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Archive

The Benefits of a Short Tax Year Election to a Bankruptcy Filing

The last thing people who are considering filing bankruptcy in New York are probably interested in is filing two tax returns in one year.  Yet it is not only possible but also worthwhile to do in certain circumstances. First, what are we talking about? Federal law allows individual debtors (i.e. non-businesses) in chapter 7 or

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‘Abandoned’ Business Assets in Bankruptcy

It’s a sad truth that many businesses in New York fail, prompting twin chapter 7 bankruptcies for both the business and the owner. The two most common causes of businesses shutting their doors is lack of sales (obviously) and liquidity problems, which usually involve solid sales, but the business nevertheless can’t pay its creditors because

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Why Would a Debt Collector Ask for Confidentiality in a Lawsuit Settlement?

It’s not uncommon for debt collectors to break the law when trying to recover money from debtors. Usually, their actions run afoul of the Fair Debt Collection Practices Act (FDCPA) or the Telephone Consumer Protection Act (TCPA). Violations of these federal statutes and their New York analogues can result in compensation for you and even

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Strategies for Preventing Repossession of Your Vehicle

Repossession agents (“Repo Men”) have unusually dangerous jobs. In fact the Repo Times (yes, there is an online publication dedicated to repossession news) has an entire “News” section that reports on the various incidents involving people attacking repossession agents. So, it’s important to remember that these are just people doing their jobs. They may be

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How Much Debt Do I Need to File Bankruptcy?

A common question raised by people who talk to a New York bankruptcy lawyer is “Do I have enough debt to file bankruptcy?” It’s a sensible question to ask because we tend to think that the law imposes minimum thresholds and other requirements in many circumstances, like speed limits. For a straight liquidation, chapter 7

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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

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THE SMALL BUSINESS REORGANIZATION ACT OF 2019, PLUS THE CORONAVIRUS STIMULUS BILL, MAKE IT EASIER FOR CONSUMERS AND SMALL BUSINESSES TO FILE FOR BANKRUPTCY

The Small Business Reorganization Act, signed into law by President Trump in August 2019, became effective on February 19, 2020, shortly before the coronavirus struck hard in the U.S. By the end of March 2020, Congress had enacted, and President Trump had signed, the $2 trillion “Coronavirus Aid, Relief and Economic Security Act” (CARES Act),

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THE SMALL BUSINESS REORGANIZATION ACT OF 2019, PLUS THE CORONAVIRUS STIMULUS BILL, MAKE IT EASIER FOR CONSUMERS AND SMALL BUSINESSES TO FILE FOR BANKRUPTCY

The Small Business Reorganization Act, signed into law by President Trump in August 2019, became effective on February 19, 2020, shortly before the coronavirus struck hard in the U.S. By the end of March 2020, Congress had enacted, and President Trump had signed, the $2 trillion “Coronavirus Aid, Relief and Economic Security Act” (CARES Act),

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BANKRUPTCY AND THE PANDEMIC

The coronavirus pandemic has been a disaster for the U.S. economy. Countless people have lost jobs and have filed for unemployment. Restaurants and bars have been closed for months, and social distancing means their customer load will be cut at least by half if, and when, they re-open. Looting, during the protests after the murder

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