A recent article published by Reuters told the story of a New York family that drove to a Toys 'R' Us store in Wallkill, New York, so that their children could enjoy the store's "play lab." Play labs are but one tactic the giant toy retailer is using in an effort to...
Month: December 2017
NYC-based solar company seeks Chapter 11 bankruptcy protection
A Manhattan based provider of rooftop solar power is seeking the protection of the bankruptcy court two months after closing its operations. The company, Level Solar, had its headquarters in Manhattan and two installations on Long Island. It also had offices in...
What happens to a retirement account in bankruptcy?
A common question asked by New Yorkers who are contemplating bankruptcy is what happens to retirement savings. Can the trustee use retirement assets to pay creditors? Can creditors garnish funds in a retirement account? The answer depends upon the type of account in...
Lender files involuntary bankruptcy against defaulting developer
When a developer defaults on a construction loan or other financing, the lender typically commences a foreclosure action against the property. That tactic may not work, however, if ownership of the property is disputed. The recent filing of an involuntary bankruptcy...
