Chapter 11 For Individuals

Chapter 11 Bankruptcy in New York for High Net Worth Individuals

We assist high net worth individuals (doctors, engineers, investment bankers and real estate investors) to reorganize their finances with Chapter 11 Bankruptcy. The following are examples of case studies as to when Chapter 11 can or should be filed:

  • Significant income tax debt over $350,000.00. In chapter 7, this would entail the need for an adversary proceeding against the IRS or NYS and this can be a long and time-consuming process. Chapter 13 would not apply since the individual would be over the debt limit.
  • Case studies- Our firm lowered income tax debt over $800,000.00.
  • Excess disposable income. This individual might fail the chapter 7 means test and might not qualify for chapter 13 if they are over the debt limit.
  • Too many assets or complicated asset cases . In chapter 7, these assets could be forced to be turned over to a trustee for liquidation.
  • Case studies- We have done 363 sales of real estate to fund chapter 11 plans in New York and to settle with secured creditors and taxing authorities. The individual even had excess funds at the end of the case after the debt was eliminated. Our firm negotiated with mortgage creditors for creative workouts eliminating arrears and avoiding income tax forgiveness of debt.
  • Payroll or trust fund taxes. Many of our chapter 11 filings in New York contain large tax debt averaging from $300,000.00 to $3M. This includes personal income taxes as well as payroll and sales taxes [trust fund taxes]. Chapter 11 enables the individuals to eliminate penalties on trust fund debt, restructure over extended periods and eliminate old income taxes that were timely filed.

We file chapter 11 cases in New York City, and we also do Chapter 11 filings in Central Islip, NY. These courts cover most areas in the tri state area, Long Island and Westchester counties.

Each Chapter 11 plan we file is unique to the client and tailored to their creditors. Since one of our partners is also a CPA, we can do operating report reviews and set up clients and their accountants on templates. All of these cumulative financial statements are used when we build a chapter 11 plan to best suit the individual’s needs. We also have specialized programs tailored to build our plans including usage of EXCEL and POWERPOINT.

NY Tax Services We Offer

  • IRS Offers for income and trust fund taxes.
  • NYS offers for income and trust fund/sales taxes.
  • IRS installment agreements
  • NYS installment agreements
  • Collection due process filings
  • Innocent Spouse filings
  • Penalty Abatement using reasonable cause and the one-time abatement.
  • Levy relief and protests
  • Passport revocation relief
  • Due diligence on personal and business tax debts and status
  • 1031 exchange planning and closing
  • Turnaround Advisory
  • Distressed deal advisory
  • Real estate capital for acquisitions, refinance, and developments
  • Debt and equity capital options

Florida Tax Services We Offer

  • IRS Offers for income and trust fund taxes.
  • IRS installment agreements
  • Collection due process filings
  • Innocent Spouse filings
  • Penalty Abatement using reasonable cause and the one-time abatement.
  • Levy relief and protests
  • Passport revocation relief
  • Due diligence on personal and business tax debts and status
  • 1031 exchange planning and closing
  • Real estate capital for acquisitions, refinance, and developments
  • Debt and equity capital options

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