According to the United States Courts website, 13,552 bankruptcy cases were filed in the New York City area as of September 30, 2017.* These cases run the gamut from Chapter 7 liquidation cases involving individuals to complex Chapter 11 cases involving businesses and corporations and whether such cases involve individual persons or complex businesses, the issues facing a landlord or creditor are daunting. The automatic stay imposes drastic sanctions upon those creditors seeking to enforce a bankruptcy debtor’s obligations to that creditor and stays from further prosecution those actions that may have already been commenced before the State courts. Occasionally, a wily debtor may seek to abuse the bankruptcy code to stop collection efforts while concealing assets.
Whether a landlord, a mortgagee, or any other lender, a person who has received notice needs the benefit of experienced bankruptcy counsel to navigate through the bankruptcy code to obtain payment or turnover of collateral. In cases involving unsecured creditors, experienced counsel can timely notice claim and obtain the maximum distribution possible in connection with their claims. Our firm is experienced in representing creditors (particularly cooperative boards of directors, condominium boards of managers and holders of other commercial claims) and can assist you in avoiding the pitfalls of bankruptcy protections afforded the debtor while seeking the maximum benefit in connection with your claim.
*uscourts.gov , Table F-5A- Bankruptcy filings (September 30, 2017), including New York, Bronx, Kings, Queens, Nassau, and Suffolk counties.
