If you are facing foreclosure and you are not able to work out a deal with your lender, you are not without options. Bankruptcy can be used as a way to either save your home or to buy time before the lender will take back the property.

If you want to file for bankruptcy in New York State and you own a home which is your primary residence, you should determine the amount of equity that exists in the property. If the equity is $50,000.00 or $100,000.00 (depending on if you are filing alone or jointly), then you can file for chapter 7 bankruptcy without losing your home.

Creating and maintaining a privacy policy should be an ongoing task. It should always reflect the actual practices of your company and comply with appropriate regulations.

A Source Code Escrow Agreement (“Escrow Agreement”) governs rights of parties that deposit source code of specific software with a third-party escrow agent. Source code escrow is generally required by a party licensing the software (“Licensor”) in order to protect the source code from being released to a party receiving the software (“Licensee”).

Filing for bankruptcy does impact your credit and your FICO score negatively and may discourage some lenders from extending loans. However, if you are considering filing for bankruptcy, it is likely that you are behind on your bills and that your credit has already been negatively impacted.

If you are having trouble paying off debts and are constantly getting harassing phone calls from your creditors, bankruptcy offers a benefit of the “Automatic Stay”. The Automatic Stay stops most creditors from being able to collect their debts after you file for bankruptcy relief under any chapter of the bankruptcy code.