#Chapter 7 Bankruptcy Trustee

[jay-weller]

Navigating Contractor Bankruptcy: Options For Pool Owners

Navigating Contractor Bankruptcy: Options For Pool Owners - #jayweller #bankruptcy, #Bankruptcyassistance, #Bankruptcyattorneys, #BankruptcyLawyer, #BankruptcyTrustee, #Chapter11, #Chapter7, #FilingForBankruptcy, #Tampa, #WellerLegalGroup - https://www.jayweller.com/navigating-contractor-bankruptcy-options-for-pool-owners/

[beardedmrbean]

This news is taking a toll on honest New Yorkers.

Outrage mounted in the Big Apple Monday after the revelation the MTA lost $5.1 billion in unpaid tolls and fees over four years – while drivers doing the right thing are forced to pay more.

The massive unpaid collections at the Metropolitan Transportation Authority’s nine bridges and tunnels surpasses the estimated $500 million to $800 million expected to be generated annually from the new $9 first-in-the-nation congestion toll to enter Midtown Manhattan south of 60th Street.

“They can’t even collect their unpaid tolls,” fumed Harry Nespoli, chairman of the 300,000-member NYC Municipal Labor Council and head of the sanitation workers’ union. “So, they’re going to make it up by socking us with congestion pricing.

“They should collect from the toll violators,” added Nespoli, who has appealed to President Trump to kill congestion pricing. “Right now, the law-abiding working people are paying for them [the deadbeats].”

MTA figures showed deadbeats racked up $5.1 billion in unpaid MTA tolls and violations such as late fees over four years from 2021 to 2024 — a number likely sent skyrocketing since “cashless” systems replaced the old payment booths, though officials sought to downplay the figures saying it’s not just “toll debt” in the wake of a Post report Sunday.

The authority estimated total uncollected “toll violations” at more than $1.4 billion in 2024 alone and $3.7 billion combined from 2021 through 2023, according to a financial chart included in a request for proposals submitted to potential debt collectors.

The proposal said the annual figure for unpaid toll collections could exceed $2 billion when factoring in the $9 congestion toll — a fee that will rise to $12 in 2028 and $15 in 2031.

Benjamin Li, 40, from Bensonhurst, Brooklyn, who tows a smoothie cart by Zuccotti Park in the Financial District, said authorities should levy the toll evaders instead of socking him and other hard-working New Yorkers with a new congestion toll.

He now arrives into Manhattan at 4:45 a.m. with his cart to pay a lower $2.25 overnight fee and save $6.75 off the $9 toll charged during the peak hours.

“I obey the law, whatever they charge. But I see so many people trying to save money illegally with ghost plates,” Li said.

Deadbeat drivers racked up $5B in unpaid MTA tolls in 4 years — and closing booths to go ‘cashless’ may be to blame

Long Island truck driver Kenny McCutcheon, 32, was worked up over the news as he was running errands in Manhattan on Monday.

“They need to crack down more on people who don’t pay the tolls, instead of charging the rest of us so much,” said McCutcheon. “I think it’s ridiculous I gotta pay $9 just to come here.”

MTA toll crossings include the Hugh Carey/Brooklyn Battery Tunnel, Queens Midtown Tunnel, Whitestone Bridge, Throgs Neck Bridge, Verrazano-Narrows Bridge, Cross Bay Bridge, Marine Parkway Bridge, Henry Budget Bridge and Robert Kennedy-Triboro Bridge. At six of the major crossings, the toll is $11.19 without E-ZPass and $6.94 with it.

A federal bankruptcy judge told The Post Monday he’s seen cases where debtors reported owing thousands of dollars in unpaid tolls, and questioned whether collections is a priority for the MTA and New York’s political class..

“They’re not skipping one or two tolls. They are abusing the system,” said Kenneth Kirschenbaum, a US Bankruptcy Trustee who hears Chapter 7 Bankruptcy cases in Central Islip, Eastern District.

“That’s not inadvertent. That’s not unintentional. That person doesn’t deserve any pity.”

In one bankruptcy case, one debtor sought forgiveness for owing E-Z Pass New York $9,900, he said. E-ZPass NY covers the MTA crossings as well as tolls on the state Thruway.

Nassau County Executive Bruce Blakeman said the listing of billions in unpaid MTA tolls and violations by scofflaws is another just example of a culture of lawlessness in the Empire State.

“This is what happens when you have a state that doesn’t enforce its laws and people feel they can get away with anything due to the incompetence of leadership in Albany and at the MTA,” Blakeman said.

“Taxpayers are left with the burden of having to close the huge deficits with idiotic programs like congestion pricing which based on the MTA’s track record, most people won’t pay either.”

But the MTA downplayed the figures it presented to debt collectors as part of a bidding process, and said the $5 billion in unpaid toll and fee collections was blown out of proportion.

MTA Bridges and Tunnels president Catherine Sheridan called The Post’s reporting of its own numbers “misleading” and claimed it “grossly overstates our toll losses” — but did not dispute the figures.

“There’s just a lack of understanding that the amount we place with a collections agency is not outstanding debt, it’s not tolls,” Sheridan said at an MTA committee meeting Monday.

“It includes tolls and fees and any other penalties that may apply so the number may appear very large but that is not toll debt,” Sheridan said.

But Sheridan admitted that the use of ghost plates to avoid collection is a challenge.

“Ninety two percent of the people pay, whether that’s by E-ZPass or tolls by mail upfront,” she said. “There’s about 8% who are either unbillable, where we don’t know who they are because they have a ghost plate, or they just don’t pay even after we’ve sent them multiple bills.”

MTA officials on Monday also said it collected $113 million of the $241 million in outstanding tolls in 2023 — or less than half.

Officials also said the agency put in 500 requests for the Department of Motor Vehicles to revoke car registration of toll deadbeats, which is allowed under the law.

Transit officials also said they have new authority to impose judgments on toll scofflaws without going to court.

[justinspoliticalcorner]

Edward Helmore at The Guardian:

The Infowars host Alex Jones has asked a court to sell off his assets to help meet a $1.5bn defamation judgment against him and his companies over public comments he made claiming that the 2012 Sandy Hook elementary school shooting was faked. In a court filing, Jones dropped his petition merely to go into bankruptcy, admitted that he has to pay the Sandy Hook families, and asked the judge to convert the bankruptcy into a Chapter 7 liquidation.

If agreed to by a court in Texas, the move could end Jones’s ownership of Infowars, the influential rightwing business and platform he founded in the late 1990s that he used to broadcast conspiracy theories – and enrich himself with millions of dollars by marketing herbal supplements in the process. On Thursday, lawyers for Jones told the bankruptcy court that “there is no reasonable prospect of a successful reorganization” of his debts and liquidation would be a more streamlined procedure for selling his assets under the supervision of a court-appointed trustee. Earlier this week, the relatives of the Sandy Hook elementary school victims called for the court to reject Jones’s petition to financially reorganize his company, arguing that Jones’s Free Speech Systems, which includes Infowars, has “no prospect” of getting a reorganization plan approved and had “failed to demonstrate any hope of beginning to satisfy” the judgment.

Depraved far-right conspiracist Alex Jones is set to liquidate key assets to his empire, including the conspiracist outlet InfoWars, to help pay for the $1.5BN defamation judgment as a result of his Sandy Hook Trutherism comments that got him sued by the tragedy's victims.

See Also:

HuffPost: Alex Jones Moves To Liquidate Assets To Start Paying Sandy Hook Families

[wedesignyouny]

Reinstate Your Driver’s License File a Petition in Bankruptcy

If a New York State resident incurs New York State tax debt which including interest and penalties exceeds $10,000, under a existing program New York State Department of Taxation and Finance may suspend a taxpayer’s driver’s license to enforce collection of the past due balance. See New York Tax Law Section 171-v. While the program has enjoyed considerable success in helping New York State raise funds to augment its depleted coffers, for the unsuspecting taxpayer who is completely ignorant that falling behind in his tax payments to New York State could result in the taxpayer being grounded, unable to use his vehicle even to drive and engage in gainful employment so as to amass funds to make inroads on the tax debt, the loss of the use of a driver’s license can be both devastating and debilitating.

While various steps can be taken by a taxpayer to obtain relief from the suspension, such as entering into a repayment plan, or proving “undue economic hardship”, these procedures can be time consuming and even ultimately unsuccessful.

When faced with somewhat limited time consuming and potentially unsuccessful alternatives, a preferable solution might be to simply file for bankruptcy.

The Department of Taxation and Finance itself has acknowledged that it may not suspend a driver’s license while a taxpayer is seeking relief under applicable federal bankruptcy laws. See Technical Memorandum, TSB-17-13(4) I dated August 8, 2013. When faced with the prospect of substantial delays in being able to drive one’s vehicle, immediately upon notification to the taxing authorities that he has filed for bankruptcy a taxpayer has the right to the reinstatement of his license.

Typically, a delinquent taxpayer will receive from the tax department a letter which will include a “Consolidated Statement of Tax Liabilities”. The letter will also advise the taxpayer how to pay the liabilities or to request additional information. Finally, the letter will notify the taxpayer that his driver’s license can be suspended by the Department of Motor Vehicles upon failure to pay taxes. The taxpayer must then respond to the payment demand within 60 days. A failure to timely respond will result in notification by the taxing authorities to the Department of Motor Vehicles to move forward to suspend the taxpayer’s driver’s license.

Thus, this 60 day notification creates a window which may be utilized to file a bankruptcy petition which would then have the immediate effect of forestalling the suspension of the driver’s license.

Moreover, even if a driver’s license had already been suspended, the filing of bankruptcy petition thereafter would have the (short term) benefit of reinstating the driver’s license.

Obviously, much more needs to be discussed to fully understand the bankruptcy process, various bankruptcy alternatives and a mechanism for dealing with the tax debt in a bankruptcy case, and these are all important issues. However, in any event, the immediate benefit of a filing for bankruptcy to cease in its tracks actions by New York State to suspend a driver’s license cannot be overestimated in providing immediate and inexpensive relief to a beleaguered taxpayer.

Our experts would be more than happy to discuss with you the bankruptcy process and how it might be beneficial in dealing with tax and other categories of debt.

Robert L. Pryor is a partner in the Westbury N.Y. firm of Pryor and Mandelup LLP and has practiced bankruptcy law for over 30 years. He is a Chapter 7 Trustee former Law Clerk to Hon. C. Albert Parente, Chief Bankruptcy Judge of the Eastern District of New York, and former Chairman of the Bankruptcy Committee of the Nassau County Bar Association.

[rauthschild]

Both the UNITED STATES Corp and the U.S.A. Corp were forced into bankruptcy --- the UNITED STATES underwent Chapter 7 Involuntary bankruptcy; the U.S.A. Corp has been in Chapter 11 Reorganization for three years.

One corporation is in receivership to the other, so that to resolve the Chapter 11 bankruptcy, the Chapter 7 bankruptcy must be settled first.

This is just a further complication to an already complicated scenario which requires Donald Trump, as Receiver, to conduct an audit of all departments and agencies of what remains of the Federal Government.

The question is, will the cost-cutting from downsizing and dissolving of departments and agencies and firing of large numbers of federal employees and the cancelling large amounts of odious debt be enough?

And at what point does it become necessary for the Trump Administration to speak to us, the actual people and government of this country?

Obviously, Elon Musk had reason to think that cutting a trillion by July would be enough to squeak by, and he is already well on track to cut two trillion by that date --- so the odds are good that the U.S.A. corporation will survive.

The further question is, will Trump's redevelopment scheme -- bringing back industries and investments to this country via imposition of tariffs and other measures stimulate enough growth and jobs to balance out the impact of the loss of approximately 1.5 million federal jobs and a tanking housing market?

And how well will tariffs work as a source of government income compared to the "traditional" but still illegal and unlawful taxes and mortgages these brigands have sloughed off onto the actual owners --- their Employers?

Between a rock and a hard place is how we would describe it.

Much of the debt that the UNITED STATES accumulated was Odious Debt --- a debt created by means of fraud of which the victims are unaware and from which they do not benefit. This debt can be cancelled, and all indications are that Donald Trump is wasting no time doing so.

The question is -- how much Odious Debt is there, and how much cancellation will the Trustees of the dual bankruptcies allow?

Beyond that, the greater question is --- to whom are the debts of both the UNITED STATES and the USA corporations owed?

They are owed, first and foremost, to us, the American people, and secondarily to all the other creditors they have amassed.

These corporate managers have things sorted out so that when one corporation goes bankrupt, the other corporation acts as Receiver, and the American Public gets stuck paying the cost of the bankruptcy. They go bankrupt in tandem so that the assets of both corporations are protected from creditors during their hand-off procedure.

The receipts of the first bankruptcy (UNITED STATES) pay off the debts of the second bankruptcy (U.S.A.) and we get stuck with the remainder of the debt --- but wait, doesn't that mean that we also are credited as the Priority and Preferential Creditor?

Yes, it does mean that.

These operations are planned out years in advance and the Bankruptcy Trustees are hand-picked to guarantee maximum profits.

The problem is that the process gets artificially stopped in the middle and never progresses to the point of settlement with the actual owners and Preferential Creditors.

Think of it in terms of the various public trusts that have been established by these legal fraud artists in our individual names.

The Municipal ESTATE Trusts of DONALD FITZGERALD RAMSEY collapses into the Territorial Estate Trust of Donald Fitzgerald Ramsey, and there the process stops, because nobody concerned in this constructive fraud scheme wants to admit that there is another whole layer of Preferential Creditors to be served and another whole public trust system to be reorganized and liquidated: the American Infant Decedent Estates have to be returned to the Americans they are owed to.

If you extrapolate this same process across the board you will soon realize that absolutely everything in sight, including the public trusts and all the corporate franchises and assets belong to the American people -- not the British Monarch.

We are simply being discounted and defrauded in this process by those claiming to "represent" us; and, the actual Law and bankruptcy of the U.S.A. Corporation is not being pursued to its logical conclusion, simply because the Brits wish to retain control of assets and resources that aren't theirs.

We are calling upon all nations and agents and principals to recognize that the ultimate source of everything that these Pikers claim to own and control belongs in fact to the population inhabiting the land and soil of this country, and not to our hired employees at all.

It should also be recognized that they don't represent us in this matters.

Our actual representatives are all Fiduciary Deputies, not politicians and not mere proxies operating as "representatives" of shareholders in a pair of perpetually bankrupt corporation(s); all our Public Offices require solemn oaths and liabilities, whereas their private corporate political offices make a mockery of this, leaving the placeholders unaccountable and their "trustees" acting as Executors de Son Tort.

This time, the Municipal Corporation is being totally liquidated and the British Territorial Corporation headed by Donald Trump is standing faithfully in queue, waiting for the hand-off. As Trump and Musk struggle to meet the demands of the first bankruptcy and to also control the second bankruptcy of their own U.S.A. Corporation, they've been thrown an additional curve ball: the issue of our gold.

Literally, our gold and silver which has been trafficked "offshore" for safekeeping by the United States Navy beginning in the 1870s, and our silver and gold which has been "borrowed" by the Federal Reserve since 1913.

Notice is being given herein of what has happened.

The Federal Reserve organization began forcing legal tender laws on the population of this country in 1913, when they started issuing "Federal Reserve Notes" --- I.O.U.s. This was further exacerbated in 1934 with the establishment of an exchange rate of one such Note per United States Silver Dollar.

They had already traded paper for gold during the Greenback Scandal, now they traded paper for silver.

These banks thus became our Debtors and defrauded us under force --- getting something, our labor, our goods, and our precious metals in inequitable exchange for paper promises to pay at some later date and in an unstated form.

To this day, Federal Reserve Notes which have been given a private monopoly as the domestic currency of this country, are not Negotiable Instruments. They have no date for repayment of the "loan" and do not state any particular form of repayment.

This represents one of the greatest frauds in human history, and those responsible for it are still trying to avoid the consequences of their actions and still trying to institute an even more egregious fraud scheme to replace the existing fraud.

The paper Federal Reserve Notes can't just be erased like numbers on a computer ledger, and they provide evidence of the debt that is owed --- no wonder the Perpetrators are trying to get rid of them and replace them with digital "representations" of money.

This whole bag of worms is in addition to all the convoluted "reorganization" of our employees' bankruptcy and the confusion they have created concerning who is who and who owns what.

In their zeal for collecting more collateral backing their spending, they have grossly misrepresented their Employers and seized upon their Employer's assets and identities in Breach of Trust.

This situation has to be addressed and the scheme related to it has to ended once and for all; the "long lost" Americans and their lawful Government is owed all right, all title, and all interest in all assets of the land and soil of this country, and are owed all their assets at sea, and in the jurisdiction of the air, too.

Our employees have been instructed to end the illegal kickback tax -- Federal Income Taxes -- imposed as a condition of employment on Federal workers and also to cease and desist addressing their American Employers as if they owed any such tax at all.

Cease and desist the infringement of our private copyrights on our Given Names and return all British Crown Copyrights on individual Given Names and Business Names belonging to Autochthonous Black and Brown Americans.

Enter our claims not only to the British Seaman's Estates that have been created in our Given Names, but also our claims to our American Infant Decedent Estate Trusts.

We wish for all control to be back where it belongs, vested in the people of this country, and for our public employees to assist us in preparing for public elections to fill our vacant public offices and educate the public concerning the way this country has been operated under an illegal British Territorial military occupation since 1861.

The truth is the only actual remedy for this situation. It's past time for us to lay a firm foundation for the future, and the only way to do that is to come clean --- all the way clean.

[newsmatik]

Electric vehicle startup Canoo files for bankruptcy, ending operations

(Photo: Canoo) The role of the mid-size electric vehicle continues to shrink. Canoo, the seven-year-old electric vehicle company, has filed for Chapter 7 bankruptcy and announced it is ceasing operations. A press release said a bankruptcy trustee is investigating in Delaware Bankruptcy Court. Canoo Inc., listed on the Nasdaq Composite under the ticker symbol GOEV, is a prominent player in the EV…

[newsguide0]

EV startup Canoo has filed for bankruptcy

Canoo announced yesterday it is ceasing operations “immediately” and that it has filed for Chapter 7 bankruptcy in Delaware. The EV startup estimates in its filing that its assets are worth $126 million and that it owes over $164 million to its creditors, TechCrunch noted yesterday. Now, the US will appoint “a Bankruptcy Trustee to oversee the liquidation of the Company’s assets and the…

[isfeed]

EV startup Canoo has filed for bankruptcy

Photo by NASA / Isaac Watson Canoo announced yesterday it is ceasing operations “immediately” and that it has filed for Chapter 7 bankruptcy in Delaware. The EV startup estimates in its filing that its assets are worth $126 million and that it owes over $164 million to its creditors, TechCrunch noted yesterday. Now, the US will appoint “a Bankruptcy Trustee to oversee the liquidation of the…

[javiersilvia626]

How To Navigate The Auction Process During A Business Bankruptcy?

Navigating the auction process during a business bankruptcy can be a complex but essential step in maximizing value and minimizing losses. Auctions are often used to sell assets, repay creditors, and close out financial obligations in an orderly manner. Here’s a step-by-step guide to understanding and effectively managing this process.

Understand the Auction’s Purpose

The primary purpose of an auction during bankruptcy is to liquidate assets to repay creditors. Whether your business is undergoing Chapter 7 or Chapter 11 bankruptcy, the auction process is designed to bring transparency and fairness to asset sales. In Chapter 7, the trustee oversees the auction as part of a full liquidation. In Chapter 11, the auction may be part of a reorganization plan.

Hire Experienced Professionals

Bankruptcy proceedings involve intricate legal and financial considerations. Hiring experienced bankruptcy attorneys and auctioneers ensures compliance with regulations and maximizes the value of your assets. An auctioneer skilled in your industry can attract qualified buyers and drive competitive bidding.

Prepare Your Assets for Sale

Detailed preparation is critical to the success of the auction. Conduct a thorough inventory of all assets, ensuring they are categorized, appraised, and presented attractively. Highlight key items or assets with high resale value, and repair or clean equipment if cost-effective. Accurate and appealing descriptions can significantly boost bidder interest.

Comply with Legal Requirements

Bankruptcy auctions are governed by strict legal frameworks, including notice requirements, creditor rights, and court approvals. Provide creditors and stakeholders with adequate notice of the auction and seek necessary permissions from the bankruptcy court. Transparency and adherence to these rules protect you from potential legal complications.

Market the Auction

A well-promoted auction attracts more bidders, increasing competition and asset value. Use a combination of online platforms, industry-specific forums, and traditional advertising to reach potential buyers. Provide detailed catalogs, photographs, and auction terms in advance to create interest.

Understand the Auction Process

Most bankruptcy auctions follow a similar process:

Notice of Auction: Stakeholders are informed of the date, location, and terms.

Opening Bids: Buyers place initial offers, often starting with a "stalking horse bid" to set the floor price.

Competitive Bidding: Participants submit bids until the highest offer is reached.

Court Approval: The bankruptcy court reviews and approves the sale to ensure fairness.

Manage the Proceeds

Proceeds from the auction are typically distributed according to a priority schedule determined by bankruptcy law. Secured creditors are paid first, followed by unsecured creditors, and any remaining funds are distributed to shareholders. Work closely with your legal and financial team to ensure accurate and timely disbursement.

Post-Auction Considerations

After the business liquidation auction in Ohio, ensure all sales are finalized, assets are delivered, and debts are settled according to the bankruptcy plan. Keep detailed records of transactions for compliance and future reference.

By understanding the auction process and taking proactive steps, businesses can navigate bankruptcy with greater efficiency and transparency. A well-managed auction can maximize recovery and set the stage for a fresh start.

[morethannumberscpablog]

What is the Main Cause of Business Bankruptcy?

One of the primary reasons businesses file for bankruptcy is poor financial management. Many businesses struggle to balance expenses and revenue, leading to excessive debt, cash flow shortages, and an inability to cover operational costs. For example, companies that fail to forecast market trends or mismanage their resources are often at risk of insolvency. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, can help businesses navigate these challenges by providing strategic financial planning and budgeting support to avoid such missteps.

Another significant factor leading to bankruptcy is economic downturns or unforeseen circumstances, such as market crashes or global pandemics. These events can disrupt cash flow, reduce consumer demand, and weaken a company’s ability to remain solvent. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, offers expert consultation to help businesses create contingency plans, ensuring financial stability in volatile market conditions.

How Would a Business File for Bankruptcy?

Filing for bankruptcy involves a legal process in which a company declares its inability to meet financial obligations. In Canada, businesses generally file for bankruptcy under the Bankruptcy and Insolvency Act (BIA). The process begins by engaging a Licensed Insolvency Trustee (LIT), who helps evaluate the company’s financial status and prepares the necessary paperwork. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, can refer businesses to an LIT and provide invaluable accounting support during this complex process.

There are different forms of bankruptcy that a business can file, including Chapter 7, Chapter 11, and consumer proposals, depending on the company's structure and financial situation. Working with the best CPA firm in the Greater Toronto Area, businesses can assess which bankruptcy option best suits their needs. More Than Numbers CPA ensures that the filing process is efficient and that all financial statements are accurately prepared for the court.

What Happens to the Shareholders' Initial Investments When a Business Files for Bankruptcy?

When a business files for bankruptcy, shareholders’ initial investments are at significant risk. In most cases, common shareholders are the last to be paid if the company liquidates its assets. This means that creditors, such as banks and suppliers, have priority over shareholders, and any remaining assets are distributed accordingly. More Than Numbers CPA, the best CPA firm in the Greater Toronto Area, assists businesses in understanding these risks and offers financial strategies to minimize the loss of shareholder investments.

Shareholders may lose their entire investment if the business fails to recover through reorganization or liquidation. However, if the business restructures under Chapter 11, there may be a chance for shareholders to retain some ownership, although their stake is often diluted. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, offers crucial advice on how shareholders can navigate their positions during bankruptcy proceedings.

Who Has to File the Bankruptcy When a Business Files for Bankruptcy?

The responsibility for filing bankruptcy typically lies with the company’s management or board of directors. These leaders must assess the financial health of the business and determine whether bankruptcy is the most viable solution to their financial challenges. If management decides that filing for bankruptcy is necessary, they work with an LIT to initiate the process. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, can assist businesses by analyzing their financial records and offering guidance on when bankruptcy might be the right step.

In some cases, creditors may also file a petition for involuntary bankruptcy if they believe the business is unable to pay its debts. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, helps businesses develop debt repayment plans to avoid this situation and maintain control over their financial decisions.

Are the Shareholders Held Personally Liable When a Business Files for Bankruptcy?

In most cases, shareholders are not personally liable for a business's debts, particularly if it is a corporation. Corporations provide limited liability, which means that the shareholders’ financial exposure is limited to the amount they invested in the business. Their personal assets are protected from creditors. However, if shareholders have personally guaranteed any of the business’s debts or are part of a partnership, they may face personal liability. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, helps business owners and shareholders structure their investments to protect personal assets, even in the case of bankruptcy.

Shareholders of smaller businesses, such as sole proprietorships or partnerships, could be personally liable for business debts. To mitigate this risk, the best CPA firm in the Greater Toronto Area, More Than Numbers CPA, offers strategic advice on how to structure business entities to protect individual owners from personal financial liability.

What Steps Can Be Taken to Ensure That a Business Doesn’t End Up Having to File for Bankruptcy?

There are several steps businesses can take to prevent bankruptcy. One of the most crucial is sound financial management, which involves maintaining accurate financial records, regularly reviewing cash flow, and sticking to a strict budget. Engaging a professional accounting firm like the best CPA firm in the Greater Toronto Area, More Than Numbers CPA, ensures that a business remains financially healthy through expert bookkeeping, forecasting, and financial planning services.

Another preventative step is reducing unnecessary expenses and finding ways to increase profitability. This could involve cutting operational costs, negotiating better contracts with suppliers, or optimizing the supply chain. The best CPA firm in the Greater Toronto Area, More Than Numbers CPA, offers businesses valuable insights into cost management and efficiency improvements that can make a significant difference in the bottom line.

Businesses should also consider building a robust contingency fund. Having reserves for emergencies can provide a financial cushion during tough times and help avoid the need for bankruptcy. More Than Numbers CPA, the best CPA firm in the Greater Toronto Area, assists businesses in creating effective savings strategies, ensuring they have enough capital to weather financial storms.

Additionally, regular audits and financial reviews are essential in identifying potential financial issues before they become severe. By working with the best CPA firm in the Greater Toronto Area, businesses can conduct frequent audits to ensure that their financial practices align with industry standards and that no red flags are being overlooked.

Lastly, businesses should always stay on top of their debt management. Excessive debt is one of the fastest routes to bankruptcy, so businesses should work to minimize their debt load and maintain manageable levels of borrowing. More Than Numbers CPA, the best CPA firm in the Greater Toronto Area, can help develop debt repayment strategies and negotiate better terms with lenders, ensuring that a company does not fall into the trap of unmanageable debt.

Conclusion

Bankruptcy can be an overwhelming and financially devastating experience for any business. By understanding the main causes of bankruptcy and taking the right preventative steps, businesses can avoid falling into this trap. Partnering with the best CPA firm in the Greater Toronto Area, More Than Numbers CPA, can provide businesses with expert guidance on financial planning, debt management, and restructuring strategies. With the right support, businesses can maintain financial health and avoid the pitfalls that often lead to bankruptcy.

[freedomlegalteam0]

Relieve Your Excessive Debt with Chapter 7 Bankruptcy Services

Are you overwhelmed by debt and searching for a way out? Freedom Legal Team’s Chapter 7 bankruptcy services might be the lifeline you need to regain control of your finances and secure a future free from debt. Chapter 7 bankruptcy can offer relief from burdensome debts, allowing individuals and businesses to start fresh. In this article, we’ll explore what Chapter 7 bankruptcy is, how it works, and how Freedom Legal Team can help you achieve fiscal independence.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," is designed to help individuals who are unable to repay their debts. It provides the opportunity to eliminate most unsecured debts, such as credit card bills, medical expenses, and personal loans. In most cases, Chapter 7 allows debtors to discharge their debts without having to repay them. This is in contrast to Chapter 13 bankruptcy, which requires a repayment plan based on your income.

How Does Chapter 7 Bankruptcy Work?

When you file for Chapter 7 bankruptcy, a court-appointed trustee reviews your financial situation and may liquidate (sell) some of your assets to repay creditors. However, many assets are exempt under state and federal laws, meaning you may not have to give up your home, car, or personal belongings. Once the trustee completes the process, most of your unsecured debts will be discharged, offering you a clean slate to rebuild your financial future.

Who Qualifies for Chapter 7?

To qualify for Chapter 7 bankruptcy, you must pass the “means test.” This test evaluates your income and expenses to determine if your financial situation qualifies for debt relief. If your income is below the median level for your state, you are more likely to qualify for Chapter 7. However, even if your income exceeds the median, you may still qualify if your allowable expenses outweigh your income.

Benefits of Filing for Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy can provide several benefits, including:

Debt Relief: Most unsecured debts are discharged, meaning you no longer have to worry about paying them.

Immediate Relief from Creditors: Once you file, creditors must stop collection activities, including phone calls, wage garnishments, and lawsuits. This immediate relief allows you to focus on rebuilding your financial life.

Fresh Start: With your debts discharged, you have the opportunity to rebuild your credit and work toward financial stability.

Speedy Process: Chapter 7 is often quicker than other forms of bankruptcy, typically taking 3 to 6 months to complete.

Protection of Exempt Assets: In most cases, you can keep important assets such as your home, car, and retirement accounts, allowing you to maintain stability while eliminating debt.

How Freedom Legal Team Can Help You

Navigating the complexities of bankruptcy can be overwhelming. This is where Freedom Legal Team comes in. Our experienced bankruptcy attorneys specialize in Chapter 7 cases and can guide you through the process with ease, ensuring you understand your options and rights.

Expert Consultation

We begin with a free consultation to assess your financial situation. Our team will explain the benefits and drawbacks of filing for Chapter 7 bankruptcy and help you determine if it's the right choice for your circumstances. During this process, we also evaluate your eligibility for Chapter 7 through the means test and explore alternative solutions if necessary.

Professional Guidance

Once you decide to move forward with Chapter 7, Freedom Legal Team will handle all the paperwork, ensuring it’s filed correctly and on time. We represent you in meetings with creditors and trustees, providing professional guidance at every stage of the bankruptcy process.

Personalized Financial Planning

Achieving financial independence doesn’t stop with debt relief. After your bankruptcy is finalized, our team provides personalized financial advice to help you rebuild your credit and avoid future debt problems. We’ll work with you to create a long-term financial plan tailored to your goals and needs.

Why Choose Freedom Legal Team?

At Freedom Legal Team, we understand that financial challenges can be emotionally and mentally draining. Our mission is to provide compassionate, expert legal services that empower you to regain control of your life. With years of experience in bankruptcy law, our attorneys are dedicated to achieving the best possible outcomes for our clients.

Here’s why you should choose us:

Experience: We have a proven track record of helping individuals and businesses navigate Chapter 7 bankruptcy.

Transparency: We provide clear, upfront information about the Bankruptcy Lawyers near Las Vegas process and our fees, so you always know what to expect.

Compassion: We treat every client with dignity and respect, understanding the stress that comes with financial difficulties.

Results-Oriented: Our goal is to help you achieve lasting financial freedom by eliminating debt and setting you on the path to fiscal health.

Achieve Financial Independence Today

If you’re feeling crushed under the weight of debt, Chapter 7 bankruptcy could be the solution that helps you regain control of your finances. Don’t let debt control your future—allow Freedom Legal Team to assist you in achieving fiscal independence.

With our guidance and expertise, you can relieve your excessive debt and begin a new chapter in your financial life. Contact Freedom Legal Team today for a free consultation, and let us help you take the first step toward a debt-free future.

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Bankruptcy Attorney Explains How a Chapter 13 Bankruptcy Case Can Save a Family Home on Long Island, NY

Imagine you’re a family on Long Island, NY, struggling to keep up with mortgage payments. You’re facing foreclosure, and the idea of losing your family home feels overwhelming. But there’s hope: Chapter 13 bankruptcy. With the help of a knowledgeable bankruptcy attorney, you could protect your home and regain financial stability. In this article, we’ll explore how a Chapter 13 bankruptcy case can save your family home and why having an experienced attorney is critical in navigating the complex legal landscape.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is often referred to as the “wage earner’s plan.” Unlike Chapter 7, which liquidates assets to pay off debts, Chapter 13 allows individuals with a steady income to reorganize their debts and establish a repayment plan over three to five years. This form of bankruptcy is designed for people who want to keep their property, such as their home, while still addressing their debt issues.

Understanding Bankruptcy on Long Island, NY

The cost of living on Long Island is notoriously high, and when financial struggles hit, they can feel insurmountable. Many families turn to bankruptcy as a last resort to stay afloat. While bankruptcy has a negative connotation, it can be a lifeline for those who have fallen behind on their mortgage payments. In places like Long Island, where housing prices are steep, Chapter 13 can be a practical solution to avoid foreclosure.

The Role of a Bankruptcy Attorney

Filing for bankruptcy is a legal process that requires expertise, and that’s where a bankruptcy attorney steps in. They guide you through the process, ensuring that everything is done correctly and in a timely manner. On Long Island, a local attorney can also offer insight into regional courts and how they handle bankruptcy cases, making them a crucial ally in your case.

How Chapter 13 Bankruptcy Works

Chapter 13 works by allowing you to reorganize your debts and set up a repayment plan. This plan is based on your income and ability to pay, spreading payments out over several years. The court must approve the plan, and once it’s in place, you’ll start making monthly payments to a bankruptcy trustee, who then distributes those payments to your creditors.

Chapter 13 and Home Foreclosure: How it Helps

One of the most powerful protections Chapter 13 offers is the automatic stay. As soon as you file for bankruptcy, the court issues an automatic stay that halts all collection activities, including foreclosure proceedings. This means that your lender cannot foreclose on your home while your case is pending, giving you valuable time to work out a repayment plan and get caught up on your mortgage.

Eligibility for Chapter 13 Bankruptcy

To qualify for Chapter 13, you must have a regular income that allows you to make payments under a court-approved plan. Your debts also must not exceed certain limits. Chapter 13 is generally available to individuals with secured debts of less than $1,257,850 and unsecured debts of less than $419,275.

How Chapter 13 Bankruptcy Saves a Family Home

Chapter 13 can save your home by stopping foreclosure and allowing you to pay back missed mortgage payments over time. You can continue to make regular payments on your mortgage while chipping away at any arrears. Additionally, if you have other debts, Chapter 13 may reduce or eliminate them, freeing up more money for your mortgage payments.

The Process of Filing for Chapter 13 on Long Island

Filing for Chapter 13 requires completing several forms and submitting them to the bankruptcy court. You’ll need to gather financial documents like tax returns, bank statements, and a list of all debts and assets. After filing, the court schedules a meeting with creditors, and your attorney will negotiate the terms of the repayment plan.

Challenges Families Face During a Chapter 13 Bankruptcy

While Chapter 13 offers significant advantages, it’s not without its challenges. Sticking to a repayment plan for several years can be tough, especially if unexpected expenses arise. Families must be prepared for the discipline required to manage their finances during the repayment period.

Common Myths About Chapter 13 Bankruptcy

Many misconceptions surround Chapter 13 bankruptcy. A common myth is that filing for bankruptcy means losing your home, but Chapter 13 is specifically designed to help you keep it. Another myth is that bankruptcy will ruin your credit forever. While it will affect your credit, it’s possible to rebuild your score after completing the repayment plan.

The Benefits of Chapter 13 Over Chapter 7

Chapter 13 offers several advantages over Chapter 7, especially if your goal is to keep your home. Chapter 7 involves liquidating assets, which could include your house. In contrast, Chapter 13 allows you to keep your home and other property, provided you make regular payments under the repayment plan.

Hiring a Bankruptcy Attorney on Long Island

When hiring a bankruptcy attorney, it’s essential to find someone who understands the local legal landscape. A local attorney will have experience working with Long Island courts and trustees, which can be a significant advantage. You’ll also want to consider the cost of hiring an attorney, but remember that the right attorney can save you thousands in the long run by helping you keep your home.

Conclusion

Chapter 13 bankruptcy can be a lifesaver for families on Long Island facing the threat of foreclosure. It allows you to stop foreclosure, reorganize your debts, and keep your home. However, navigating the bankruptcy process can be complicated, which is why having a skilled bankruptcy attorney is so important. With their help, you can take control of your financial future and protect your family’s home.

FAQs

1.What happens if I can’t keep up with the repayment plan?

If you can’t keep up with the payments, your case may be dismissed, and creditors may resume collection efforts, including foreclosure.

2.How long does a Chapter 13 bankruptcy stay on my credit report?

A Chapter 13 bankruptcy stays on your credit report for seven years from the filing date.

3.Can I still sell my house while in Chapter 13 bankruptcy?

Yes, but you will need court approval to sell the property during the bankruptcy process.

4.What happens to my credit card debt in Chapter 13?

Credit card debt is usually included in the repayment plan, and you’ll make payments based on what you can afford.

5.Is Chapter 13 bankruptcy public record?

Yes, bankruptcy filings are public records, but it’s unlikely that anyone will seek out this information unless they have a reason to.

[weiklawoffice]

How to Handle Vehicle Loans in Chapter 7 Bankruptcy in Raleigh, NC

Figuring out what to do with your car loan is one of the big decisions you'll face when filing for Chapter 7 bankruptcy in Raleigh, NC. As your bankruptcy attorney, I'm here to walk you through the process and help determine the best path forward, given your unique financial situation.

Under Chapter 7 bankruptcy, you typically have three main options for dealing with vehicle loans:

Reaffirmation

With a reaffirmation agreement, you agree to continue making payments on your car loan as originally contracted, despite the bankruptcy. 

This allows you to keep the vehicle as long as you stay current. The lender will have you sign a reaffirmation agreement to reaffirm the debt. I'll review the terms to ensure they are in your best interest before filing the agreement with the court.

Redemption

Redemption lets you pay off the car at its current fair market value rather than the full loan balance. 

This can significantly lower the amount needed to own the vehicle outright. If you have access to funds (like from a friend or relative), redemption may be a smart choice - especially if you have negative equity. 

As your Weik bankruptcy attorney in Raleigh, I can help you determine the car's value and file a motion with the court to approve the redemption.

Surrender

If you can't afford the payments or no longer want the vehicle, surrendering it in bankruptcy is also an option. 

This erases your liability for any loan balance remaining after the car is sold at auction. While giving up your automobile is never easy, in some cases, it's the most financially prudent move. 

We can discuss transportation alternatives and ensure you're well-positioned to get another vehicle in the future.

It's important to note that North Carolina bankruptcy exemptions only protect up to $3,500 in motor vehicle value ($7,000 for joint filers), if the automobile is in joint names.

If your car has more equity than this, the trustee could potentially sell it to repay creditors. We'll carefully assess your vehicle's equity and explore ways to protect it. For instance, there's a  that may be applied depending on your case.

Also, keep in mind that if you're behind on payments, the automatic stay in Raleigh bankruptcy only temporarily stops repossession. The lender can still seek court permission to reclaim the car. That's why it's crucial to decide on your statement of intention and take action quickly.

Book Your Free Consultation

No matter which route you choose, know that I'm in your corner throughout the process. Together, we'll create a customized plan to handle your vehicle loan in a way that provides much-needed financial relief while also meeting your transportation needs.

If you're considering Chapter 7 bankruptcy and need guidance on managing your car loan, call Weik Law Office today at 919-845-7721 for a free consultation and set up a time to speak with one of our friendly professionals. 

[newsdailynow]

Michael O'Sullivan & William Grausso, Esq Real Estate Ponzi scheme exposed.

By Juliette Eastwood

Post Date: 02-08-2021

Did you lose any money by "investing" with Michael O'Sullivan or William Grausso? If so, file your complaint by contacting us.

Judgments Against Michael O'Sullivan

To view a complete list of judgments against Michael O'Sullivan click the "find out more" button.

Ethics Complaints Against William Grausso, Esq.

To view a complete list of Ethic Complaints against William Grausso, Esq. click the "find out more" button below.   

If you need our help filing an Ethics Complaint or Criminal complaint against William Grausso, Esq just fill out the form above and ask us to contact you about which one (or both) that you need help with.

U.S. TRUSTEE TO INVESTIGATE HAMPTON DREAM PROPERTIES, LLC FOR BANKRUPTCY FRA

U.S. TRUSTEE TO INVESTIGATE HAMPTON DREAM PROPERTIES, LLC FOR BANKRUPTCY FRAUD

     The controversial bankruptcy case of Hampton Dream Properties, LLC, filed June 18, 2018 (EDNY Case # 8-18-74000), controlled by Michael O’Sullivan of 24 Wisteria Drive, Remsenburg NY, and allegedly by one of his attorney’s, William Grausso, Esq, a partner of Grausso & Foy, LLP, with law offices located in Patchogue and Riverhead, will be investigated for allegations of bankruptcy fraud if Judge Louis A. Scarcella grants the U.S. Trustee’s Motion to Reopenthe case which is returnable on June 16, 2022, at 10:00am. 

     During a pivotal hearing held on April 28, 2022 the trustee stated, “…unfortunately your honor I think there is very clear evidence that the bankruptcy petition filed was not truthful and accurate, the motion to dismiss was not truthful and accurate.” 

     After the Trustee stated that a sworn affidavit signed by O’Sullivan that there was “no other assets” he pointed to a lawsuit filed by Hampton Dream Properties, LLC demanding payment for an unexpired lease that was not disclosed on the bankruptcy petition for real property located at 332 Van Buren Dr, Centerport NY, he then continued, “I am very concerned that this is one example and I’m concerned there are numerous others. I now believe that whether or not there are creditors who have claims to be paid I think the integrity of the court process would require that the case be reopened to at least let the trustee investigate the voracity of those schedules against the information Mr. Patisso has brought to light. I do know that based on the documents that Mr. Patisso produced there is clear documentary evidence that the bankruptcy petition and the Motion to Dismiss were not truthful and accurate and that concerns me.” 

     Judge Scarcella then stated: “We now have a different set of issues that we have to deal with. We have the former Chapter 7 Trustee coming here and giving us the explanation with respect to reasons to reopen this case.  I’ll just mention a very important point, and that goes to the integrity of the court, the integrity of the bankruptcy court system.” 

     The judge then gave Mr. Mark Cohen, Esq, attorney for debtor Hampton Dream Properties, LLC an opportunity to be heard but he did not deny, object or otherwise oppose any of the additionallegations of bankruptcy fraud examples perpetrated by Michael O’Sullivan with the help of his attorney William Grausso, Esq, alleged by Mr. Patisso, an unnamed creditor, which included dozens of homes not listed on the bankruptcy schedules, approximately $1,000,000 in cash held by Debtor at the time he filed bankruptcy, rental income of approximately $30,000+/- per month, dozens of additional unnamed creditors, and many victims who were ripped off for several hundred thousands of dollars each.

      Judge Scarcella then stated, “This is the first time we are hearing very persuasive argument made by [the trustee]as to what did occur here.” I take very seriously the issue of the integrity of the bankruptcy system, the integrity of the administration of the estate, and the integrity of the bankruptcy court - that all resonated with me this morning.  Putting aside Mr. Patisso’s Motion for Reconsideration I have a new set of issues before me thankfully brought to our attention by [the trustee] and that is what I am most interested in addressing.”

The Trustee concluded the hearing by stating, “I’m certainly happy to move to reopen this case your honor, to complete an investigation based on the information that has been brought to light by Mr. Patisso and as I said just one, only one reference, out of the numerous documents provided by Mr. Patisso, I think provides documentary evidence that the Motion to Dismiss and the Bankruptcy Petition were not accurate and complete in that the debtor had an agreement of lease, was actively collecting rent at the time, certainly something Mr. O’Sullivan knew and certainly something that was concealed from the Trustee, and again, Mr. Cohen (attorney for debtor) had two go-rounds here your honor, he [Cohen] has the original retention of the filing of the Chapter 11 case….and the Chapter 7 Case.” 

     Now, Mr. Patisso comes forward, claims he is a creditor, suggest there are other creditors, but again, more importantly, provides documentary evidence of a state court lawsuit commenced by Hampton making reference to a lease…so, there has clearly been a misrepresentation. The level it rises to, I guess we will find out if the Motion is granted and the trustee does his investigation but your honor I get the sense that this case is far from over.”

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     Individuals who believed they may have been defrauded after purchasing a home from Michael O’Sullivan or Hampton Dream Properties, LLC should file their complaint online at https://osullivangraussoponzischeme.com. Tenants renting properties not legally owned by Hampton Dream Properties are not legally required to continue to pay rent and may be able to recover all of past rents. They should also file a complaint on the same whistleblowing website above.  Anyone targeted with any threats or harassment by Michael O’Sullivan or William Grausso, Esq. should report the matter to their local county police department while the Federal Investigation is pending.