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Filing Business Bankruptcy Staten Island

Monday, August 12th, 2013

Bankruptcy may be the last resort for small businesses that are failing.  When there is no more hope for keeping your business going, you may need to consider taking this action.  It is helpful to gain a basic understanding of what bankruptcy is and why it may be necessary for your business.  If your business is consistently behind in bills and has a lot of debt that can’t be easily repaid, it may be time to consider taking the step towards bankruptcy.  Before making a decision, learn about filing business bankruptcy in Staten Island.



Types of Bankruptcy


There are two main types of filing business bankruptcy in Staten Island.  Corporations and partnerships are able to file either Chapter 7 or Chapter 11 bankruptcy.  Chapter 7 is the easiest and least complex of the two types.  It is the more common of the two types.  Chapter 7 should be used when you have no further consideration for keeping your business open.  In a Chapter 7 bankruptcy, the court will appoint a trustee.  The trustee will seize all company assets and sell them.  The proceeds of the sale will be used to repay as much debt as possible.  Once the filing is completed, the company is ended and all debts are discharged.


Chapter 11 is used in situations where the company can be reorganized and will be able to see profits in the future.  The court assigns a trustee to create a reorganization plan.  The plan will also include when and how the debt will be repaid.  A Chapter 7 bankruptcy includes the liquidation of assets while the Chapter 11 concentrates on reorganization.  Both may have long-lasting and complex effects on you and your credit.  Before filing business bankruptcy in Staten Island, you should consult with an experienced attorney.



Considering Reorganization


The decision to file bankruptcy is a complex one.  Determining the type of bankruptcy to file will depend on the specific problems that the business is having.  If there were problems that reorganization could resolve, it may make sense to follow that path.  Reorganizing the business may allow you to free up money that can be used to fund the current business.  It may also let you take other actions that will give proceeds that can be used to pay some of the unpaid debt.  You may be able to sell the business to keep it going.  When filing business bankruptcy in Staten Island you will want to consider all your options carefully.



Obtaining Legal Assistance for Filing Business Bankruptcy in Staten Island


Bankruptcy for small businesses is a complex undertaking.  There are many laws that must be considered in order to understand the complicated legal ramifications of filing bankruptcy.  Before filing business bankruptcy in Staten Island, it is highly recommended that you consult with an attorney.  Choose a law firm that specializes in business bankruptcy.  These firms have a working understanding of the complexities involved in filing.  They will be able to review your business and make a recommendation that will be the best option for your business.


Staten Island Bankruptcy

Monday, August 12th, 2013

If you’re experiencing major debt problems as a resident of Staten Island, bankruptcy may be a solution to help you escape from creditors and financial stress. Bankruptcy has a number of benefits attached to it. There are a number of downsides as well, though, and the key question to ask yourself is whether the benefits outweigh the drawbacks for your particular situation. Filing for bankruptcy may allow you to escape your debt while maintaining your home on Staten Island. Bankruptcy attorneys, like the experienced ones at Calcagno & Associates, can help you to determine which options work best for you in overcoming your debt problems.

The Benefits of Filing for Staten Island Bankruptcy


The most obvious benefit of bankruptcy is that it allows you to escape from your debts, whether partially or completely. There are several different forms of bankruptcy that you might file, the most common two being Chapter 7 (liquidation) and Chapter 13 (reorganization). The specifics will vary from cases to case, but with any Staten Island bankruptcy, you’ll alleviate your concerns with debt and direct creditors away from you and your family. Even if bankruptcy leaves you with some of your debt to pay off, creditors are directed towards a newly formed financial estate, meaning that you don’t get stressful and threatening calls any more. The reprieve from creditors, coupled with the reduction or elimination of debts, can be an amazing change of pace for someone who’s been dealing with chronic debt problems for some time.

Bankruptcy is a good option to consider if you’re a senior, supporting a large number of dependents, trying to pay down your debts with an insufficient income, or expecting the possibility of a foreclosure. If any of these sound like they describe your situation, you should explore your options further by contacting the law firm of Calcagno & Associates.

The Drawbacks of Staten Island Bankruptcy


One significant drawback of any Staten Island bankruptcy claim is that it will appear on your credit record for ten years. While this might not be a serious problem for you if you don’t foresee doing any additional borrowing or mortgaging in that time period, it can have a huge impact on some families and individuals. In addition, any non-exempt property you have will go directly into an estate and be liquidated in order to pay down your debts. A primary residence and other necessities can be exempt from this process, though, and Calcagno & Associates can help you determine exactly what (if anything) you’d be losing if you were to file.

If you live in or near Staten Island, the bankruptcy lawyers you want to talk to are Calcagno & Associates. They can outline all of your debt alleviation options (both bankruptcy-related and otherwise), and lead you through the process of taking legal action. You can start by requesting a free online consultation, via their website. Complete the simple information form, and a bankruptcy lawyer will respond to your inquiry as soon as possible. You’ll receive clear advice on how to proceed, and will be in contact with the best Staten Island bankruptcy lawyers available.

Is Filing Chapter 11 in New York the Right Move for Your Situation?

Monday, August 12th, 2013

Financial problems can strike at any time, whether you are an individual or a business. In severe situations, the only resort is to file for bankruptcy. For businesses, filing Chapter 11 in New York State is the most common solution. Chapter 11 offers the chance to reorganize your business, your assets and more. However, Chapter 11 with New York bankruptcy attorneys can also be a good path to go for individuals, though most choose to file Chapter 7.

What Is Chapter 11?

In essence, if a business cannot pay its debts or creditors, then filing Chapter 11 with a law firm becomes a necessity. This form of bankruptcy offers some benefits over Chapter 7 for companies. In Chapter 7, all of a company’s assets are sold by a trustee to repay the debts. However, under Chapter 11, the company is allowed to reorganize and become what is known as a debtor in possession – the court will then set terms that must be followed by the company.

How Does Chapter 11 in New York State Work?

The first step toward filing Chapter 11 for a business is to locate a skilled attorney or law firm. The attorney will sit down with the company owner or representative and work out a Chapter 11 case plan. Once the plan has been solidified, the attorney will begin the proceedings.


There are several benefits to working with a skilled attorney for Chapter 11. One of the most important benefits is that the company owner is usually appointed as the trustee, and allowed to reorganize and operate the business. There are additional benefits to filing Chapter 11 as well. For instance, as the trustee, the business owner will usually be able to apply for loans with lower interest rates, as well as benefiting from an automatic stay that can mitigate further harmful legal actions.

Starting Your Filing for Chapter 11 in New York State

To start your case for Chapter 11, you must first find a reputable law firm or attorney. The importance of working with a skilled attorney cannot be understated. The right attorney will provide significant benefits, years of experience and the best hopes for a beneficial outcome for your bankruptcy case.


Choosing an attorney or law firm for Chapter 11 in New York State can be difficult, but it can be made simpler by knowing the hallmarks of a good legal representative. The first thing to look at when considering attorneys is their record in court. What is their history like? Do they have a record of winning beneficial verdicts for their clients? Do they have the right amount of experience with Bankruptcy Law?


As bankruptcy is a very specialized area of law, it is imperative that you work with an expert in bankruptcy law. Moreover, the lawyer that you choose should be well versed in representing companies during Chapter 11.


Finally, if you want to ensure that you are able to locate the best possible attorney when filing Chapter 11, the best option is to contact Calcagno & Associates, New York’s top bankruptcy attorneys, to receive a FREE Consultation!

What you can Expect with a Bankruptcy Lawyer in Staten Island

Monday, August 12th, 2013

What you can Expect with a Bankruptcy Lawyer in Staten Island

If you are searching for a bankruptcy lawyer in Staten Island, you are probably already pretty tired. You would be surprised by the number of people who are in the exact same financial situation as you are. Since 2008 there have been millions of people filing for bankruptcy, and although some think they can “handle” it on their own, the most productive and efficient people hire attorneys.

Why you should Work with a Bankruptcy Lawyer in Staten Island

So, when you are ready to hire your bankruptcy lawyer in Staten Island you should make a point of working with one that has knowledge and ample amounts of experience. While a young “start up” might give you a cheaper rate or a lot of guarantees, it is only the bankruptcy lawyer that has kept up with the many changes in the laws that can give you the kind of help you need.


Fortunately, you can turn to Calcagno and Associates for any kind of bankruptcy needs. They have been involved in the world of financial law for more than 10 years and have been representing clients under many different types of case filings.

What Kind of Bankruptcy Lawyer in Staten Island do You Need?

What kinds of case filings can they handle? The financial dilemmas that individuals and businesses find themselves in are numerous. It takes a bankruptcy lawyer with extreme amounts of expertise to know just where to steer their clients. For example, an individual who has an enormous amount of financial trouble, and no way of repaying debts, is going to be the classic client in need of Chapter 7 work.


On the other hand, a bankruptcy lawyer might be able to review the case and find a way to redeem the issue by financial reorganization – which is a Chapter 13 or 11 case. Naturally, the ability to see this will come only if the attorney takes the time to review the case, and also have the knowledge necessary to understand the issues.

We Have a Qualified Bankruptcy Lawyer in Staten Island

Because Calcagno and Associates has a strong background in all kinds of bankruptcy work, they are fully capable of recognizing the appropriate financial path for a client to follow. They are also happy to offer their potential clients a totally free case review as well as a free initial consultation.


This means that someone in desperate need of a bankruptcy lawyer is not going to have to just jump into the issue without any kind of background information. Instead, they can book their consultation and hear directly from an experienced bankruptcy lawyer about the appropriate course of action for their particular financial dilemma.


Only after being fully apprised of their precise financial options, will they be expected to decide if they are ready to commit to working with a bankruptcy lawyer in Staten Island.


Clearly, Calcagno and Associates is a good solution for anyone with financial dilemmas. If you would like to book a free initial consultation with them just use the online contact form or call them directly.