Queens Business Bankruptcy Attorney
Helping You Protect What Matters
Bankruptcy may seem like the end of the line if you own a business, but the reality is that bankruptcy can be a new beginning. At the Law Office of Seni Popat, P.C., we believe that businesses big and small deserve a fresh start which is why we offer a variety of bankruptcy services to meet your specific needs. If you are a business in need of debt relief, contact our Queens business bankruptcy attorney.
Start your journey with the Law Office of Seni Popat, P.C. Call us at (718) 340-3385.
Business Bankruptcy in New York
Most bankruptcy cases fall under federal law, which means all states must follow general rules and guidelines. In addition to the federal standards, New York laws dictate what property and assets you keep and what goes toward your debts.
Other NY-specific bankruptcy rules include exemptions. Exemptions allow the person filing for bankruptcy to keep certain assets based on regulations or circumstances unique to their situation. For example, spouses who file for bankruptcy together may receive double the exemption amount if they own property jointly.
Other bankruptcy exemptions in NY include:
- Tools of the Trade: for necessary tools or equipment valued at $10,000
- Motor Vehicle: for vehicles valued at or below $4,825 or $11,975 if it is equipped for a disabled motorist
- Wildcard: for any personal property of your choice valued at $1,175; this does not apply if you have already used the homestead exemption
Is Bankruptcy Right for Me?
Before you file, you must take the time to research whether bankruptcy is right for you. Many businesses in financial trouble rush to file, but they may not need to, or they file for the wrong type of bankruptcy.
If you are a business owner, complete and total forfeiture of the company to pay off your debts may not be the answer. If there are no applicable bankruptcy alternatives, you may need to file for Chapter 11.
This type of bankruptcy is just the break many companies need. Chapter 11 allows businesses of any size to continue normal business operations while they restructure their debts through a reorganization plan. This type of bankruptcy is similar to Chapter 13 for individual debtors, but the difference is that shareholders, leaders, and a court-appointed committee must work together to draft a plan, or they risk losing their shares to pay creditors.
On the other hand, if there are no other options and Chapter 11 is not a good fit, Chapter 7 may be an alternative. Under this type of bankruptcy, all operations cease, and assets are liquidated to pay off creditors.
Under Chapter 7, stockholders may not be able to retain the total value of their investment depending on the risk associated with the stock. Generally, stockholders with the least risk are more likely to be compensated first, whereas those with more volatile holdings are paid last.
Both Chapter 7 and 11 leave investors vulnerable, so be sure to research your options before filing. Many companies recover from bankruptcy, but how you start the process goes a long way toward your financial recovery.
How Seni Popat Can Help
Whether you own a small business or a large company, the Law Office of Seni Popat, P.C. can help. Our team of experienced legal advisors can direct you to the most optimal debt relief options for your situation and guide you through the process from start to finish.
With our in-depth knowledge and years of experience, our team is prepared to help clients get a fresh start and begin the journey toward financial recovery.
Schedule your initial consultation with our Queens business bankruptcy attorney today.
I had the pleasure of working with Seni Popat. He is a Top Professional!- I Gie – via Google
Law Office of Seni Popat is the place to get help.- Willie Kornegay - via Google
He is very knowledgeable, professional, helpful and was readily available to guide me and advise me through the filing process.- James Potter - via Google
Seni was absolutely fantastic.- Nicole H. - via Google
Mr. Seni Popat is THE BEST bankruptcy lawyer there is.- Yasmeen Smith - via Google