In Chapter 11, a business may obtain exceptions from certain filings and procedures by being classified as a small business debtor. A debtor is a small business debtor when it passes a two-part test: Debtor must be engaged in commercial or business activities other than primarily owning or operating real property with total non-contingent liquidated
NY Bankruptcy and Tax Blog, Information, and Resources
The NYDailyNews.com reported on November 26 2010, that “Real Housewives of New York” star Sonja Morgan filed for bankruptcy protection in Manhattan. According to the news article, Morgan listed $19.8 million in debt and $13.5 million in assets on her bankruptcy petition. She blamed her money troubles on a failed venture with Hannibal Pictures Inc.
Westlaw News & Insights reported on February 17, 2011, that Starr & Company LLC and Starr Investment Advisors LLC filed for Chapter 7 bankruptcy in the cases Re Starr Investment Advisors, LLC, U.S. Bankruptcy Court for the Southern District of New York, No. 11-10639 and Re: Starr & Company, LLC, in the same court, No.
The prospect of declaring bankruptcy can be a promising one, chock full of the possibility of erasing certain financial obligations, finally having peace at home without the incessant ringing of the phone and ominous creditors demanding payment and moving forward without devastating debt. At the same time, the process can be daunting, leaving extensive imprints
The IRS recently announced a new initiative to help taxpayers get a fresh start. According to the article: The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is announcing new policies and programs to help taxpayers pay back taxes and avoid tax liens.