The former owner of Printing Methods Inc. filed for Chapter 7 bankruptcy Aug. 8 in U.S. Bankruptcy Court in Rochester. At the time of the bankruptcy, he had debts of $3.95 million and assets of $537,000. The personal bankruptcy filing comes just months after his company had finished going through Chapter 7 bankruptcy. The company was shut down in 2010 amid much controversy over failing to pay workers.
New York residents who are struggling with debt may be interested in some information on Chapter 7 bankruptcy and the eligibility requirements for filing. By filing for Chapter 7, a person may get a fresh financial start to their lives.
Long Island residents who are struggling to make payments on their credit card debts or mortgage may be interested in how a Chapter 13 bankruptcy can help. This bankruptcy type has many advantages and allows manageable payments to be made over a period.
Unpaid medical bills will be the number one cause of personal bankruptcies in the United States, despite the implementation of the federal Affordable Care Act, according to a 2013 NerdWallet Health study. The ACA will increase the numbers of people who will have health insurance, but many medical costs are not covered by insurance policies.
Some debts can be good, while others can be bad. Generally, debts should be paid on time and local Nassau County, New York, residents know that failing to repay debts in a timely fashion can result in serious financial challenges, huge interest rates, creditor harassment and low credit scores.
Many Nassau County, New York, residents are dealing with debt. Small ones are easy enough to settle, but insurmountable debt can be subject to creditor harassment. Whatever the reason, debtors need to understand that there are ways that can lead to a fresh financial start. One of the most viable options is filing for bankruptcy.
Relying on credit cards to cover most needs is not a good decision. Many Americans, including those here in Long Island, New York, have filed for bankruptcy because of credit card debts. In fact, 32 percent of those who filed for bankruptcy cited credit card debt as the reason they did so; 13 percent said it was because of home foreclosure, and 12 percent said it was due to job loss.
Even celebrities have their share of financial downturns, and when they do, they want the same thing as everybody else, a fresh start. New Yorkers who have followed Aaron Carter's career may be saddened to hear that he is one of the most recent celebrities to file for personal bankruptcy.
DMX has many fans on Long Island, New York, among other places, and it might have been a shock for his fans to learn that the rapper is in the middle of insolvency. However, at the moment, that is not the rapper's only problem. An official from the Justice Department is challenging his bankruptcy claim after seeing delays and inconsistencies.
Deciding which bills to pay and which to put off for as long as possible is a difficult problem that faces anyone who finds him or herself in a credit mess. In an economy that is continues to recover only slowly, many Long Island residents still find it difficult to make ends meet while dealing with debt collectors.