Chapter 11 Debtor-in-Possession

In February 2011, crain’s new york reported that the founder of New York’s H&H Bagels, filed bankruptcy. The founder was sentenced to 50 weekends in jail in 2010 for failing to pay over $500,000 in payroll taxes. H&H Bagels started in 1972 with its first store at Broadway and West 80th Street on Manhattan’s […]

Glossary of Bankruptcy Terms

In February 2011, Fox Sports reported in “Duerson recently filed for bankruptcy” that Dave Duerson, age 50, shot himself. The former Chicago Bears safety, who won a second Super Bowl with the 1990-91 New York Giants, filed for bankruptcy in September 2010. Duerson was found dead at his home in Miami. He claimed $14.7 million […]

US Trustee in a Chapter 11 Bankruptcy

In November 2010, crain’s new york reported that Ambac Financial Group Inc., a holding company for the bond insurer being restructured by state regulators in Wisconsin, filed for bankruptcy protection to reschedule payments on more than $1 billion in bonds. The case was In re Ambac Financial Group Inc., 10-15973, U.S. Bankruptcy Court, Southern […]

Bankruptcy Options for New York Small Business Owners

In determining the chapter to file under for bankruptcy, a business should consider the business’s most significant debt. Is it payroll taxes? A loan? Past due rent? Unsecured creditors? If the source of debt is taxes, like some of the claims against The Amish Market, the Internal Revenue Service (IRS) holds all business owners personally […]