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…]
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