New York Law Blog

Most New York residents, as well as people in other states, understand what it's like to face temporary financial problems. From minor issues, such as having to pay a late phone bill or come up with some cash to get a few extra groceries before the next paycheck arrives to serious problems involving creditors threatening litigation or lenders saying they're considering foreclosure, financial crises of any kind can be quite stressful.

You can solve most financial problems by determining the best course of action according to your circumstances. There's no general rule for resolving such issues; in fact, what works for one problem may not be viable in another situation. This is why it's critical that you explore all available options to figure out which solution best fits your needs before taking any formal action to resolve a financial crisis. It often helps to speak with others who have successfully overcome similar problems in the past.

Bankruptcy may not be your first choice, but it could be an optimal way for you to take back control of your life. If you are dealing with overwhelming debt, you understand that your financial situation can have a negative impact on multiple areas of your life.

New York readers know debt can lead to many negative consequences, and one of them is the harassment and constant contact from debt collectors. These people may be calling you at home, sending you letters and even taking physical steps to repossess your property or ensure they get payment. This is extremely stressful, especially when you cannot pay, but there are certain ways you can make it stop.

Taxi medallion owners face overwhelming challenges these days.  After they make their loan payments and operating expenses, they have nothing left to support their families. While Chapter 7 bankruptcy (surrender your medallion and wipe out your debts) works if you have no other assets, there are times when filing Chapter 7 creates too much risk.  

No matter what type of New York business you own, you are likely no stranger to obstacles in your path to success. In a proverbial business sea, the waters are sometimes crystal clear and easy-to-navigate while in an unexpected moment you can go from smooth sailing to be being tossed around on stormy waters threatening to plunge you to ruin. Somewhere in between is where most business owners thrive, rising above rough tides now and then and taking advantage of the perfect wave when it rolls in.

If you're like most other business owners throughout the state, you undoubtedly try to avoid litigation as best you can. There are indeed many tools and business styles that can help you address your problems head-on without getting dragged into court every time you turn around.

If you see a business dispute brewing, whether among owners, or with third-parties, the use of mediation, is a great tool for solving problems without litigation. Our attorneys are trained and certified in mediation skills.

A great time to deal with problems is before the occur. That is why we always recommend that business owners have a shareholders agreement or LLC Operating Agreement. A sure way for handing internal disputes among owners, is to have clear rules, written when the owners are on good terms, and far before any dispute arises. Our business attorneys can help you plan ahead.