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Queens Bankruptcy Attorney Bruce Feinstein, Esq.'s Bankruptcy Blog    

Queens Bankruptcy Attorney Bruce Feinstein Esq.'s
Bankruptcy Blog

All-Electric Vehicle Company Coda Files for Bankruptcy to Re-Focus Business on Energy Storage

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

Coda Car

With a single-charge range of only 90-125 miles, it may not come as a complete surprise that the green auto-maker, Coda Holdings, only sold 100 of it’s sedans and filed for Chapter 11 bankruptcy protection.

Coda’s plan is to re-focus their business on energy storage, which has far fewer research and development costs. Coda will be able to use the same energy storage mechanisms they put in their failed sedans into systems for buildings and utilities.

Federal Bankruptcy Judge Asked to Ban Girls Gone Wild Founder Joe Francis From Corporate Offices

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

Joe-Francis-Girls-Gone-Wild-Creator-joe-francis-33081328-470-313

A federal judge was asked to ban Joe Francis, the founder of the soft-core Girls Gone Wild franchise, from the company offices. The trustee running the company alleges he is a violent man who has threatened company employees.

According to papers filed by the bankruptcy trustee R. Todd Neilson, Francis threatened GGW Brands LLC employees with “violent acts”. Girls Gone Wild filed bankruptcy after a lawsuit involving Wynn Las Vegas LLC and others last February.

How to Deal with Back Taxes Owed to the IRS

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

How to Eliminate Tax Debt

Can you discharge back taxes in bankruptcy?

Many Americans are very aware of April 15th – the day income tax returns are due to the federal government. This day has come and gone, so why are we still talking about taxes? Because many people are still worrying about back taxes owed to the IRS that they cannot pay.

For those left with questions about their unpaid taxes and how to handle them, you are not alone. An estimated 17% of taxes go unpaid each year in the United States. Our office works with people in similar situations to provide answers about this topic, and to help explain taxes’ role in the bankruptcy process.

Detroit Appoints Bankruptcy Lawyer to Save City

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

detroit appoints  bankruptcy lawyer

Can a City go Through Bankruptcy?

 Speaking from behind a podium with a sign saying “Detroit Can’t Wait,” veteran lawyer Kevyn Orr spoke to reporters and citizens about his plan to bring the financially ailing city from the brink of bankruptcy. Orr is currently acting as an emergency manager of Michigan’s former capital, operating with many of the same powers as a bankruptcy judge in lieu of putting the city through an official bankruptcy process.

Understanding Chapter 13 Bankruptcy Payment Plans

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

chapter 13 bankruptcy payment plan

What Exactly is a Chapter 13 Payment Plan?

When you file for a Chapter 13 bankruptcy, you’re making plan to maintain ownership of your assets while paying off your debt to creditors over time. But not all debt is the same…and what if you can’t make your payments on time? We decided to answer some common Chapter 13 questions that our clients often have in this post.

Learning About Secured Debts and Redemption in a Chapter 7 Bankruptcy

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

chapter 7 bankruptcy secured debt common bankruptcy myths

What are Secured Debts and Redemption?

We handle many Chapter 7, or “liquidation” bankruptcies at our Queens, New York office. In this kind of bankruptcy, an appointed trustee sells a debtor’s non-exempt assets, with the proceeds going to the client’s creditors. The individual’s debt is then eliminated alltogether or drastically reduced. We tell clients that certain exemptions can protect their assets during  Chapter 7 proceedings, and that they can also keep certain secured property by paying the replacement value of it to creditors. This approach is especially helpful for people who owe more on their loans than the current value of their property. In this post we go into more depth about secured debts, redemption, and Chapter 7 bankruptcy.

The Truth About Bankruptcy and Your FICO Score

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

The Truth About Bankruptcy and Your FICO Score

What Will Bankruptcy Really do to my FICO Score?

When people face the prospect of filing for bankruptcy in Queens, one of their top concerns is often how bankruptcy will affect their FICO score. FICO, or Fair Isaac Corporation, scores are credit scores the majority of lenders use to determine your potential credit risk. The myth surrounding bankruptcy and ruined credit scores is well established, but not fact. Bankruptcy has the possibility to lower your credit score, but this is by no means the bottom line. Not only are many other factors at play, but your score may actually improve when you file for bankruptcy.

Chapter 7 Bankruptcy and Immigration Status

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

Chapter 7 Bankruptcy and Immigration Status

Will filing for bankruptcy affect my immigration status?

If you are not a U.S. citizen, you can still file for a Chapter 7 bankruptcy. But many non-citizens are concerned that filing for bankruptcy in New York will hurt their chances of obtaining citizenship or permanent residence. Some even worry that a bankruptcy filing will result in deportation.  However, these fears are – for the most part – unfounded, as filing bankruptcy protection is available to all documented individuals residing in the U.S.

Commercial Bankruptcies Fall 22% in 2012

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

Commercial Bankruptcies Fall 22% in 2012

What do 2012 Bankruptcy Rates Mean for 2013?

While many Americans are focused on keeping their financial resolutions in the New Year, there are some positive signs from 2012 that bode well for 2013. Figures from the American Bankruptcy Institute (ABI), a non-partisan group that analyzes bankruptcy issues, show that 57,788 commercial bankruptcies were filed during the 2012 calendar year, a 22% decrease from 74,415 filings in 2011. This trend was also mirrored in Chapter 11 bankruptcies for 2012, which fell 10% from 8,658 filings in 2011 to 7,760.

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The Law Offices of Bankruptcy Attorney Bruce Feinstein, Esq. handles cases from all over New York including: Queens, Manhattan, Brooklyn, Bronx, Nassau County and Suffolk County Long Island

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