Corash & Hollender, P.C.

Posts tagged "Chapter 11"

Chapter 11 Bankruptcy Helps Small Business Owners

Chapter 11 bankruptcy can be a useful tool to buy time to pay your creditors.

Understanding the difference between Chapter 7, 11 and 13

No two people have the same financial situations, which also means no two people handle their debts the same way either. It's a fact not lost on people in New York where the sudden loss of a job or serious illness or injury could just as easily create a challenging situation here as it could anywhere else in the country.

Why would a company choose Chapter 11 bankruptcy?

Chapter 11 bankruptcy proceedings are clearly the preferred choice for New York companies, but why is that? The main reason why companies prefer Chapter 11 -- over Chapter 7 for example -- is because Chapter 11 proceedings allow a company to remain in operation. Essentially, Chapter 11 gives companies the ability to reorganize their debts so they can climb out of financial trouble and establish a more solid financial stance in the business sector again.

Chapter 11 is most often used by small businesses

When you think of Chapter 11 bankruptcy, do you imagine huge, international corporations using it? While giant companies can use it, the popular idea that it is most often used by these big corporations is actually false. Most of the Chapter 11 filings that are put in every year come from small businesses.

Can an automatic stay be lifted?

If you're filing for Chapter 11 bankruptcy in New York, you likely still have a reliable income stream. Your debt just doesn't match your income as well as you'd like. You need to reorganize to find an affordable payment plan and a way to run your business so that you get out of debt.

Grocery giant to close and sell stores in Chapter 11

Some New York residents may remember a time when A&P was their family's go-to grocery store. Known as the Great Atlantic & Pacific Tea Co, A&P once controlled 4,200 food stores nationwide. That was long ago, in the middle of the last century, before consumers were lured away by Wal-Mart, discount stores and specialty chains.

Can an individual file for Chapter 11 bankruptcy?

The answer is "yes," but a consumer rarely is in a position when this is needed or desirable. Chapter 11 is a type of bankruptcy that is suited to businesses just as Chapter 7 and Chapter 13 are designed to benefit consumers. An individual is not prohibited from filing for Chapter 11 bankruptcy -- other types of bankruptcy are often more suitable -- but it's worth learning more to compare this bankruptcy with other types.

Michael Vick nearly finished with bankruptcy

Because everyone’s living situation and financial resources are unique in some way, there is no “one size fits all” approach to fixing problems with debt. Besides debt settlement, there are several forms of bankruptcy that people may qualify for, including Chapter 7, Chapter 13 and Chapter 11 bankruptcy.

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