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- Published: Thursday, 07 November 2013 10:21
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Victory State Bank Shares Information on Declaring Bankruptcy
STATEN ISLAND, N.Y. – Occasionally, some people will fall behind on bills due to unforeseeable circumstances. In extreme cases, bankruptcy may be a viable option. Victory State Bank would like to provide you with information from the United States Government on how the process works.
U.S. federal courts have exclusive jurisdiction over bankruptcy cases. This means that you cannot file a bankruptcy case in a state court. More on bankruptcy cases.
Bankruptcy laws help you get a fresh start when you can no longer pay your creditors. The laws allow you to liquidate your assets to pay your debts or create a payment plan.
Most cases are filed under the three main chapters of the Bankruptcy Code:
- Chapter 7: Liquidation under the Bankruptcy Code - Providing for "liquidation," ( i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors).
- Chapter 11: Reorganization of Business - Providing (generally) for reorganization, usually involving a corporation or partnership. A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in Chapter 11.
- Chapter 13: Individual Debt Adjustments - Adjustment of debts of an individual with regular income. Chapter 13 allows you to keep property and pay debts over time, usually three to five years.
The fees for filing bankruptcy depend on the chapter of the bankruptcy code under which you file.
Although not required, a licensed attorney may be able to answer your questions and help you file the necessary bankruptcy forms.
You can obtain the required bankruptcy forms online if you choose to file a bankruptcy petition without the assistance of an attorney.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com. .
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