The recently passed Consumer Credit Fairness Act (“CCFA”) instituted some wide-sweeping, and much needed, reforms in the debt collection practice in New York State. First and foremost, the New York Statute of Limitations (“SOL”) for commencing a debt collection lawsuit was reduced from 6 years to 3 years, effective April 7, 2022. Other portions of Read More

 The 9th Circuit Bankruptcy BAP has ruled in RS Air, LLC that a profit motive is not required for a debtor to qualify for Subchapter V relief. An article about this case can be found at https://www.jdsupra.com/legalnews/profit-motive-not-required-for-9954771...

“Top Notch Representation, Personalized Service! ” T.M.

 A very information article about Subchapter V Bankruptcy for small businesses can be found at https://blogs.lawyers.com/attorney/bankruptcy/can-you-benefit-from-small...
The article is titled Can You Benefit From Small Business Bankruptcy Under Subchapter V? by Adrienne Woods

Bankruptcy and Depression: No, I’m Not a Doctor This post is about bankruptcy and depression. No, I’m not a doctor. (Actually my law school degree says I’m a JD– a juris doctor). But I see depressed people a lot. And because I see it a lot, I’ve read up on it. The VA says that […]

Bankruptcy and Depression: No, I’m Not a Doctor This post is about bankruptcy and depression. No, I’m not a doctor. (Actually my law school degree says I’m a JD– a juris doctor). But I see depressed people a lot. And because I see it a lot, I’ve read up on it. The VA says that […]

 SubChapter V, the new small business chapter 11 bankruptcy is approximately 2 years old. Congress’s goal was to create a less costly form of  reorganization for small businesses.  For many small businesses, Chapter 11 filings were too expensive.

 Why there’s a unified movement to cancel student loans but not credit card debt or mortgages? Very interesting article discussing this topic at CNBC at https://www.cnbc.com/2022/05/10/why-theres-a-push-to-forgive-student-loa...Jim Shenwick, Esq. 212-541-6224 [email protected]

 Pot and Bankruptcy Law, Not a Great Mix

Terminology like “dismissal without prejudice” is used in the legal industry, and it has significant implications when it comes to a bankruptcy filing. While having your bankruptcy case dismissed might be upsetting, a dismissal without prejudice is preferable to one with prejudice. The debtor is free to file for bankruptcy once more at any time. A request for an automatic stay or an automatic stay extension could be necessary if they file again to thwart collection attempts from a debt collector.