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Officials warn of payday loan “debt trap”

Consumer advocacy groups in New York and across the country have long warned of the “debt traps” posed by payday loans. Certain practices by short-term lenders, they say, are designed to send borrowers who really need debt relief into a spiral of…

BBQ joint on Bay Shore closes after bankruptcy filing

A commercial bankruptcy has different financial implications than an individual bankruptcy. However, creditors in a business bankruptcy may still seek out personal assets when they back business debts. The following Chapter 11 bankruptcy illustrates how a business may be forced into bankruptcy,…

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