Restaurant Closings in New York City and BankruptcyAs reported by many newspapers and websites, a significant number of restaurants are closing in New York City. These closings are due to the high cost of rent, insurance,  overhead and the increase in the minimum wage to $15 per hour for the restaurant staff.

With the increase in bankruptcy filings, many clients have contacted us regarding
the treatment of their pensions in a chapter 7 bankruptcy filing and whether they should borrow from their pension prior to filing for bankruptcy, if necessary.

Under the law, both Roth and traditional IRA’s are exempt  up to $1,283,025 in a chapter 7 bankruptcy filing.

401(k)s, 403(b)s, profit sharing plans, SEP & Defined Benefit Plans are completely exempt in a chapter 7 bankruptcy.

How New York’s Taxi Titans Roiled Cities Hundreds of Miles Away

In the early 2000s, a group of New Yorkers did something unexpected.

They bought a bunch of taxi medallions that allowed them to own and operate vehicles hundreds of miles away, in Chicago. Medallions in that city were considered such an inexpensive commodity that Chicago had, at times, given them away free.

This turned out to be an early sign of a takeover of taxi markets across the country by some New Yorkers who were about to teach drivers in other cities a painful lesson.

Pensions and Chapter 7 Bankruptcy filings

With the increase in bankruptcy filings, many clients have contacted us regarding the treatment of their pensions in a chapter 7 bankruptcy filing and whether they should borrow money from their pension prior to filing for bankruptcy.

Under the law in New York both Roth and traditional IRA’s are exempt  up to $1,283,025 in a chapter 7 bankruptcy filing.

401(k)s, 403(b)s, profit sharing plans, SEP & Defined Benefit Plans are completely exempt in a chapter 7 bankruptcy.

By: Steven P. Taylor
Law Office of Steven P. Taylor, P.C.

You may have heard that Chapter 7 is a relatively quick process. But how long does bankruptcy Chapter 7 take from filing to discharge?
Typically, you can expect your case to last anywhere between four to six months. But the timeline may vary depending on the specifics of your case. An experienced Dallas bankruptcy attorney can help guide you through the process and help you avoid potential pitfalls that could delay your case.

You may have heard that Chapter 7 is a relatively quick process. But how long does bankruptcy Chapter 7 take from filing to discharge?
Typically, you can expect your case to last anywhere between four to six months. But the timeline may vary depending on the specifics of your case. An experienced Dallas bankruptcy attorney can help guide you through the process and help you avoid potential pitfalls that could delay your case.

By now, you’re probably well aware of the benefits of bankruptcy. And if you’ve been struggling with unmanageable debt for a while, you may be seriously considering pursuing debt discharge through Chapter 7. But what how does it work, and what can you do to prepare your case? Below, we discuss how to file bankruptcy Chapter 7 and what you can expect during each step of the process.
Analyze Your Debts

By now, you’re probably well aware of the benefits of bankruptcy. And if you’ve been struggling with unmanageable debt for a while, you may be seriously considering pursuing debt discharge through Chapter 7. But what how does it work, and what can you do to prepare your case? Below, we discuss how to file bankruptcy Chapter 7 and what you can expect during each step of the process.
Analyze Your Debts

Finally, New Bankruptcy Protection for Disabled Vets
Disable Vet’s Income Not Offered Any Protection in Bankruptcy – until now!
It only took 15 years, but Congress finally decided that disabled vets should have some of the same protection as those on Social Security.