In Traditional Chapter 11 the company must obtain at least one accepting class of creditors. This often means that the debtor must propose to pay creditors in full to obtain their consent. In the new Small Business Bankruptcy Chapter 11 this is no longer required....
Month: February 2020
Bankruptcy exemptions in New York
Many individuals who struggle to pay their debt avoid filing for bankruptcy because they worry that they will lose their home, vehicle and other assets. In fact, New York residents can keep a certain amount of personal property, called exemptions, in a bankruptcy...
Reason No. 1 to Investigate Small Business Chapter 11: Lower costs
Traditional Chapter 11 is very expensive. Because of numerous complex requirements, a Traditional Chapter 11 Reorganization can take a year or more to complete, and the attorneys' fees for handling the case for so long, and for completing the many steps of the...
What is a Bankruptcy Lawyer’s most important responsibility?
Figuring out if you should NOT file for bankruptcy. A Chapter 7 Bankruptcy has the power to recover Money or property that you have given as "gifts to others"; Repayments of loans from friends or family Payments of debts to preferred creditors just before bankruptcy...
Should you be Embarrassed to see a Bankruptcy Lawyer?
Most new clients are embarrassed to be in my office. Not only is that normal, it proves that those who file for bankruptcy are decent, hard-working people who are in the habit of paying their bills and are very uncomfortable about not being able to. In my 43 years as...
Why you should use a Board-Certified Bankruptcy Lawyer
Why Hire a Board Certified Lawyer Not all attorneys are trained equally. When you hire an attorney certified by The American Board of Certification, you hire an expert and true specialist. Paul Hollender is dual-certified in both Consumer Bankruptcy and Business...
New Small Business Chapter 11 Helps Small Businesses Reorganize with Lower Costs.
Chapter 11 has effectively been unavailable to help small business owners because of the high costs involved. A new law effective February 19, 2020 changes that! By simplifying the process, attorneys' and accountants' fees will be radically reduced, and the company...
Does chapter 13 bankruptcy prevent foreclosure?
If you find yourself overwhelmed by debt and unable to pay all your monthly bills, one possible solution is filing for bankruptcy. This legal action may allow you to recover from difficult financial circumstances, stop pursuit from creditors and start over with a more...
Types of domestic assault
According to the Arizona Coalition, control is domestic abuse. An abuser may have a controlling behavior to maintain dominance over their victim. The controlling behavior, justification of the controlling behavior through belief, and the abuse are the core issues in...
Breaking down the Chapter 7 means test
Many of the clients to come to us here at Corash & Hollender, P.C. from Staten Island find that the collection efforts being taken by their creditors are only serving to drive them deeper and deeper into debt. If this describes your current situation, then you may...
