Chapter 11 bankruptcy may help if your small New York business has mounting debt, dwindling finances and harassing calls creditors. Partnerships, limited liability companies and sole proprietorships alike may be able to keep their doors open and stay afloat with help...
Business owners can use Subchapter V to protect their homes
Many business owners borrow against their home and use personal credit cards to build and prop up their businesses. New Bankruptcy Chapter helps protect personal assets while business gets time to stabilize
How does Chapter 11 handle unprofitable leases?
If your business seems headed for financial insolvency, the problem might be your leases. Like other businesses, you enter into leases with landlords to set up your business locations across your community. But if one or more of these locations does not draw in a...
Will I lose my business after filing for Chapter 11 bankruptcy?
Over the past few years, several big companies have filed for bankruptcy. Some closed their doors forever, while many remained open. If your business is struggling and you believe filing for Chapter 11 bankruptcy might present the best or only option, it is only...
How does Chapter 11 work?
Chapter 11 bankruptcy is similar to Chapter 13 in that each involves a reorganization of your debt to pay off creditors over time. However, unlike Chapter 13 bankruptcy, Chapter 11 is available to businesses as well as individuals. In that respect, it is similar to...
Hidden Risks of filing Subchapter V, Small Business Chapter 11
Small Business Chapter 11 (Sub-chapter V) is a great tool if you have not transferred any assets to others, removed your name from ownership documents, or made substantial payments to friends and family. If you have, then careful analysis and timing of any bankruptcy filing will make the difference between success and failure.
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...
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...
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...
Estate planning needs to be active and early
Many people fail to realize the importance of early and active estate planning. Some put it off thinking they are too young to need it. Others have estate plans that only include a basic will, with no thought toward what could happen between now and the time they die...
Choosing between an irrevocable trust and a living trust
Estate planning typically includes executing a trust, which serves as a separate legal entity to hold properties and assets for its beneficiaries. As reported by Kiplinger's Personal Finance, in addition to real estate, trusts may include financial accounts, cars and...
How does arbitration and mediation differ from litigation?
Litigation is a great way to get things done in a legal sense. It is one of the most traditional methods of handling disputes, especially those that are beyond your ability to resolve without outside interference. But what about alternative dispute resolution...
What is surrogate’s court and what do you do there?
When a loved one dies, not only do you have to process the grief, you need to process through their estate. This is often an emotional episode in your life and the lives of the loved one's other decedents. Whether you have a will or not in the aftermath of all that,...
Reducing inheritance conflict among siblings
Your children may need to lean on one another more than ever once you are gone, but if you are not careful, you run the risk of your New York estate plan – or lack thereof – creating conflicts among your kids. Inheritance battles are often expensive and...
How to avoid inheritance disputes
Estate planning helps you to ensure your loved ones have everything they need after your death, but inheritance disputes can tie up assets for years and break families apart. To reduce the likelihood of such disputes, consider these tips while making end-of-life...
Can you protect your elderly loved ones from financial abuse
As your loved ones age, they may become more vulnerable to abuse from people they trust. Financial abuse is one form of mistreatment that can violate privacy, damage reputations and threaten financial security. Protecting your loved one's against this type of abuse...
How does probate work in New York?
When someone dies in New York, his or her executor presents the will to the Surrogate's Court in the county where the person lived. In a process called probate, the court determines the validity of the will and supervises the administration of the deceased person's...
A look at small estates in New York
If you have a relatively modest estate, it is still important to set up an effective estate plan. Unfortunately, many people with modest estates fail to create estate plans, which often causes their loved ones to experience anxiety and uncertainty after their death....
How do you structure an estate plan review?
Estate plan reviews are a crucial part of your end of life plans. After all, you cannot simply create an estate plan and leave it as-is indefinitely. It needs to reflect your life in the current moment, which means it must change as your life changes. But how do you...
