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...
Chapter 11
Business owners can use Subchapter V to protect their homes
by Paul Hollender | Dec 27, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
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?
On Behalf of Corash & Hollender, P.C. | Oct 19, 2020 | Chapter 11
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?
On Behalf of Corash & Hollender, P.C. | Aug 10, 2020 | Chapter 11
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?
On Behalf of Corash & Hollender, P.C. | Apr 24, 2020 | Chapter 11
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
by Paul Hollender | Apr 18, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
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
by Paul Hollender | Mar 19, 2020 | Bankruptcy, Business Law, Chapter 11, Chapter 13, Chapter 7, Small Business Reorganization, Subchapter V
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
by Corash & Hollender, P.C. | Mar 16, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
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
by Corash & Hollender, P.C. | Mar 13, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
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
by Corash & Hollender, P.C. | Mar 9, 2020 | Bankruptcy, Business Law, Chapter 11, Small Business Reorganization, Subchapter V
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...

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