Most New York bankruptcy debtors own all their assets in New York State, though it’s probably more common for them than others to own assets in nearby jurisdictions. (How frequently do people open bank accounts in New York but then move to New Jersey?) Even more commonly, many older debtors own property in New York …
What Happens to a Debtor’s Property Located in Another State? Read More »
The means test applies strict rules for debtors filing bankruptcy in chapter 7—but not all debtors. Specifically, section 707(1)(b) of the Bankruptcy Code authorizes creditors, trustees, or parties in interest to move the bankruptcy court to dismiss cases filed by debtors whose debts are “primarily consumer debts.” What kind of debts is the statute referring …
In my post discussing how many people file New York bankruptcy each year, one unusual number jumped out: “business filings” in chapter 13. In 2016, 31 debtors filer in the Southern District of New York, which covers Manhattan, the Bronx, and a few other downstate counties, filed in chapter 13, even though the Statistical Tables …
When Should Debtors Consider Chapter 13 for ‘Business Filings’? Read More »
I recently analyzed bankruptcy data to find out who chapter 7 New York bankruptcy debtors are. The dataset came from the federal courts’ 2016 BAPCPA Report, which contains information on people who file bankruptcy but owe mainly consumer debts. However, not all bankruptcy debtors are consumer debtors, so the post gave incomplete information on how …
How Many People File New York Bankruptcy Each Year? Read More »
In May, Bloomberg reported that the ride-sharing company Uber admitted that it had been underpaying its New York City drivers because it had taken its share of fares before deducting fees rather than after. The company agreed to repay each of its drivers $900. Interestingly, Uber contracts with 50,000 drivers in the city, so it’s …
Drive for a Ride-Sharing Company, Risk Uber Bankruptcy? Read More »
Debtors operating sole proprietorships can encounter disadvantages in a chapter 7 New York business bankruptcy as compared to more common no-asset, low-income, non-business debtors in the same chapter. They both face chapter 7’s income thresholds, yet non-business debtors need not worry whether a trustee will put a stop to their incomes or sell the assets …
Two Reasons to Incorporate Before a Business Bankruptcy Read More »
I recently explained why a debtor might want to file a chapter 7 New York business bankruptcy, but I thought it might help business owners to recognize some accounting pointers businesses can use to stay out of bankruptcy court. Here are eight. (1) Start your small business small. Many people starting out their businesses think …
8 Accounting Pointers Businesses Should Use to Stay Out of Bankruptcy Read More »
I’ve discussed before which chapter is best for a New York business bankruptcy. For a business that’s a separate legal entity from its owners, only chapter 7 and chapter 11 are available. Debtors who freelance or work as unincorporated general partners can use chapter 13 as well. Although chapter 11 makes the news when big …
Why File a Chapter 7 New York Business Bankruptcy? Read More »
Usually workers in bankruptcy cases are debtors, but when employers are in bankruptcy, then their employees can find themselves wearing creditors’ shoes. Frequently, the employers owe money to banks as well, which leads to conflicts between the workers and the banks over the company’s assets and revenue. Typically, the Bankruptcy Code’s system for prioritizing creditors’ …
U.S. Supreme Court Sides With Worker-Creditors in Jevic Read More »
I recently discussed priority claims in New York bankruptcy in the context of the U.S. Supreme Court’s upcoming ruling on the future of “structured dismissals” in chapter 11. The case raises the issue of whether creditors can enter into an agreement, approved by the bankruptcy court, that repays some debtors ahead of others outside the …
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