New York Law Blog
Job losses may increase need for bankruptcy relief
March 2020 may well go down in the history books and in the hearts and minds of people across the country and the globe as one of the bleakest and most difficult times of their lives. The outbreak caused by the coronavirus seems to have left no sector of society...
Do you understand the emotional impact of debt?
It feels as though debt intrudes on your every thought every day, preventing you from enjoying your life. While you know bankruptcy is an option, it is one that you hesitate to entertain. To better understand the benefits of filing for bankruptcy, it may help to...
Covid-19: Personal Financial Crisis
Can Bankruptcy be a solution? Are you eligible? What are the Risks? What are your personal options? What is the best Chapter for you? What is the best timing? Everyone’s situation is unique. A“cookie-cutter” bankruptcy filing without proper strategic planning may not...
Medical debt — it is not your fault that you got sick
Regular calls from a New York hospital’s collection service might be a regular part of your life if you have medical expenses that you cannot afford to pay. However, a court officer showing up at your house with the notification that the hospital is suing you is...
Does your situation qualify for Chapter 7?
If you are one of the millions of Americans who is in over your head with debt, you may wonder if you qualify for Chapter 7 bankruptcy. In Chapter 7 bankruptcy, the bankruptcy courts discharge most of your unsecured consumer debts and some secured debts. Chapter 7 is...
Reason No. 7 to Investigate Small Business Chapter 11: A Chapter 11 Trustee can be a Plan facilitator
In a Traditional Chapter 11 case there is no Trustee: a debtor is on its own dealing with creditors and the Court. In a new Small Business case, a Chapter 11 Trustee is appointed. Unlike a Chapter 7 Trustee, however, who is only interested in liquidation and is an...
Reason No. 6 to Investigate Small Business Chapter 11: No Disclosure Statement
In Traditional Chapter 11 it is necessary to prepare a detailed “Disclosure Statement” similar to a prospectus for the purchase of securities. Preparation of such document is time-consuming and expensive. Then it must go through a hearing process and the judge must...
What happens in a bankruptcy interview?
Board Certified Bankruptcy Lawyer Paul Hollender delves into four issues in his first meeting with a client: Is the client eligible for some type of bankruptcy relief What are the risks of each bankruptcy chapter for which the client is eligible? What are the client's...
Reason No. 5 to Investigate Small Business Chapter 11: No New Capital Contribution
In Traditional Chapter 11 the owners of the company are not allowed to remain as owners of the reorganized company unless either (i) the creditors accept the plan, or (2) the owners invest new capital of a value at least equal to the net worth of the reorganized...
Can Chapter 13 strip your second mortgage lien?
If you have both a first and second mortgage on your home and face foreclosure because of your overwhelming debt situation, you may well wish to consider filing Chapter 13 bankruptcy instead of Chapter 7. Why? Because while you can forestall foreclosure via Chapter 7,...
