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 »
As 2010 reaches its end, it’s worth taking a quick look at the current state of bankruptcy. Specifically, two trends in particular. Trend #1: Business bankruptcies are decreasing. Trend #2: Consumer bankruptcies continue to increase. This is according to an article in the Daily Finance that notes that business bankruptcies have declined for the 5th …
Time for another edition of Brooklyn Bankruptcy Update, a look at the latest Bankruptcy news and happenings out of the County of Kings (aka Brooklyn). “Fraudulent nursing school files for bankruptcy: Students left holding the bag at Brooklyn-based Envision Review Center Inc.“ (Crain’s New York Business) – The nursing school, located on 1894 Flatbush Avenue, …
The latest Bankruptcy Bill cartoon is out (“Bankruptcy Bill #25: Dutch Date“) and finds humor in the euphemisms bankruptcy lawyers might employ in discussing a blind date gone awry. The humor is intended primarily for an audience of bankruptcy lawyers. But I thought it also offers a nice opportunity to educate my clients and other …
The Lenny Dykstra bankruptcy drama continues. When we last checked in, Dykstra was demonstrating what not to do in an individual Chapter 11 bankruptcy by trashing his mansion and allowing it to fall into disrepair in various ways. Essentially he was throwing away value that could’ve been used toward paying back creditors in an effort …
Lenny Dykstra Chapter 11 bankruptcy anti-case study continues Read More »
Filing for bankruptcy, especially Chapter 11, doesn’t necessarily mean you’re broke or that your business failing. Sometimes it’s part of a larger strategy to get out of a tight situation. In the case of Sid’s Hardware Store on 345 Jay Street in Metrotech, the business was viable but the lease was too expensive to enable …
Strategic small business bankruptcy: Sid’s Hardware uses Chapter 11 to end lease Read More »
Just a quick post to let readers know that I will be teaching the “Small Business Bankruptcy“ portion of the March 3 “Consumer and Small Business Bankruptcy 2010“ seminar at the Practicing Law Institute (PLI) in New York City. Here are the topics I’ll be covering: Small Business Bankruptcy Eligibility for filing as a small …
There’s a new study out titled “Risky Business: Financial Firms Face Wave of Fraudulent Transfer Claims“ by Navigant Consulting and The Economist Intelligence Unit. The gist of it is that debtors, trustees and creditors committees are increasingly pursuing “fraudulent transfer” (aka “fraudulent conveyance“) claims (i.e., attempts to recover improper payments) in the wake of the …
I’ve written posts here previously warning individuals about debt relief companies, which often are guilty of creating more debt and no relief. But recent trends indicate that small business owners also need to watch out for debt relief scams specifically aimed at small businesses. This post on CreditSlips.org by Professor Bob Lawless notes an increase …
Small business owners: Watch out for debt relief scams like Corporate Turnaround Read More »
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