Restructure your business in New York with Chapter 11 bankruptcy

You run a small business, and it’s not always easy to deal with downturns in the economy. It’s not surprising that sometimes debts become overwhelming or simply don’t get paid. If you find yourself in a position where you’re struggling to make ends meet, you may in a situation that could be relieved with Chapter 11 bankruptcy. Chapter 11 bankruptcy is different than most because it allows you to rework your business. By restructuring your business plan, determining better income streams and by reducing debt, you can get a handle on your situation and emerge out of Chapter 11 bankruptcy with a viable, profitable business. During the process, you’ll also be paying down old debts. Typically, unsecured debts left unpaid at the end of the bankruptcy are dismissed, so you can start fresh. If you’re planning to file for Chapter 11 bankruptcy in New York, it’s important that you work with someone who knows the legal in’s and out’s of the court system. It takes time to come up with restructuring plans and effort to come up with the finances to pay off creditors. You’ll need to work with creditors to determine which debts you need to pay back while… Continue reading

RadioShack files for Chapter 11 bankruptcy protection

As a business owner in New York, you know that profits make your business succeed. When you have a difficult quarter, it puts pressure on you. This story may hit close to home. One prevalent store for technology and personal computers in the last century has finally succumbed to the pressure of larger rivals and online stores. RadioShack, a store many people in New York have visited for computer parts, batteries and other equipment, has filed for Chapter 11 bankruptcy following months of low sales. According to a story from Feb. 5, RadioShack’s companies have not taken a profit since 2011. You may know the 94-year-old electronics chain as a place to purchase cellphones, unique radio-controlled and digital toys and MP3 accessories among other items. Now, the company has filed for bankruptcy protection after it entered a deal with the wireless service provider, Sprint, along with a hedge fund of its biggest shareholder. The store itself may continue to be represented thanks to the hedge fund Standard General and Sprint; the two have agreed to buy up to 2,400 of the company’s 4,000 company-owned stores. Despite being at the height of the technological revolution at its start, RadioShack has not… Continue reading

What’s the Chapter 7 discharge?

While working through your bankruptcy in New York, you may have heard about something called the Chapter 7 discharge. This discharge is an important part of the Chapter 7 bankruptcy process. During discharge, some debts are eliminated by releasing the debtor from them. When a discharge takes place, it prevents any further collection activities on the part of the creditor. That means that the debtor is no longer able to be sued or harassed about the debt. As far as the court is concerned, the debt has been resolved. Individuals get debts discharged in over 99 percent of Chapter 7 cases. However, discharges can be blocked in some cases. For example if a debtor asks to discharge a debt, but the creditor files a complaint objecting to the discharge, it’s possible that the court will deny that discharge. A court could deny a discharge if financial records haven’t been kept properly, if a bankruptcy crime has taken place, or if the debtor failed to follow the orders of the court. Not all debts can be discharged. One example is a secured debt like a home. It’s possible to reaffirm that debt, which means that you’d take the debt back on… Continue reading

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