalo Business First reports an increase in bankruptcy filings in Western New York: In September, the number of bankruptcy cases totaled 264 in the eight-county region – up 13.8 percent from the same month last year, according to new data from the U.S. Bankruptcy...
Credit Cards After Bankruptcy?

Credit Cards After Bankruptcy?

Madison.com shares why credit cards can be a first step after bankruptcy as well as how to get back on your feet, step by step: There’s a catch-22 in credit: It’s easiest to get it when you already have it. Informed consumers who want to get back on their...

Chapter 13: Wage-Earner Plan

Chapter 13 is designed for individuals with regular income who want to pay their debts but are unable to do so in a timely manner. The purpose of Chapter 13 is to enable financially distressed individual debtors to propose and carry out a repayment plan under which...

Chapter 11: Reorganization

While individuals may file a petition under Chapter 11, it is typically used to reorganize a business. Upon the filing of a voluntary petition for relief under Chapter 11, the debtor automatically assumes an additional identity as the “debtor in...

Chapter 7 Liquidation in Plain English

Under Chapter 7, sometimes known as a liquidation, a bankruptcy trustee gathers and sells the debtor’s nonexempt assets, and uses the proceeds to pay holders of claims (creditors). In general, however, the majority of Chapter 7 cases are no-asset cases, in which...