Legal Question in Bankruptcy in New York
how long and do i need to vacate the office as soon as filing
i am a healthcare provider on L.I. and have amassed a great deal of personal and business debt that my business cannot pay or keep up with. many bills are in collection and written off by credit card co. and bank loans are behind 60-90 days. student loans are late as well. i understand that fed student loans do not fall under the bancruptcy law but private student loan lenders may. i have been advised the best way to go would be to file chapter 7. i am planning to relocate but i do not want to go back and forth to NY for court dates. so i am asking if first, how long the process takes so i can have a rough estimate on my relocation and second can i still practice at the location until the legal proceedings of bancruptcy are complete and judgement made or do i need to vacate the office as soon as i file and begin to look for a position until i relocate.
3 Answers from Attorneys
Re: how long and do i need to vacate the office as soon as filing
Your question has 2 parts and there is another issue that i will respond to.
(i) There is no need to vacate the premises in anticipation of bankruptcy. However, it is good business to indicate to your landlord that you will be re-locating and your obligations under the lease will be terminated by CH7. (Integrity in difficult times is the true test of character. Give the landlord an opportunity to land on his feet. it will not affect you.)
(ii) It can take as little as 60 days to complete your court appearances and then it will sit on a judge's desk for another 30-60 days.
There is only one court appearance - the 321 meeting, but more may come up if your creditors contest the action.
(iii) The bankruptcy laws will be changing and the changes will affect people like you: the small CH7 petitioner (personal and small business). I recommend that you interview lawyers in the near future because you will want your petition filed before 9-1-05.
You are welcome to a consultation for no fee. Please let me know if you want to meet with me by email.
Re: how long and do i need to vacate the office as soon as filing
If you are considering ch7 you should do it before the law changes. It would not be necessary to vacate your premises.. call me for a free consultation at 516 466 5297
Re: how long and do i need to vacate the office as soon as filing
The bankruptcy process can take as little as 3 to 4 months from the date the petition is filed.
You can continue in your business during the bankruptcy process and one advantage for your business is that the automatic stay provision will keep creditors from collection of outstanding financial obligations.
Richard A. Roberts, Esq.
105 Stevens Avenue, Suite 401
Mount Vernon, NY 10550
(914)668-6622
www.richardaroberts.com
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