Posted By Natasha Meruelo, Attorney at Law
Chapter 7 bankruptcy is also known as liquidation bankruptcy. It uses a debtor’s non-exempt assets to pay creditors, and the debtor can avoid having to create a repayment plan. While giving up property to pay debts may seem like a poor alternative, the bankruptcy exemptions allowed in New York offers exemptions that allow debtors to hold onto some of their property. Depending on the ...
Posted By Natasha Meruelo
A lof of people may wonder if they can start their own business or open an LLC or other business entity once they have received a bankruptcy discharge and their bankruptcy case is over. The answer is yes. Your prior bankruptcy case or discharge does not by itself, prevent you from starting a business. However, there may be some residual impact from your bankruptcy case on your ability to move ...