A Tradition Of Caring And Compassionate Representation For Staten Islanders
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...
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...
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...
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 client's...
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...
If you have both a first and second mortgage on your home and face foreclosure because of your overwhelming debt situation, you may well wish to consider filing Chapter 13 bankruptcy instead of Chapter 7. Why? Because while you can forestall foreclosure via Chapter 7,...
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...
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...
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...
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...
