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New York Bankruptcy - Repay Debts under Court Protection
James Arther
New York bankruptcy, relates to cases of bankruptcy reported
from New York City and how such cases are being dealt by US
federal courts under chapter 7,9,11,12and 13 of bankruptcy code.
New York bankruptcy laws have considerably checked filing of
bankruptcy cases on account of strict federal laws. To file a
case one has to fully satisfy the authorities that he has no
assets to pay back the debt and therefore is left with no other
effective option to stop paying interest on the debt. An
individual while filing his case has to furnish a documentary
proof that he has no assets to repay the debt as per New York
bankruptcy laws.
The income of an individual under such cases should be less than
the average income, as fixed under chapter 7. The cases under
this chapter almost fully warrants writing off the debt but
still one have to arrange payment for student loans,
fraudulently acquired debts, alimony, child support etc. Under
chapter13, after reorganizing the liability of debt, recovery is
made from the borrower but over a longer period may be at less
interest rate or by reducing the monthly payments. But no such
provision exists to get rid of the liability without repaying
the debt.
In US, Bankruptcy is covered under uniform federal laws and fall
under chapter 7,9,11,12,13 of bankruptcy code. The bankruptcy
law covers various chapters on all issues and state how to deal
and decide cases effectively. Chapter 7 applies to debtor with
no assets to repay. Chapter 9 applies government municipalities.
Chapter 11 applies to owner or shareholders of companies.
Chapter 12 applies to farmers and fishermen, chapter 13 to wage
earner bankruptcy, to self employed and salaried individuals or
family.
New York bankruptcy courts in general decide most of the cases
under chapter 13 and some genuine and really deserving under
chapter7. Business bankruptcy relates to bankruptcy on account
of business failure due to varied reasons and can be filed by a
company or a corporate declaring that the company has fully
exhausted their resources and in no way is in a position to
repay their liabilities but wish to continue their business
activities. After thoroughly checking their financial standing,
such cases are dealt under chapter11, petitioner being the owner
or shareholder of the company.
California bankruptcy laws in general prohibit filing bankruptcy
under chapter 7 and in fact most of the cases are filed under
chapter13, thus enabling to recover debts as much as possible by
spreading the recovery to longer periods after reorganizing the
loan liability by realizing minimum amount due. Though some
cases which are really genuine, are filed under chapter7, like
people having suffered physical deformity, unemployment, serious
sickness involving heavy expenditure.
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