In a bankruptcy case, creditors are individuals and businesses a debtor owes money to. Different types of debts take different priorities in getting paid off. Secured debts have to be paid in full or the debtor will lose the collateral. Unsecured debts don’t have collateral like a house or car that can be taken by
Westlaw News & Insights reported on February 17, 2011, that Starr & Company LLC and Starr Investment Advisors LLC filed for Chapter 7 bankruptcy in the cases Re Starr Investment Advisors, LLC, U.S. Bankruptcy Court for the Southern District of New York, No. 11-10639 and Re: Starr & Company, LLC, in the same court, No.
The prospect of declaring bankruptcy can be a promising one, chock full of the possibility of erasing certain financial obligations, finally having peace at home without the incessant ringing of the phone and ominous creditors demanding payment and moving forward without devastating debt. At the same time, the process can be daunting, leaving extensive imprints
In New York, when a person files Chapter 7 or Chapter 13, the court appoints a bankruptcy trustee who administers the debtor’s bankruptcy estate. The trustee may be a government employee, part of the US Department of Justice, or a private self-employed individual. To become a trustee, qualified applicants normally have a college degree and
When filing Chapter 7 bankruptcy in New York, the debtor needs to see a credit counselor prior to filing. In the Chapter 7 bankruptcy petition, the debtor must sign asserting this requirement is met. The counseling agency must be approved by the United States trustee. Most people enjoyed learning to ride a bike when they