Bankruptcy

Bankruptcy For Small Businesses

Businesses that are impacted by the coronavirus pandemic may be wondering where they should turn. Small businesses make up a third of the U.S. economy and with the unforeseaable future small business owners may be thinking about filing bankruptcy to help them get out of debt. Below we will discuss the different chapters of personal bankruptcy that small business owners may be able to file to get out of debt. Business owners will need to think about whether or not they want to keep running their business or shut their business down. 

What is Bankruptcy?

Most individuals ask “what is bankruptcy?” Many believe that bankruptcy is used when individuals make bad financial decisions. Although, yes that may be true, bankruptcy, is also a tool to help individuals get out of debt and start over.  There are many different reasons why individuals file bankruptcy.

Can I File Chapter 7 Bankruptcy to Get Rid Of Business Debt?

With the coronavirus pandemic going on, many business owners may be wondering how their business debts can be eliminated in a Chapter 7 bankruptcy. If you own a business, have debt, and can’t pay, filing bankruptcy can help you eliminate your personal liability. Keep in mind, however, that even if you are not personally liable for the debts, in a Chapter 7 bankruptcy, your business will still be liable for the debt. This is because the business is a sole proprietorship. 

Is Filing Bankruptcy a Good Decision?

If you are thinking about filing bankruptcy, you are probably struggling to pay your debts and are wondering if “filing bankruptcy is a good decision?” Filing bankruptcy can give you room to breathe and help get you out of a financial disaster. 

How Can I File Bankruptcy in Staten Island New York

If you are looking to file bankruptcy in Staten Island, you have come to the right place. Individuals behind on bills look at filing bankruptcy in Staten Island as a way out. Filing bankruptcy is never an easy decision and having a Staten Island bankruptcy lawyer by your side, can ensure that your bankruptcy in Staten Island is handled correctly. 

Debt Collectors Can Garnish Your Coronavirus Stimulus Checks

When signing the CARES Act into law, Congress left out protections for the most vulnerable individuals who are already in debt. Congress failed to provide any protection against debt collectors. Thus, individuals who owe money for past debts will be at risk to debt collectors looking to garnish their stimulus checks. 

Staten Island bankruptcy lawyer

Veterans Exemptions and Bankruptcy in New Jersey & New York

Recent studies have suggested that many veterans who were injured are living below the poverty line in New York and New Jersey. If you are a veteran, you may be wondering about the different bankruptcy laws that apply to you. Federal bankruptcy law gives veterans certain benefits if they have to file bankruptcy. Some of these benefits are for active duty members and compensation for disabled veterans injured in the line of duty. Prior to 2019, veterans benefits had to be relinqushed to the bankruptcy court. In 2019, the federal laws changed to allow protections to veterans’ benefits from creditors. This law is known as the HAVEN ACT which allows stronger protections to veterans’ filing bankruptcy. 

Understanding Bankruptcy Fraud, From A Staten Island Bankruptcy Attorney

If you are thinking about filing bankruptcy in Staten Island, you probably have heard many misconceptions about the personal bankruptcy process. One of the most common misconceptions that people hear about are that all debts are dischargeable in bankruptcy, Most debts are dischargeable, however there are some debts that are deemed “non dischargeable.” Debts that are non dischargeable in bankruptcy, include alimony child support, some tax debt, and student loans. 

Loan Modification

If you are behind on your mortgage payments and are looking to save your Staten Island Real Estate from foreclosure, you may be contemplating doing a loan modification. A loan modification is a special program that banks offer to help individuals with their mortgage payments.