FAQs on Bankruptcy

FAQs

1. What is Bankruptcy?

Bankruptcy is a legal proceeding in which an individual who is unable to pay his or her financial bills is granted relief from creditors by the federal court. Filing for bankruptcy immediately puts a stay on all creditors seeking to collect their debts from you or at least till your financial issues are sorted out according to legal procedures. As per Long Island Bankruptcy Law, in a Chapter 7 case most debts can be eliminated while in a Chapter 13 or Chapter 11 case, the debts can go for a reduction or cure under a reorganization plan. The best way forward should be decided in consultation with a New York Bankruptcy Lawyer.  

2. How does Bankruptcy affect me?

Bankruptcy dispenses with the lawful commitment to pay the most or entirety of your debt. This provision "discharge of debts is intended to give the debtor a fresh beginning on the financial front. It prevents foreclosure on your house and presents you with a chance to catch up with missed installments. It re-establishes or avoids disconnection of utility services. New York bankruptcy Law also allows for a challenge to be mounted against claims of creditors who are fraudulently trying to extract more than the amount owed.

3. What doesn't Bankruptcy change?

Bankruptcy, under New York bankruptcy Law, is definitely not the cure all for all financial stress nor it is a general solution for anyone in high debt. As per Long Island Bankruptcy Law, It is not possible to eliminate the claims of a secured creditor who has taken a mortgage on property as a security for a loan. The creditor can be forced to take structured payments over time or be prevented from asking for money if a property is already taken. Bankruptcy litigation also cannot eliminate certain special debts like child maintenance, fines related to criminal cases, alimony, divorce related payments and certain Govt. taxes.

4. What are the options other than bankruptcy?

While declaring bankruptcy is chosen by debtors in genuine issues involving financial stress and overburdening, financial insolvency is not always the only option. Creditors can be reached for out of court settlements, where the loan amount can be restructured and payments can be rescheduled. Negotiations are often the preferred way for unsecured debts like credit cards, where successful negotiations can sufficiently lower the payable amounts. Bankruptcy litigation lawyers often negotiate most debts on behalf of clients, including credit card, mortgage, tax and other debts.

5. What does it cost to file for bankruptcy?

The charges for bankruptcy under Chapter 7 is $306, while for that under Chapter 13 is $281 for both an individual and a married couple. The court may allow for the payment of this fee in installments if the entire amount is not available upfront. The charges of Long Island Bankruptcy Lawyers are payable as mutually agreed upon.    

                                                                                                                                         

What is PACA Act?

Bodner Law PLLC has been providing legal aid to producers and distributors of fresh fruits and vegetables throughout United States. This domain of business is covered by the Perishible Agricultural Commodities Act, otherwise known as PACA Law which applies to all dealings with a receiver, consignee, broker or buyer. Given the high level of contribution of the agricultural sector to the overall US economy, this food law overlooks the protection of rights and interests of all involved in compliance with

state and federal food laws.

Since this industry deals with perishable commodities and often vague invoices without all terms and conditions mentioned, the Produce law fills in for all the un-mentioned points and provides automatic terms to produce transactions. These terms apply even when the two involved parties have not explicitly agreed to these terms. 

The produce law has been framed by keeping in mind the interest of the monetary institutions who lend loan to the agricultural producers. For any traders in USA who are involved in buying, selling or dealing with fresh or frozen agricultural products must be aware of the ethics of PACA law to avoid litigations.

The scope of work under PACA law involves everything on legal advice and guidance involving day-to-day transactions along with solving legal disputes arising out of unique unforeseen scenarios in the food industry. Food Safety Lawyers provide legal assistance pertaining to adulteration and misbranding of food products and work for protecting the food rights of common US citizens. They also assist the corporate agricultural establishments in obtaining administrative and governmental approval for projects involving perishable agricultural commodities. Representing a vital part of federal legal system, these competent lawyers execute their responsibilities by catering valuable advice to the clients on the rules and regulations of PACA law and its impact on various aspects of commercial transaction.

Experienced attorneys from the legal firm represents manufacturers, distributors and retailers in the food, beverage and related industries in a wide variety of matters including Vendor Agreements, Food Safety Compliance, PACA litigation, Vendor disputes and Federal Food Security Act Litigation.

What is the Federal Food Security Act?

The Food Security Act of 1985 is designed to prevent the conversion of wetlands into non-wetland areas. All the features of the Act are alternatively also referred to as the “Swampbuster” provisions. While establishing a dairy herd buyout program, the act also provisioned for lower commodity prices and income support for farmers. 

The Federal farm program benefits are made inaccessible to farm producers who have converted wetlands into cultivable lands after December 23, 1985. Inadvertent violations were considered through the Food, Agriculture, Conservation, and Trade Act of 1990 where farmers gain access to all lost benefits if the converted wetlands are restored to original conditions.

                       

The Federal government is allowed to get into contracts with agricultural producers for removing highly erodible cropland from production in exchange for annual rentals. Wetlands, converted wetlands, highly erodible lands and agricultural lands are the natural resources governed by the Act.

The benefits denied to a producer, who has cultivated agricultural commodity on converted wetlands are as follows:

 commodity price support or production adjustment payments;

·         farm storage facility loans;

·         disaster payments;

·         payments for storage of grain owned or controlled by the Commodity Credit Corporation;

     Federal crop insurance; and

 FMHA loans

For better details on Food Safety Laws you can visit reputed law farms dealing in Food Law who can provide you with highly efficient food lawyers to advice you on your legal issues..