On behalf of Corash & Hollender, P.C. | Mar 17, 2020 | Bankruptcy
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...
On behalf of Corash & Hollender, P.C. | Mar 17, 2020 | Bankruptcy
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...
On behalf of Corash & Hollender, P.C. | Mar 16, 2020 | Bankruptcy, Business Law, Chapter 11
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...
On behalf of Corash & Hollender, P.C. | Mar 13, 2020 | Bankruptcy, Business Law, Chapter 11
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...
On behalf of Corash & Hollender, P.C. | Mar 11, 2020 | Bankruptcy, Chapter 13, Chapter 7
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...
On behalf of Corash & Hollender, P.C. | Mar 9, 2020 | Bankruptcy, Business Law, Chapter 11
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...
On behalf of Corash & Hollender, P.C. | Mar 6, 2020 | Bankruptcy
If you have never heard the term “gray bankruptcy,” it refers to bankruptcies filed by people aged 65 or older. Unfortunately, per the New York Times, the number of gray bankruptcies has increased dramatically over the past 28 years. In 1991, only 2.1% of bankruptcies...
On behalf of Corash & Hollender, P.C. | Mar 6, 2020 | Bankruptcy, Business Law, Chapter 11
In Traditional Chapter 11 the company must pay quarterly fees to the U.S. Trustee’s office, based upon the amount of quarterly disbursements. If disbursements are less than $15,000 per quarter the fee is only $325; but as disbursements rise, the quarterly fee...
On behalf of Corash & Hollender, P.C. | Mar 4, 2020 | Bankruptcy, Chapter 13, Chapter 7
We have helped thousands of people in all types of professions, and employment; in all neighborhoods; in all economic classes; in all age groups. Doctors Lawyers Teachers School Principals and Assistant Principals Accountants Business Owners Stock Brokers Real Estate...
On behalf of Corash & Hollender, P.C. | Mar 2, 2020 | Bankruptcy, Business Law, Chapter 11
In Traditional Chapter 11 the company must negotiate with a Creditors’ Committee. This creates an added layer of expense, because the attorneys for the Creditors’ Committee have to get paid by the debtor. In the new Small Business Bankruptcy Chapter 11 there is no...
