Bankruptcy

Overwhelming debt is a heavy burden that creates stress and anxiety.  Steinfeld & Steinfeld, PC addresses crisis situations – be it for businesses, families or individuals. Financial stress oftentimes results from too many guaranteed debts in a business that hasn’t done well, from an overly ambitious investment strategy in real estate or a  family situation that had trouble supporting one household  and is now seeking to support two as the result of a divorce. Bankruptcy is sometimes an  appropriate strategy (tool in the tool bag) to provide relief in these situations. Sometimes, the most important issue is in identifying “the client:”  is the client the  individual member of the family? Is it a husband and wife duo? Is it the business owner? Is it the business?  Which business?  How many businesses are there?   Any given bankruptcy case can only involve one debtor-entity, although a husband and wife may file a joint case.  So which is the appropriate entity for the bankruptcy filing?   On the other hand, [click to continue…]