Subchapter V of Chapter 11 Bankruptcy is a relatively new addition to the United States Bankruptcy Code, introduced as part of the Small Business Reorganization Act of 2019. It is designed to make the Chapter 11 bankruptcy process more accessible and less expensive for small businesses. Here are three important points to know about or
Bankruptcy
Going Bankrupt: Why Businesses Experience Bankruptcy
Bankruptcy is an unfortunate reality that many businesses face. In its simplest terms, business bankruptcy is a process initiated by a company when it is unable to pay off its debts. The process is designed to help businesses restructure their financial obligations or liquidate their assets to repay creditors. Although bankruptcy is a complex process,
“Forgiveness of Debt” Income: How To Avoid Tax Surprises
When someone files bankruptcy, they receive their discharge and most often, they believe that to be the end of it, aside from having to rebuild their credit rating. However, they can receive a nasty surprise at tax time, in the form of a 1099-C. Why Call It Income? Many take issue with the fact that
Small Business Bankruptcy for Sole Proprietors
When you are a small business owner, everything you do is intricately tied to your personal life, even if that is not your intention. If you need to file for bankruptcy due to the failure of your business, it will be no different. What many people fail to realize that if their business is a
Rent-Controlled Apartments in Bankruptcy
Property values in New York City are exorbitant compared to the rest of the state. Very often, a rent-stabilized or rent-controlled apartment is the only way that people in certain income brackets can live in the city proper. As such, the concept of rent control is something that matters to quite a lot of people.
