“Business bankruptcy” isn’t a legal term as there’s no designated chapter for businesses or businesspeople to file bankruptcy in. Thus, the correct question is which chapter is best for businesses and their principals to file in. The answer depends on the structure of the business and the principals’ goals for running it. For sole proprietorships …
What Chapter Is Best for a New York Business Bankruptcy? Read More »
The Bankruptcy Code obligates a debtor to fulfill a number of duties to successfully complete a New York bankruptcy. Failure to do so can result in penalties ranging from dismissal to revocation of a discharge order to criminal penalties for bankruptcy fraud. 28 U.S.C. § 521 divides the debtor’s duties into ten subsections, and most …
What Documents Must Debtors File to Meet Their Duties in Bankruptcy? Read More »
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 …
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 …
Receiving a discharge from the bankruptcy court in New York is 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; that means you’ll have to pay income tax on the forgiveness. What does this …
4 Steps to Escape Paying Income Tax on Discharged Debt in New York Read More »
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 is not so obvious. …
Assigning Dollar Values to Your New York Small Business in Bankruptcy Read More »
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 …
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, …
Filing For Corporate Bankruptcy: A few things to know Read More »
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 …
Business Bankruptcy Lawyers in Brooklyn, New York Read More »
In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to a creditors committee. The first one …
Preference Actions: What is the “Ordinary Course of Business” Defense? Read More »
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