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New Yorkers who are considering filing a Chapter 13 bankruptcy petition are frequently deterred by fear of the unknown. One of the biggest unknowns is the effect that filing a Chapter 13 petition – frequently called a wage earner...

Bankruptcy can serve many purposes for a financially stressed New York business, from restructuring its operations to increase profitability to liquidating its assets and going out of business.

The changing retail markets in the United States have affected both large and small merchandisers. As big online retailers such as Amazon gain larger and larger shares of various markets, their competitors are facing dire financial futures.

The ability to seize a portion of a debtor’s paycheck is one of creditors’ most powerful collection tools under New York law. For low-income families, the loss of even a small portion of a regular paycheck can be catastrophic. Filing a petition for personal bankruptcy can help alleviate this problem by invoking the so-called automatic stay.

People who filed bankruptcy petitions often lose sight of their responsibility to be honest in their statements to the court and to the bankruptcy trustee. Both the court and the trustee possess the power to impose civil fraud penalties on persons who make material misstatements to the court.

As many Rockland County businesses know, longevity is not always a guard against financial adversity. After opening the first Bruegger’s Bagels shop in Rochester in 1983, the nation’s oldest Brueggers’ Bagels franchisee filed for Chapter 11 protection in March 2016.

It used to be the case that people in New York and nationwide flocked to Payless Shoesource stores to purchase affordable footwear.

The Lehman Brothers bankruptcy has been grinding along for several years, but it occasionally produces a judicial ruling that has importance outside the specific case.

When a bankruptcy proceeding ends, the debtor’s unsecured creditors are often left wondering how to collect on what appear to be worthless claims. In business bankruptcies, a common target is the debtor’s claims that are owned by the bankruptcy trustee.

As a previous post on this blog discussed, credit card companies offer all kinds of incentives to get New Yorkers to sign up for and then use their credit cards.