Bankruptcy Information





Article Content provided in partnership with Find Magazines by Topic New federal law likely to boost future bankruptcy filings    by Organizations that counsel debtors considering filing for bankruptcy are bracing for a surge of new clients after the recent increase in minimum payments required on credit cards The Comptroller of the Currency as of Jan mandated that credit card issuers require credit card holders to make minimum payments that will reduce the principal balance on credit cards by percent every month Consumers often charged rates as high as percent Find Featured Titles for Home & Garden Find Research Guides for © FindArticles™

Article Content provided in partnership with Find Magazines by Topic Bankruptcy filings skyrocket prior to new law    by By now no one should be shocked to learn that personal and corporate bankruptcy filings on Long Island spiked in the days before the Oct changeover in federal law Nonetheless the numbers are staggering The U S Bankruptcy Court for the Eastern District of New York recently released tables comparing the two months Overall bankruptcy filings tripled in Nassau and Suffolk counties rising from a little more than in September to more than in October Corporate filings in Nassau tripled from to while in Suffolk corporate filings quadrupled increasing from to What's striking though not necessarily surprising about the activity is that just about every business seeking protection in both counties filed within days of the Oct deadline with the vast majority coming in the final four days Only one company dared to test the new law Lawyers have long maintained that the Bankruptcy Abuse Prevention and Consumer Protection Act would place far harsher requirements on personal filers than their business counterparts and attorneys anticipated a mad rush to the courthouse before Oct The data confirm the suspicion Advertisement In

                               Article Tools Blip or bona fide bankruptcy bust? By Claude Solnik Friday March ADVERTISEMENT Back in October just prior to the inception of new federal bankruptcy laws the phones were ringing off the hook at the Westbury law offices of Pryor & Mandelup Not so today “That was probably the most intense time we had ” said partner Scott Mandelup Designed to rein in filings the Bankruptcy Abuse Protection and Consumer Protection Act of introduced among other things a means test to determine which bills the newly bankrupted would still have to pay Since then “there’s been a big falling off” in new filings Mandelup said The act has meant not only fewer but often smaller bankruptcy cases Nearly two years after its passage insiders remain stunned by the drop off in business “We never knew how long the effect would last ” Mandelup said “We didn’t have any way of knowing ”But last it has Michael P Richman chairman of the national business reorganization practice of Foley & Lardner in Manhattan and chairman of the Alexandria Va based American Bankruptcy Institute said filings slowed

Practice Overview Experienced Bankruptcy and Personal Injury LawyersAt we help people who are in trouble get their lives back on track Help for People in Financial NeedA leader in bankruptcy representation for over years As accomplished we help individuals and businesses eliminate and restructure their debts so they can make a fresh financial start In thousands of cases we have provided clients with a clear path to financial solvency and a future free of financial pressure For homeowners facing financial pressure we can immediately so they can keep their houses We for business owners facing a cash crunch which help them to avoid business bankruptcy and continue ownership and control of their businesses As a result they can secure the viability of their businesses In October the bankruptcy laws will change Filing a Chapter bankruptcy rather than Chapter will become the courts preferred bankruptcy option for individuals We can explain the changes in bankruptcy law to you and advise you as to options under the law Help for Victims of AccidentsFor those who have suffered serious injuries in car accidents or other mishaps we pursue justice and compensation for their losses and suffering Michael H Schwartz & Associates has obtained



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