bankruptcy

Discharge?  Charge-off?  The two words look a lot alike.  Do they mean the same thing?

Fred Wilpon, the owner of the New York Mets, was a close friend of Bernie Madoff, and it has been generally believed since the outset of the scandal that Wilpon, his family and affiliated enterprises lost hundreds of millions in the great Ponzi scheme. It has also been known that the Wilpon group was a so-called “net winner”, as it had collectively withdrawn more over the years from

No doubt you have heard the terms “unsecured” and “secured” creditors? But what do these terms really mean? In reality, the concepts are quite simple. First off, a creditor is generally someone who is owed money. A common example is when you take out a bank loan. Here you owe the bank a certain amount…