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Queens Bankruptcy Attorney Bruce Feinstein Esq.'s
Bankruptcy Blog

Wells Fargo Settles Multi-Million-Dollar Payout to Homeowners in Bankruptcy for Not Providing Payment Notices

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog


Wells Fargo must pay $81.6 million to homeowners after the bank failed many times to give them legal notices on time during their bankruptcies. This case is a prime example of why it is so important for homeowners to maintain a paper trail of their financial proceedings.

The headlines turn once again to big banks, but instead of bailouts it falls upon the banks to pay back homeowners who weren’t given a fair chance. Big bank Wells Fargo recently agreed to pay out $81.6 million to homeowners after it missed the deadline to give them legal notices during their bankruptcy proceedings.

Donald Trump’s Four Chapter 11 Bankruptcies and the American View of Bankruptcy in Society

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog


Presidential candidate Donald Trump continues to gain media attention for the four bankruptcies his businesses went through over two decades, but he remains a frontrunner.

The 2016 presidential race is gaining momentum, and Republican candidate Donald Trump continues to make headlines for his financial past. This reflects the view that Americans can still have a normal life after going through the bankruptcy process. A recent article in The Street covers Trump’s complex financial history, primarily detailing the four bankruptcies his businesses have gone through since 1991. The real estate mogul often tries to distance himself from these bankruptcy filings in interviews and debates, but the fact remains that his connection with bankruptcy does not turn off his political supporters.

New Verdict Protects NYC Tenants of Rent-Controlled Apartments

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog


A recent court ruling  declares NYC landlords cannot seize rent-controlled apartments from tenants going through bankruptcy.

There are new legal protections for NYC tenants going through the bankruptcy process in New York. The decision comes after a ruling in case  12-4131 (Santiago-Monteverde v. Pereira) in the U.S. Court of Appeals for the Second Circuit in Manhattan. We wanted to share the information of this court case and the impact it may have on clients and people with rent-stabilized apartment who are http://bfeinsteinesq.com/filing-for-bankruptcy/ [filing for bankruptcy in New York City __title__ filing for bankruptcy in New York].

New Protections Against Debt Collection Abuse in New York Begin in 2015

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog


New legal protections against debt collection will help New Yorkers who are filing for bankruptcy or in debt.

New York will have some of the strongest debt collection laws in the country this year thanks to a series of regulations created by the New York Department of Financial Services. In this post we take a look at these new rules that aim to protect New Yorkers in debt who are at the mercy of abusive debt collectors and their practices. The majority of these new regulations go into effect on March 3, 2015, with the others beginning in August 2015.

Keep it or Close it? How Bankruptcy can Help a Struggling Business

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

bankruptcy small businessNew York businesses in financial trouble need to address bankruptcy options, and whether staying open or shutting down is a better option.

The start of the New Year usually brings with it a rise in bankruptcies filed by businesses that were too weak to be boosted by the holiday sales period. A recent Forbes Business article about retail bankruptcy shows how businesses try to use holiday sales as a last ditch recovery, but are unable to make enough profits. It says, “Every year there are retailers, struggling with inadequate cash flow and strained liquidity due to poor sales, and poorer profits, hope that by some stroke of luck they will pull themselves out of their financial morass as a result of strong Christmas sales.”

2015 is a time to make changes and keep resolutions, and some businesses need to decide whether to close their doors or continuing operating. So we kicked off this year by working with New York small businesses to find out which type of bankruptcy is the best choice for them, and whether staying open or shutting down is a better option. Let’s review the factors to consider when weighing the fate of a business, and the unique advantages to Chapter 7, Chapter 11, and Chapter 13 bankruptcy.

Bankruptcy Panel Proposes Reforms to U.S. Bankruptcy Law

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

bankruptcy_reformThe American Bankruptcy Institute’s Commission came up with an important set of reforms to U.S. bankruptcy law.

A panel of bankruptcy experts is urging lawmakers to make changes to bankruptcy law that could make the Chapter 11 bankruptcy process more efficient and cost effective. In this post we take a look at the proposed changes cited in the report, specifically those that would help small business and their employees.

Important Changes to Bankruptcy Forms Begin December, 2014

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

changes to bankruptcy filing formsThere are changes coming to forms used when filing for bankruptcy, including the means test and filing fees.

The process of filing for Chapter 7 or Chapter 13 bankruptcy can heavy on the paperwork – it includes filling out many forms that are filed with the bankruptcy court, such as a petition for bankruptcy and a variety of schedules that detail a person’s finances. As the country’s financial and social climate changes, so, too, do elements of the bankruptcy process. Over the past several years the Judicial Conference Advisory Committees on Appellate, Bankruptcy, Civil, and Criminal Rules took a deeper look at the bankruptcy filing forms and proposed changes to make them easier for people to understand. This project, called the Forms Modernization project, resulted in changes to several bankruptcy forms. These changes go into effect starting December 1, 2014 – let’s take a look at what they mean.

Changes to the Bankruptcy Means Test , and How They Affect You

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

Bankruptcy means testThere are important changes coming to the means test, which is used when filing for Chapter 7 bankruptcy,

When someone files for bankruptcy, the means test reviews that person’s income and expenses and determines if he or she is eligible to file for Chapter 7 consumer bankruptcy. The means test is an integral part of the bankruptcy process in New York. And that process is going through some changes after the U.S. Census Bureau released findings on median income for individuals and families. Based on this new information, the median income that New Yorkers use in the means test rose, which can affect people’s chances of qualifying for bankruptcy relief.

Why Payday Loans Can Be Dangerous – And How to Discharge Them in Bankruptcy

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

Why Payday Loans Can Be Dangerous – And How to Discharge Them in Bankruptcy

Payday Loans Can Take Advantage of Borrowers in Need of Fast Cash, Leading to Bad Credit and Increased Debt

Payday loans have been getting a lot of unsettling press recently. They are popping up on talk shows like Last Week Tonight with John Oliver, and making national headlines. One major New York Times story chronicles an investigation of payday loan companies in New York that ended with criminal charges being brought against a dozen companies. The charges explain that this group of companies took advantage of certain interest rate limits in various states in order to take advantage of clients. This case brings to light the shady tactics payday loan companies can use to abuse those who borrow money from them. It’s important to know about these tactics and the dangers they pose to those to people looking to borrow money. And it’s also helpful to learn how it’s possible discharge payday loans in bankruptcy.

Crumbs Bake Shop, Inc. and the Importance of Chapter 11 Reorganization Plans

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog


With the announcement of Crumbs Bake Shop’s Chapter 11 troubled businesses consider the importance of Chapter 11 Reorganization

Bankruptcy is a way for individuals to drastically reduce and pay off their debts so that they can move forward with their lives. But it is also a form of financial relief for businesses. Many businesses in distress look to Chapter 11 plans to help them, such as the famous Crumbs Bake Shop, Inc., which filed for Chapter 11 protection this month. In this post we delve a little deeper into Chapter 11 reorganization plans so that business owners can learn more about the process and the ways they can get the relief they need.

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