Free Consultation

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 figure out whether to file Chapter 7 or Chapter 11.  Chapter 7 is for winding down or liquidating your company.  Chapter 11 is for reorganizing your company (though Chapter 11 can also be used for winding down your company). Often, a Chapter 11 is a more complex process than a Chapter 7 and usually covers a longer period of time.  Though certainly not in every case.  An experienced Brooklyn bankruptcy attorney will of course be able to best provide you with insights into the best strategic approach for your situation.
  • Third, you need to complete the bankruptcy petition.  In addition to basic information about yourself, your company and its assets and liabilities, you will need to put together a creditor matrix that lists all of your creditors, amounts owed and address/contact information for each of them.  This is important for figuring out the total amount of debt owed, who the largest creditors are and how to contact them so they can be notified at key points in your company’s case.  Again, an experienced bankruptcy attorney will walk you through these steps and will have a sophisticated system in place to ensure this part of the process goes as smoothly as possible.
  • Fourth, you file your case with the Bankruptcy Court.  Traditionally, a case was filed by bringing it to the clerk’s office in the Bankruptcy Court during normal business hours.  However, these days, if you’re working with a bankruptcy attorney, your case will be filed electronically.  That is, right from your attorney’s computer in their office.  And it can be filed at any time of day or night.

If you have any questions about filing for corporate bankruptcy or are seeking Chapter 11 bankruptcy attorneys in Brooklyn, NY, please feel free to contact New York bankruptcy lawyer Bruce Weiner, an experienced Brooklyn bankruptcy attorney for a free initial consultation.

Rosenberg, Musso & Weiner, L.L.P
26 Court St # 2211
Brooklyn, NY 11242, USA
718-855-6840
http://nybankruptcy.net/

Recent Posts

NEW CORONAVIRUS STIMULUS BILL MAKES IT EASIER FOR CONSUMERS AND SMALL BUSINESSES TO FILE FOR BANKRUPTCY

The $2 trillion “Coronavirus Aid, Relief and Economic Security Act” (CARES Act), signed into law by President Trump on Friday afternoon. provides financially distressed consumers and small businesses with greater access to bankruptcy relief. Key bankruptcy provisions within Section 1113 of the CARES Act include: Amending the Small Business Reorganization Act of 2019 (SBRA) to

Read More »

Stay Clear of Payday Lenders, Bankruptcy Is So Much Safer

For too many people, bankruptcy feels like giving up. Choosing other, riskier options may make them feel as though they’re still in control, and who knows? Maybe things will turn around for them. They run down their savings, rely on credit cards, and then as a last resort make a visit to a payday lender.

Read More »

How to Deal with “Zombie Debt” Collectors in New York

At some point, if it believes it will never be repaid, the original bank that makes a loan will sell it to a debt collection company. The loan will be bundled with numerous other ones in the sale, and the price will be a fraction of the total value of the loans. Because of the small

Read More »

How to Use Bankruptcy to Reduce Auto Loan Payments in New York

Many New Yorkers have difficulty with auto loans. In some cases, the car’s value has depreciated significantly, making resale difficult, and in others the car was over-financed to begin with, which is more common when the dealership plays the role of lender as well. Unlike the underwater mortgage, the bankruptcy code offers solutions that are

Read More »
Scroll to Top