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Law Offices of Stephen B. Kass, P.C.

New York Attorney Stephen B. Kass

(212) 843-0050

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  • Home
  • About Us
    • Articles
    • Bankruptcy and Tax Information
    • Attorney Bios
  • Bankruptcy
    • Debt Negotiation
    • Tax Discharge in Bankruptcy
    • Consumer Bankruptcy
    • Chapter 11 Bankruptcy
    • Commercial Real Estate
    • Real Estate Finance
    • Real Estate Workouts
    • Real Estate Development
  • Tax Law
    • Tax Court Litigation
    • Installment Agreements
    • Financial and Tax Due Diligence
    • Offer In Compromise
    • Common Tax Problems and Solutions
    • Business Tax Problems
    • Like Kind Exchanges
    • Tax Discharges and Bankruptcy
  • Blog
  • Contact Us
    • Testimonials
    • In The Press
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Chapter 11 Bankruptcy

Chapter 11 Bankruptcy is designed for Businesses that have a current and future profitable business that is worth saving and needs to reduce and restructure past debt obligations. Some of the benefits of Chapter 11 are as follows:

  • Payout debt up to a 6 year period.
  • Reduce and eliminate most tax penalties on priority tax claims.
  • Work out deals with taxing authorities in Bankruptcy.
  • Reduce unsecured tax to as little 10% of the claim depending on the asset structure of the corporation.
  • Reject leases that are burdensome on the business.
  • Stop all lawsuits and collection actions.
  • Ability to offer new lenders D-I-P protection to secure funding.
  • Sell assets free and clear of leans pursuant to Section 363.

Individuals can also utilize Chapter 11 in the following circumstances:

  • Secured debt over the Chapter 13 Debt Limit.
  • Unsecured debt over the Chapter 13 Debt Limit.
  • Unique circumstances that might warrant taking their case to a creditor vote.

Chapter 11 is the most expensive Bankruptcy and thus should only be used in these circumstances and the Debtors must be prepared to:

  • Attend status conferences.
  • File operating reports every month.
  • Pay secured debt claims currently after the bankruptcy filing.
  • Stay current with leases that the Debtor wishes to affirm.
  • Pay the administrative costs inherent in Chapter 11.

Small Business Chapter 11 Requirements under the New Law (Business bankruptcy New York)

  1. Must file recent tax returns, balance sheets, income statements & statement of cash flows at the time of filing.
  2. Monthly operating reports now must show projections, actual amounts & variances.
  3. The U.S. trustee can now inspect books and records.
  4. There is a 180 day exclusive period to file the plan.
  5. There is a 300 day period for anyone to file the plan or the case will be dismissed.
  6. For individual chapter 11’s, post-petition earnings are now property of the estate & must be considered during the life of the plan.

Learn More

Chapter 11 For Individuals
Chapter 11 For Businesses

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Testimonials

I highly recommend using Steve Kass as an attorney. I had a serious issue with the IRS involving real property, a company I built and sold, and multiple years of taxes which were unfairly and incorrectly assigned to me and had been hanging over my head because my efforts to negotiate...

Sean

Mr. Kass and his professional office staff helped me through every step of the way which without his expert guidance would not have been successful. Mr. Kass was able to a access my situation quickly and advise me. I highly highly recommend making an appointment with Mr. Kass

Vivian

I consider myself very lucky to have found Stephen B. Kass last year. We were drowning in credit card debt and were on the verge of filing bankruptcy. Mr. Kass was able to negotiate with all of our creditors and reduce the balances SIGNIFICANTLY. Within one year we are debt free

Alexandra

Stephen and legal staff provided superb, accurate, and detailed financial analysis. Stephen has an exquisite knowledge of financial planning and tax law, and was able to make tailored, individualized recommendations that have helped me tremedously with regard to long-term financial planning and resolution of tax issues. Office staff are skilled

John

I had a great experience with Stephen Kass. He took legally complicated case from another attorney and resolved it. Years later, when his assistance was needed, he responded right away, remembering every detail of the case. He is an expert in his field and great person to work with.

Victor

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Recent Articlas

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  • Discharging Income and Non-Income Tax Debt

For Tax & Financial Matters

Law Offices of Stephen B. Kass, P.C.

7 Penn Plaza, Suite 830
New York, NY, 10001
United States (US)

Phone: (212) 843-0050
Fax: (212) 202-7681

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