Business Bankruptcy | Rosenberg, Musso & Weiner, LLP

Protecting Your Small Business in New York Bankruptcy

Owning a business while filing a personal bankruptcy in New York can complicate the process, and if the business is bankrupt—as is often the case—it’s even harder. If your business is on the verge of bankruptcy, and especially if you’re a sole proprietor, there are some ways to better protect your business income from liquidation by . . . → Read More: Protecting Your Small Business in New York Bankruptcy

4 Steps to Escape Paying Income Tax on Discharged Debt in New York

Receiving a discharge from the bankruptcy court in New York iis the goal of New York bankruptcy petitioners. It should be a relief so that people can continue their lives. Although, occasionally creditors claim the loans you discharged are forgiven instead, meaning you’ll have to pay income tax on the forgiveness.

What does this mean from your . . . → Read More: 4 Steps to Escape Paying Income Tax on Discharged Debt in New York

Assigning Dollar Values to Your New York Small Business in Bankruptcy

When people file bankruptcy in New York, they have to list their assets and debts on their petition. These are usually fairly straightforward: houses, cars, and other personal property. The value of these items is easy to calculate. However, many petitioners operate their own businesses, and the process of valuing them . . . → Read More: Assigning Dollar Values to Your New York Small Business in Bankruptcy

Business bankruptcies in New York and the debtor in possession

What distinguishes business bankruptcies from other bankruptcies in New York? And what exactly is a “debtor in possession”?

At the simplest level, business bankruptcies involve a business rather than just an individual who is filing for bankruptcy. Business bankruptcies also often involve a corporate entity, whether that’s a corporation, a limited liability company or even a non-profit . . . → Read More: Business bankruptcies in New York and the debtor in possession

What is a Chapter 11 bankruptcy?

What is a Chapter 11 bankruptcy, do they ever happen in Brooklyn, NY, and do I need Chapter 11 bankruptcy attorneys to file a Chapter 11 case?

1. Chapter 11 bankruptcy is “reorganization,” as opposed to Chapter 7 “liquidation.” It’s frequently used by corporations that need bankruptcy protection. And it’s also often used by individuals with significant . . . → Read More: What is a Chapter 11 bankruptcy?

Filing For Corporate Bankruptcy: A few things to know

You’re running a business and are considering filing for corporate bankruptcy in Brooklyn or elsewhere in New York. What are your options and what do you need to know?

First, if you’re a corporate entity, you need to work with a bankruptcy attorney (preferably one with substantive corporate bankruptcy filing experience in New York).

Second, you need to . . . → Read More: Filing For Corporate Bankruptcy: A few things to know

Business Bankruptcy Lawyers in Brooklyn, New York

If you own a small business in Brooklyn, New York and are facing financial difficulties, it’s important to know that filing business bankruptcy is an option for you.

What kind of business bankruptcy information do you need to proceed?

First, you need a lawyer. Preferably an experienced Brooklyn business bankruptcy lawyer.

Second, you need to figure out whether you . . . → Read More: Business Bankruptcy Lawyers in Brooklyn, New York

The State of Bankruptcy in December 2010

Will 2011 be a year of more Chapter 11?

As 2010 reaches its end, it’s worth taking a quick look at the current state of bankruptcy. Specifically, two trends in particular.

Trend #1: Business bankruptcies are decreasing.

Trend #2: Consumer bankruptcies continue to increase.

This is according to an article in the Daily Finance that . . . → Read More: The State of Bankruptcy in December 2010

Brooklyn Bankruptcy Update 09.07.2010

Time for another edition of Brooklyn Bankruptcy Update, a look at the latest Bankruptcy news and happenings out of the County of Kings (aka Brooklyn).

“Fraudulent nursing school files for bankruptcy: Students left holding the bag at Brooklyn-based Envision Review Center Inc.“ (Crain’s New York Business) – The nursing school, located on 1894 Flatbush Avenue, . . . → Read More: Brooklyn Bankruptcy Update 09.07.2010

Bankruptcy basics with the Bankruptcy Bill cartoon: "cents on the dollar" and "involuntary filing"

The latest Bankruptcy Bill cartoon is out (“Bankruptcy Bill #25: Dutch Date“) and finds humor in the euphemisms bankruptcy lawyers might employ in discussing a blind date gone awry. The humor is intended primarily for an audience of bankruptcy lawyers. But I thought it also offers a nice opportunity to educate my clients and other readers . . . → Read More: Bankruptcy basics with the Bankruptcy Bill cartoon: "cents on the dollar" and "involuntary filing"

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