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Maggie Paley

In New York in 2020, almost 40 percent fewer bankruptcies were filed than in 2019

All over New York there were discouraging signs. “Retail Space for Rent” almost always indicated a business that had gone out of business. When businesses fail, other businesses in the neighborhood notice, as do related businesses. And yet businesses keep going as long as they can. In fact, the only section of our economy that …

In New York in 2020, almost 40 percent fewer bankruptcies were filed than in 2019 Read More »

In New York in 2020, almost 40 percent fewer bankruptcies were filed than in 2019

All over New York there were discouraging signs. “Retail Space for Rent” almost always indicated a business that had gone out of business. When businesses fail, other businesses in the neighborhood notice, as do related businesses. And yet businesses keep going as long as they can. In fact, the only section of our economy that …

In New York in 2020, almost 40 percent fewer bankruptcies were filed than in 2019 Read More »

‘Avoiding’ Liens in New York Bankruptcy

Most of the time when the term “avoid” comes up in New York bankruptcy it’s used in the context of preferential transfers to creditors. That is, the debtor transfers money to a creditor he or she likes more than the others, such as a relative, and the trustee chooses to nullify (“avoid”) the transfer. The …

‘Avoiding’ Liens in New York Bankruptcy Read More »

‘Avoiding’ Liens in New York Bankruptcy

Most of the time when the term “avoid” comes up in New York bankruptcy it’s used in the context of preferential transfers to creditors. That is, the debtor transfers money to a creditor he or she likes more than the others, such as a relative, and the trustee chooses to nullify (“avoid”) the transfer. The …

‘Avoiding’ Liens in New York Bankruptcy Read More »

What Are ‘Priority Claims’?

New York bankruptcy requires debtors to pay some creditors what they are owed before others. These are called “priority claims” or “priorities” in the Bankruptcy Code. In chapter 13, for instance, creditors with priority claims must be repaid in full. Consequently, it’s important for debtors to have an idea of what these kinds of claims …

What Are ‘Priority Claims’? Read More »

Despite massive unemployment, personal bankruptcy filings in 2020 were at their lowest in 34 years. This was a direct result of the Coronavirus pandemic.

The only section of our economy that behaved normally during 2020 belonged to those who filed under chapter 11, which has always been, and continues to be, for big business reorganization. New York City was the hardest hit of any American city with, at last count, more than 24,000 deaths linked to the virus.  Many New …

Despite massive unemployment, personal bankruptcy filings in 2020 were at their lowest in 34 years. This was a direct result of the Coronavirus pandemic. Read More »

6 Things Creditors Can Do When Their Debtors File Bankruptcy

My practice represents both debtors and creditors, and often the creditors (especially the smaller ones) are unclear on the process for their end when someone who owes them money files New York bankruptcy. It’s fairly straightforward, and there are definitely circumstances in which it helps to hire a lawyer. (1)  Usually the first thing that …

6 Things Creditors Can Do When Their Debtors File Bankruptcy Read More »

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