Should my corporation file bankruptcy?
Probably not. Generally speaking, our clients with single owner corporations and LLCs are better served by filing for personal bankruptcy than corporate bankruptcy. Many consumers are not aware that personal bankruptcy will help rid them of most business debts and the personal guarantees tied to the business they are closing. By and large filing for bankruptcy […]
What is the most common profession that files for bankruptcy in New York City?
Any consumer regardless of occupation can be driven to the point of bankruptcy if hit by the perfect financial storm. Unexpected medical expenses, overextended credit, income reduction and divorce continue to drive most bankruptcy filings. More bankruptcies are caused by these true financial hardships than by reckless or irresponsible spending, and bankruptcy filings tend to […]
Do Bankruptcy attorneys accept payment in installations?
If you are considering a bankruptcy you are obviously experiencing some major financial hardships. You may have come to the conclusion that bankruptcy is the right course for you, but now realize you’ll have to find a way to pay for the bankruptcy too. Sadly, in this day and age many consumers feel too broke […]
Can my divorce obligations be discharged in a bankruptcy?
If you are divorced or recently separated from your spouse you may be wondering if the debts resulting from the judgments in your divorce can be discharged in a bankruptcy. As you weigh your bankruptcy options it is important to bear in mind that the judgments and agreements established in a divorce create the future […]
What happens to a rent controlled lease in Bankruptcy?
Background: New York current rent control program began in 1943 and in 1974 the Emergency Tenant Protection Act began the regulation of rent-stabilized apartments in New York. Under these laws a landlord is only allowed to raise rent by a certain amount each year based on improvements. However, if the rent is legally raised to […]