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Month: February 2011

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, …

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The Consequences of Filing Bankruptcy in NY

Filing bankruptcy in NY is something many New Yorkers have considered and many will continue to consider–especially given the state of the economy. Today our Brooklyn bankruptcy lawyer discusses:  What are the consequences of filing bankruptcy in New York City? The Good: 1.  Filing bankruptcy in NY stops calls from creditors and collection agencies immediately.  …

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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 …

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Chapter 7 bankruptcy and the means test: What does it mean?

Chapter seven bankruptcy (or “straight liquidation”) is the most common form of bankruptcy filing in New York and around the U.S. Thanks to the “means test,” however, it’s slightly less frequently used than it used to be.  That’s because the means test for Chapter 7 bankruptcy was essentially put in place by the credit industry …

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401K Loan, Bankruptcy: What you should know

If you’re thinking of filing for bankruptcy in New York and you previously took out a 401(k) loan, what should you be aware of? First, it depends upon whether you’re going to file for Chapter 7 or Chapter 13 bankruptcy.  (And that’s a question to discuss with your experienced bankruptcy attorney in New York.)  In …

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Bankruptcy and Student Loans: Do they go together?

Can New Yorkers get their student loans discharged in bankruptcy?  You can certainly get most other debts discharged.  So why not student loans? Because the student loan industry lobbied hard to make sure that student loans were listed as “non-dischargeable” when the 1978 Bankruptcy Code was written.  As a result, the only exception for getting …

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Automatic Stay Violation: How can you stop it?

Once you file for bankruptcy in New York (or anywhere else for that matter), you are protected by the automatic stay.  In a nutshell, that means no creditors (including the IRS!) can take, or collect or even attempt to collect anything from you without the Bankruptcy Court’s permission. (FYI, if the Bankruptcy Court gives such …

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Will Bankruptcy Stop Foreclosure?

Foreclosure looms over your Brooklyn home (or Manhattan, Queens, etc. home).  You’re not sure what to do about it and may be wondering if a bankruptcy filing will help. Will bankruptcy stop foreclosure? Of course, the answer depends on your situation.  There are many different factors to that affect the decision, which an experienced New …

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