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By now, the news of the bankruptcy filing by Sears is well known. Many Sears stores will close, and many employees will lose their jobs. But, what about firms that sell goods and services to Sears or rent space to Sears?

Another retailing icon appears to be edging toward a bankruptcy filing. Sears, one of the most recognized names in American retailing, is expected to file a business bankruptcy petition.

Most residents of Rockland County have never heard of cancellation of indebtedness income. The common perception is that when a creditor cancels a debt, that’s it.

Rockland County businesses and individuals who are contemplating the filing of a petition in bankruptcy court rarely stop to wonder why Congress created a special court to handle bankruptcy cases. The creation of bankruptcy courts and the defining of their jurisdiction is a long and complicated history.

Another grocery chain has decided to seek protection from creditors by filing a Chapter 11 petition. Seasons Kosher Supermarkets, based in Flushing, N.Y., filed its petition in the Eastern District of New York on September 16.

For families in Rockland County who are struggling with financial problems, one of the greatest fears is the loss of the family home through foreclosure.

When a Rockland County resident is considering filing a bankruptcy petition, one of the first questions is whether creditors can compel the forfeiture of certain assets, most commonly a car or the family home.

Many residents of Rockland County may assume that all popular musicians are rich and that none of them comes close to needing bankruptcy protection.

Most residents of Rockland County and New York City view bankruptcy solely as a means for eliminating burdensome debts. However, a bankruptcy proceeding can often be used for other purposes, as a recent filing in the bankruptcy court in the Southern District of New York has demonstrated.

New Yorkers who have been overcome by debt and are seeking a discharge by filing for bankruptcy should be aware of certain factors that could impact the success or failure of the case.