Deciding to file for bankruptcy is a very personal decision. You may agonize over whether it is the right choice, and if you decide that it is, you may wring your hands over the right timing. You may tell yourself that there is still something else you can do to avoid bankruptcy, or you may take a “wait and see” approach. Meanwhile, your financial problems can continue to get worse.  In fact, bankruptcy should not be seen as a “last resort” or something that you have to do because you have no choice. Bankruptcy is actually a powerful legal resource – a secret weapon in your financial arsenal. A good bankruptcy attorney in Glendale can help you learn more. But here are just some of the many great things that bankruptcy can do for you – and reasons you should see it as a judicious choice:  Prompts an Automatic Stay One of the biggest problems you face when you start accumulating debt you can’t pay is harassment from creditors. You may receive phone calls day in and day out – even multiple times a day. You may get called at home and at work. If your creditors break the rules, they may even talk to your neighbors, co-workers, family, or friends, or they might call you very early in the morning or very late at night. You may dread answering your phone or checking your email. When you file for bankruptcy, you trigger what is known as the “automatic stay.” The stay puts an immediate stop to any contact from any of your creditors. You may be contacted by a creditor or two who didn’t update their information quickly enough with their call centers. But after you let them know you have filed for bankruptcy  you shouldn’t hear from them again. If you do, you can take action against them.  Saves Your House If you let your credit problem go, you may have to start selling assets. You may not have any other recourse if you don’t take steps before then. If you own your home, that may mean eventually selling your house – either to downgrade to something cheaper or to move in with family or make some other arrangement. If you file for bankruptcy in Phoenix , you can keep your house. Chapter 7 bankruptcy in Mesa allows for a homestead exemption. So, unless you own a very expensive house outright, your house will not be seized to pay creditors. If you have fallen behind on your mortgage, you can file for Chapter 13 bankruptcy in Mesa to include the amount you owe in a debt repayment plan. You’ll save your house from foreclosure and deal with your debt problem at the same time.  Saves Your Retirement Accounts Instead of selling your assets to pay your debts, you may think to cash in your retirement accounts to pay off your debts. However, doing so would be a big mistake. You’ll only be pushing your problem down the road – you may pay off your debts, but you’ll find yourself without the resources you need when you retire, creating a financial crisis when you have fewer solutions.  Fortunately, retirement accounts are among the assets that you can exempt from a bankruptcy filing. You don’t have to worry that creditors will take legal action against you and seize your account. You can file for bankruptcy and protect your retirement savings while eliminating your debt or making it more manageable.  Bankruptcy can help you take control of your finances, rather than waiting until your creditors are taking action against you and you no longer have any choices. Talk with a bankruptcy attorney  serving near you in Gilbert to determine how bankruptcy can help you get maximum debt relief and allow you to reach your financial goals.  My AZ lawyers are ready to help if you live in Mesa, Glendale, Tucson, Phoenix, or the surrounding area. An experienced and dedicated bankruptcy attorney serving in Arizona from our team will help you understand your rights and responsibilities under bankruptcy law, as well as how bankruptcy can help you gain the freedom you seek from overwhelming debt. We represent individuals interested in Chapter 7 bankruptcy or Chapter 13 bankruptcy, as well as businesses. Call our bankruptcy law office  to schedule a consultation today. Arizona Offices: Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: [email protected] Website: https://myazlawyers.com/ Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post Bankruptcy Last Resort or Secret Weapon appeared first on My AZ Lawyers.

This article originally appeared on August 10, 2020 at https://www.studyfinds.org/quarter-americans-missed-bill-payment-covid-19/----------------Tough for many these days, and a new survey shows that Americans are cutting costs or even adopting a ‘minimalistic’ lifestyle to make ends meet. NEW YORK — From our social lives to professional careers, life as we know it has shifted since the beginning of 2020. Well, almost everything; millions may have lost their jobs due to COVID-19, but that doesn’t mean the bills have stopped coming. Indeed, paying off bills are an unavoidable part of life, even during a pandemic. Unfortunately, a new survey of 2,000 Americans finds that one in four (24%) have already missed at least one payment since the pandemic began.Among that group, 26% say they haven’t paid their cell phone or cable bills. Another 25% failed to pay for streaming services, and perhaps more worryingly, some of their electricity or utilities bills.On average, Americans who admit to skipping a bill payment have missed five bills altogether.Commissioned by EnergyBot, the survey set out to gauge just how much COVID-19 has dealt a blow to Americans financially. Predictably, money is a big concern these days. In fact, 63% say they’re “always” worried about paying all their bills right now. Similarly, 58% are battling extra stress over their bills since the pandemic started.Ways we’re cutting backWith those last stats in mind, it makes sense then that 65% of respondents admit they’ve had to make some sacrifices lately to make ends meet. What type of sacrifices are we talking about? Many have cancelled subscription services (38%) and gym memberships (39%). Others are cutting costs by no longer ordering takeout food (35%).All in all, 52% say they only buy the “essentials” these days. Another 43% are no longer buying premium quality goods (toilet paper, gas) in an effort to save some cash. Some are adopting new lifestyles: 41% say they’re following “minimalistic” approach to life.Moreover, about two in five people never use their credit card anymore because it encourages them to spend more.Raiding retirement to pay off billsA third of Americans have also been forced to dip into their savings accounts because of COVID-19. On that note, 55% of respondents often feel “overwhelmed” by just how much the coronavirus has changed their financial footing.Even small expenses, like repairing a broken home appliance, just aren’t possible right now. A significant portion of respondents (35%) have learned to live without a broken appliance because they just can’t afford to fix it. Meanwhile, 68% have tried to fix the appliance themselves (or asked a spouse to fix it). Others (33%) have used some of their savings to solve such issues when they were unable to fix the item themselves.Another 37% say, however, that they wouldn’t even have enough savings to fix appliances if they were to break.A few other common ways Americans are saving money through this pandemic are: turning off lights when they’re not needed (62%); turning off appliances when they’re not being used (46%); closing windows/doors when the heat is on (42%); opening the windows instead of using AC (36%); and using blinds to adjust room temperature (33%).

Lawyer to Help with My Car Lease in Bankruptcy So you’ve decided you need to file bankruptcy and you happen to be leasing a car. This article will go over your four options concerning the disposition of your car lease. Bankruptcy law is nuanced in that it varies state-to-state. This article will give you a broad outline of your rights and responsibilities if you have a car lease, and you file bankruptcy. However, the law and facts of your particular situation should be reviewed by an experienced bankruptcy attorney so that you can be sure you are going to get the outcome you intend. If you are in Philadelphia or the surrounding areas, give us a call at (215) 625-9600. We have helped thousands of people just like you straighten out their finances. We will discuss all of your available options during your free, no-obligation consultation, and help you decide what course of action is best for you. Option #1 – You Can No Longer Afford the Lease and Want to Surrender Your Car Unfortunately, this is all too common. A while ago, you were making good money and leased a car you thought you could afford. Now your hours have been cut, or you are on unemployment, and the lease payment is just too much. What is “Surrender” in Chapter 7 Bankruptcy? If you file a Chapter 7 petition, you can “surrender” the car to the lessor and have the remainder of the lease discharged as unsecured debt. This means you give the car up and walk away with no debt under the lease. Also, you can get your other unsecured debt, such as credit card debt or medical debt, discharged at the same time. What will Filing Chapter 7 Bankruptcy Do to My Credit? While the fact that you filed a bankruptcy petition can remain on your credit report up to ten years, most Chapter 7 debtors find that their credit score rises shortly after their bankruptcy case closes because their debt-to-income ratio has improved. Also, while there are credit ramifications to filing a bankruptcy petition, defaulting on your lease and forcing the lessor to repossess the car hurts your credit too. Which would you prefer? Option #2 – You Can Afford Your Lease but Only if You Do Not Have To Repay Your Unsecured Debt If unexpected expenses arise, such as uninsured or unreimbursed medical expenses, divorce, or job reduction or loss, you may be able to continue to pay your monthly car lease payments if you get those expenses discharged in bankruptcy. What is “Assuming” a Lease in Chapter 7 Bankruptcy? By filing Chapter 7, you can have credit card debt, medical expenses, and some income taxes discharged but keep your leased car by “assuming” the lease, meaning, you agree to the terms of the lease and continue paying, while the lessor’s rights are in no way affected by your bankruptcy filing. Beware of Bankruptcy Fraud Regarding Car Leases Keep in mind that if you leased a luxury vehicle shortly before filing bankruptcy expecting to keep that vehicle but to get out of paying your other creditors, that won’t work. Not only will the Trustee or your other creditors object to the discharge, but you may find that your Bankruptcy case winds up being dismissed for not being filed in good faith. Chapter 7 is for the honest but unfortunate debtor who, through no fault of his or her own, is in financial distress. While you can’t expect to profit from bankruptcy by driving away from all of your unsecured debt in your luxury vehicle, you can expect help with unaffordable debt when you really need it, and be able to keep your car. Option #3 – You are Behind in Paying Lease Payments But Can Afford to Catch Up Now If you’ve fallen behind in your lease payments, but your circumstances have changed and you could afford to repay the arrears if given the chance to do so over time, Chapter 13 is for you. What Happens to a Car Lease in a Chapter 13? Chapter 13 is a 3- to 5-year repayment plan where you pay the Trustee every month, and the Trustee in turn pays your lessor. At the end of your plan, your lease arrears are all paid up, and your unpaid unsecured debt is discharged. You Can Catch Up On Many Kinds of Debt With Chapter 13 A Chapter 13 plan can also be used to pay mortgage arrears, past due child support or alimony, past due student loan payments, and past due government fines and fees that are not dischargeable. You May Be Able to Pay Your Bankruptcy Attorney’s Fee Through Your Chapter 13 Plan Chapter 13 is for those who have steady income, but perhaps you do not have enough in a lump sum to pay your filing fee and attorney fee. Don’t worry. You can still afford to retain an experienced Chapter 13 bankruptcy lawyer. We allow our clients to pay their attorney fee over time, through their Chapter 13 plan. Contact us to see how we can help you keep your car and repay whatever other arrears you have, over time. Option #4 – You Have Reached the End of Your Lease, You Want to Keep the Car, But You Can Not Afford to Pay the Entire Balloon Payment Many leases conclude with a balloon payment, which is a payment you must make if you want to own the car after the lease term ends. While this is not often a good deal, if you are fond of the car and need it, in many cases you are able to pay that balloon payment over a 3- to 5-year Chapter 13 plan and own your car when the plan is complete. Again, your unsecured debt will be discharged as well. If you think this may be a good option for you, when we meet for your consultation, we will discuss why you want to keep the car as well as it’s value now and projected value at the conclusion of the plan. It may be that once we crunch the numbers together you won’t want to keep the car past the end of the lease term, but know that you have a number of options when you file a Chapter 13 case. Experienced Bankruptcy Attorney in Philadelphia will Help You With Your Car Lease in Bankruptcy If you are worried about paying your car lease or about paying your other debt, let us help you. Contact us to schedule your free, no-obligation consultation. When we meet, we will take a look at your entire financial situation and help you get the best possible result from your bankruptcy filing, including resolving your car lease problem. Let us help you get a fresh start. The post What Happens to Your Car Lease in Bankruptcy appeared first on David M. Offen, Attorney at Law.

A $3500 loan at 29% interest grows to a $45,000 garnishment. How fast does at debt at 29% interest add up? For Wilson a $3500 loan grew to a $45,000 garnishment in ten years. Wilson borrowed $3500 from a Finance Company in 2004.  He took out that loan to pay off some collections and raise […] The post $45,000 garnishment from a $3,500 29% interest loan by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

As the Covid-19 pandemic rages on plenty of Americans find themselves with debts they can’t pay. Average treatment costs are between $1000 and $2000, more than enough to send most families into a financial tailspin. Some have gone higher, with news sources reporting numbers like $34,000 or $1.1 million. Given many people are furloughed, out […] The post 4 Mistakes to Avoid if You Live in Philadelphia and Have Medical Debts appeared first on .

This article orginally appeared in Cranes New York Business on August 13, 2020 at  https://www.crainsnewyork.com/transportation/taxi-commission-fails-regulate-uber-and-lyft-under-two-year-old-city-law--------------Taxi commission fails to regulate Uber and Lyft under two-year-old city lawBRIAN PASCUS The city’s taxi enforcement agency known for its heavy hand with drivers has neglected to implement a two-year-old law aimed at helping yellow taxis compete with Uber and Lyft as the ride-hail apps roiled the industry.Local Law 149, signed by Mayor Bill de Blasio and enacted Aug. 14, 2018, created the category of High Volume For Hire Services—companies that handle more than 10,000 rides a day—and required them to apply for a special permit through the Taxi and Limousine Commission. Under the regulation they must turn over records, including driver compensation, environmental impact, financial impact and other information, that could result in further restrictions on them. So far, both Uber and Lyft have applied for the permits, but the TLC has not approved their applications.“The TLC failed to timely enact regulations and enact the legislation which their chair asked for,” said Christopher Lynn, a TLC commissioner from 1996 to 1998. “In other words, the TLC did everything else except level the playing field and hold Uber accountable.”The law sought to provide greater transparency of companies, such as Uber and Lyft, whose fleet of cars had risen exponentially in the city beginning in 2011 at the expense of traditional yellow taxi drivers and livery black car taxis, leading many of these drivers to fall into bankruptcy and despair. There were several taxi-industry suicides before the law’s passage. For taxi medallion owners, the TLC’s lack of enforcement is nothing short of a betrayal of its mission to regulate and protect the yellow cab medallion industry. “I expected the TLC to enforce the rules that they’ve had on the books for many years, which would’ve prevented many of the excessive for-hire vehicles from ever being on the road,” said Carolyn Protz, a taxi medallion owner. “The TLC hasn’t done anything. They haven’t held the app companies to the rules they were supposed to create.” More than that, industry insiders say, the city could be leaving money uncollected during an extreme budget crisis. The penalty for companies operating without the High Volume For Hire Service license is a $10,000 fine each day the violation is in place. The law explicitly states it is unlawful for these types of companies to operate unless licensed by the TLC. But emails and legal documents obtained by Crain’s show that Uber and Lyft have been operating in New York without an approved high-volume license for two years. During a July 23, 2019, public hearing before the TLC, Uber noted that the status of its high-volume license, which had been submitted to the TLC, was still pending. That September the TLC testified that it was in the process of implementing the law.Not much changed nearly a year later. An email exchange from June 18 of this year between Kala Wright, the TLC's deputy commissioner for policy, and Protz confirmed that Uber, Lyft and Via were still operating without an approved license as late as 20 months after the City Council passed the bill. “Hi Carolyn, thanks for following up, the [high-volume] licenses are still under review, all of the company's (sic) have submitted their application materials,” Wright wrote at the time.Lyft confirmed that it has not heard back from the TLC on its application."The TLC has yet to issue formal [high-volume] licenses or provide indication of when those should be expected," Lyft representative Campbell Matthews said.Uber and Via did not respond to a request for comment. For its part, the TLC has said that it’s done nothing wrong, but the agency failed to make clear why it has delayed subjecting the ride-hail apps to the law. “Uber and Lyft are indeed fully licensed and will remain so while their HVFHV applications are being processed,” said Allan Fromberg, a spokesman for the TLC, using the designation for high volume for-hire vehicles. Medallion owners, such as Protz, can’t understand how the TLC could turn a blind eye to the regulations established under a new law explicitly passed to level the playing field among all drivers and ride-share companies. “The TLC is really rogue. They just ignored what they were told to do by the City Council,” she said. Baked into Local Law 149 are a few different licensing requirements that Uber and Lyft must comply with to be licensed under the law. These requirements include a list of bases through which the companies will dispatch trips, a business plan with trip volumes, a vehicle count, accessibility requirements and an impact analysis.The impact analysis assesses the effect of a prospective licensee’s operation on the environment and documents the applicant’s impact on traffic congestion, public transportation, private motor vehicles and noise in the city area. It is thought that these regulations—notably a comprehensive account of the environmental impact tens of thousands of Uber and Lyft vehicles have on the city's environment—would complicate, if not prove detrimental, to the ride-share companies. City Council Speaker Corey Johnson said agency representatives testified to the council in September 2019 that they were working on implementing the law. “The council passed laws regulating for-hire vehicles with the expectation that the TLC would implement and enforce them as soon as possible, so it's frustrating to hear this is taking so long,” Johnson said. “I urge the TLC to take action quickly to fix this situation and comply with the law we passed.”Bronx Councilman Ruben Diaz Sr., who introduced the bill, has called on Attorney General Letitia James to investigate what he said is lack of oversight by the TLC. Councilman Ritchie J. Torres, who chairs the Oversights and Investigations Committee, said he was “deeply disturbed” by the allegations that the TLC is circumventing local law. “No agency gets to pick and choose the laws it wishes to follow,” Torres spokesman Raymond Rodriguez said. “The TLC has an obligation to faithfully follow all local laws, and Local Law 149 is by no means an exception.” For medallion owners, who have seen their livelihood altered in the face of the ride-share onslaught, the failure of the TLC and the de Blasio administration to implement Local Law 149 has dramatically altered the city’s transportation landscape. “They damaged public transportation, increased pollution, increased congestion, destroyed a $15 billion taxi medallion franchise and created poverty among all the drivers,” Protz said. “And they’ve done all that for nothing.”

In Chapter 13, Don’t Bounce Your Checks! Please don’t bounce your checks, when paying the Chapter 13 Trustee. At least here in Northern Virginia, after two bounced checks, they require you to start sending money orders.  Money orders are expensive, hard to get during the pandemic, and even harder to trace if they are lost […] The post In Chapter 13, Don’t Bounce Your Checks! by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

This article originally appeared in the New York Times at https://www.nytimes.com/2020/08/11/nyregion/nyc-economy-chain-stores.html---------------------Retail Chains Abandon Manhattan: ‘It’s Unsustainable’Some national chains, both retail and restaurants, are closing outlets in New York City, which are struggling more than their branches elsewhere.A Gap store near Rockefeller Center. Many companies have kept their stores closed in New York, even as they have opened stores in other parts of the country. A Gap store near Rockefeller Center. Many companies have kept their stores closed in New York, even as they have opened stores in other parts of the country. Credit...Hiroko Masuike/The New York TimesBy Matthew Haag and Patrick McGeehanAug. 11, 2020For years, Bryant Park Grill & Cafe in Midtown Manhattan has been one of the country’s top-grossing restaurants, the star property in Ark Restaurants’ portfolio of 20 restaurants across the United States.But what propelled it to the top has vanished.The tourists are gone, the office towers surrounding it are largely empty and the restaurant’s 1,000-seat dining room is closed. Instead, dinner is cooked and served on its patio, and the scaled-down restaurant brings in about $12,000 a day — an 85 percent plunge in revenue, its chief executive said.Five months into the pandemic, the drastic turn of events at businesses like Bryant Park Grill & Cafe that are part of national chains shows how the economic damage in New York has in many cases been far worse than elsewhere in the country.In the heart of Manhattan, national chains including J.C. Penney, Kate Spade, Subway and Le Pain Quotidien have shuttered branches for good. Many other large brands, like Victoria’s Secret and the Gap, have kept their high-profile locations closed in Manhattan, while reopening in other states.Michael Weinstein, the chief executive of Ark Restaurants, who owns Bryant Park Grill & Cafe and 19 other restaurants, said he will never open another restaurant in New York.ImageA Uniqlo store on Fifth Avenue. Many businesses in Manhattan are struggling because of a lack of tourists and a relatively small number of office workers. A Uniqlo store on Fifth Avenue. Many businesses in Manhattan are struggling because of a lack of tourists and a relatively small number of office workers. Credit...Hiroko Masuike/The New York TimesOf Ark Restaurants’ five Manhattan restaurants, only two have reopened, while its properties in Florida — where the virus is far worse — have expanded outdoor seating with tents and tables into their parking lots, serving almost as many guests as they had indoors.“There’s no reason to do business in New York,” Mr. Weinstein said. “I can do the same volume in Florida in the same square feet as I would have in New York, with my expenses being much less. The idea was that branding and locations were important, but the expense of being in this city has overtaken the marketing group that says you have to be there.”Even as the city has contained the virus and slowly reopens, there are ominous signs that some national brands are starting to abandon New York. The city is home to many flagship stores, chains and high-profile restaurants that tolerated astronomical rents and other costs because of New York’s global cachet and the reliable onslaught of tourists and commuters.But New York today looks nothing like it did just a few months ago.In Manhattan’s major retail corridors, from SoHo to Fifth Avenue to Madison Avenue, once packed sidewalks are now nearly empty. A fraction of the usual army of office workers goes into work every day, and many wealthy residents have left the city for second homes.An H&M store on Fifth Avenue is open, but other stores along the famous thoroughfare are still shut. An H&M store on Fifth Avenue is open, but other stores along the famous thoroughfare are still shut. Credit...Hiroko Masuike/The New York TimesMany stores are still closed, some permanently, while those that are open have very little foot traffic.For four months, the Victoria’s Secret flagship store at Herald Square in Manhattan has been closed and not paying its $937,000 monthly rent. “It will be years before retail has even a chance of returning to New York City in its pre-Covid form,” the retailer’s parent company recently told its landlord in a legal document.“In the prime real estate areas, all the stores rely on having half international tourists and half local tourists or those from the local neighborhoods,” said Thiago Hueb, a founder of a jewelry company who had decided to close his flagship store on Madison Avenue before the pandemic struck because of high rents.Now brokers are calling him trying to lure him back to the block, but Mr. Hueb, whose jewelry is sold in 80 department stores nationwide, is not interested.“The avenue is no longer what it used to be,” he said.J.C. Penney and Neiman Marcus, the anchor tenants at two of the largest malls in Manhattan, recently filed for bankruptcy and announced that they would shutter those locations.The Neiman Marcus at Hudson Yards, the first in New York City, had only opened last year, with its name adorning the outside of the luxury mall — the centerpiece of the country’s largest private development.ImageVictoria’s Secret’s flagship store in Midtown Manhattan has remained closed for months, and its owners have stopped paying rent. Victoria’s Secret’s flagship store in Midtown Manhattan has remained closed for months, and its owners have stopped paying rent. Credit...Hiroko Masuike/The New York TimesSome popular chains, like Shake Shack and Chipotle, report that their stores in New York were performing worse than others elsewhere, investment analysts said. A few dozen Subway locations have closed in New York City in recent months. Le Pain Quotidien has permanently closed several of its 27 stores in the city and plans to leave others closed until more people return to the streets, said Andrew Stern, co-chief executive of the chain’s parent, Aurify Brands.A Gap Store near Rockefeller Center has stayed closed and has not paid its $264,000 monthly rent. Two T.G.I. Friday’s in prime locations, one near Rockefeller Center and another in Times Square, have remained closed while its restaurants elsewhere in the country have reopened.Anyone in the food and dining business is really suffering right now,” said Vin McCann, a restaurant consultant with Heyer Performance in Lower Manhattan. “I think that’s true in all the boroughs.”New York’s stringent lockdown and methodical reopening may have brought the virus to heel, Mr. McCann said, but it is also wreaking havoc on businesses with so few people going to work, virtually no visitors and many residents “a little loath to go out” and worried for their health.“There’s going to be a lot of pain,’’ he added.Landlords have started filing lawsuits against commercial tenants for not paying rent, accusing some national brands of trying to take advantage of the crisis.A Zara store in Manhattan. J.C. Penney and Neiman Marcus, which anchor two of Manhattan’s largest malls, have declared bankruptcy and are closing their stores there. A Zara store in Manhattan. J.C. Penney and Neiman Marcus, which anchor two of Manhattan’s largest malls, have declared bankruptcy and are closing their stores there. Credit...Hiroko Masuike/The New York Times“SL Green and landlords across the city have worked with retailers large and small to protect jobs and New York’s tax base during this crisis,” said Stephen Meister, a lawyer representing SL Green, which leases the Herald Square store to Victoria’s Secret.But, he added, “Victoria’s Secret is a multibillion-dollar, publicly traded conglomerate exploiting the situation in an attempt to avoid paying its contractual rent obligations.’’The store’s parent company, L Brands, did not respond to a request for comment.A spokeswoman for Related, the developer of Hudson Yards, said the company remained bullish on the future of retail in New York City despite the closing of Neiman Marcus and the economic downturn.“Retail at Hudson Yards was off to a strong start before this crisis hit, and we firmly believe that fashion and retail will always remain core to the vibrancy of New York,” the spokeswoman, Kathleen Corless, said.New York’s shutdown dealt an especially painful blow to chains like Shake Shack that were born in the city and thrived as urban oases, said Nicole Miller Regan, who follows food chains for Piper Sandler in Minneapolis.“That’s always been their core strength from a home-field advantage,” Ms. Regan said.Shake Shack reported on July 30 that it had experienced a 40 percent decline in revenue in the second quarter and that its stores in big cities like New York “were most impacted by the Covid-19 outbreak.”They eventually reopened to serve takeout and deliveries, but they did not rebound as well as the company’s suburban locations that have drive-up windows where customers can avoid all but the briefest interaction, Ms. Regan said.“The drive-through is the channel that consumers feel most comfortable with,” she said.Like Shake Shack, Chipotle told investors that its stores in the Northeast, including New York, were underperforming the rest of the chain, said Nick Setyan, an analyst with Wedbush Securities in Los Angeles.The main reason. Mr. Setyan said, is that “people just aren’t going to work” in much of Manhattan.For Veggie Grill, a California-based chain of 35 restaurants, New York is “the most difficult market for us to operate in right now,” said Jay Gentile, the company’s chief operating officer.After three years of planning, Veggie Grill, which serves plant-based sandwiches and salads, opened its first New York restaurant in the Flatiron district in December.Now it’s struggling to keep the place open with a pared-down staff, and sales that have fallen about 80 percent from before the pandemic, Mr. Gentile said.“In New York City, there is next to no lunch business,” he said. “No one’s coming in from Connecticut. No one’s coming in from New Jersey.”And, there are no tourists wandering the streets, he added.The story is different at some of the company’s restaurants on the West Coast, which are now doing as much business lately as they did a year ago, he said.The shutdown and phased reopening of the city presented challenges that derailed Veggie Grill’s expansion plans.Three months after opening, Mr. Gentile had to lay off all 70 of its New York employees, including a general manager who was supposed to oversee the addition of three locations in the city. In May, the company hired back about 24 of the workers with expectations that business would pick up as the city reopened.Now, the staff is down to 16 employees, only two of whom work full-time.“We have two hours at lunch and 2½ hours at dinner to make our money,” he said. “We’re still paying very high rent. It’s unsustainable.”Despite all the hardships, Mr. Gentile said he’s determined to keep the doors open. “If we close New York down,’’ he said, “then we would have to close it for good.’’

Securing Your Assets When Filing for Bankruptcy Bankruptcy is a valuable legal tool that can help you get out from under the burden of rising debt. Some have a stereotypical notion of bankruptcy in their minds that includes only very poor people who are living paycheck to paycheck and who don’t have anything of value. But the truth is that many people have valuable assets like homes, cars, and more when they consider bankruptcy – and they are worried about losing it all when they unload their debt. Fortunately, there are ways that you can protect your assets when filing for bankruptcy in Glendale. Here are some options you should discuss with and experienced Phoenix bankruptcy attorney: Use Exemptions If you file for Chapter 7 bankruptcy in Mesa, you will get the maximum debt relief. All of your unsecured credit card debt can be discharged under Chapter 7 bankruptcy. However, this form of bankruptcy also allows the bankruptcy court to seize your assets and sell them to pay your creditors before those debts are discharged. The good news is that there are exceptions. Chapter 7 bankruptcy allows you to keep certain assets, so long as they fall under certain amounts. The exemption amount varies by state, and it can vary at the state and federal level. So long as your asset is not worth than the exemption, you can keep it. For example, the exemption for a homestead in Arizona is $150,000. Your home may be worth more than that, but if you still owe a lot of money, it won’t be worth that much to you. If the equity you own in the home is under $150,000, you will be able to keep it after filing for Chapter 7 bankruptcy in Phoenix. Know Values Bankruptcy law outlines exemptions for other types of property, including household furnishings, vehicles, and even insurance accounts. The value of your property will be assessed to determine whether it can be exempt under these rules. It is important to understand how value is assessed. Value is determined based on what an item can currently sell for – not what you paid for it. For example, your husband may have paid zero dollars to give you his grandmother’s wedding ring, but if that ring can fetch a price on the secondary market, it may not be exempt from your bankruptcy proceedings. You need to talk through your assets with your Avondale bankruptcy attorney to get an idea for how the bankruptcy court will value them. Value can be subjective, so you may be able to put up a fight for certain assets. File for Chapter 13 Bankruptcy If you have assets that won’t fall under the exemptions and you want to keep said assets, you may need to file for Chapter 13 bankruptcy in Mesa instead. Chapter 13 bankruptcy allows you to keep your assets while putting you on a debt restructuring plan with one monthly payment that you are determined to be able to afford. The payment plan lasts for three to five years, and any debt remaining at the end of the term may be discharged. You’ll need to talk with a bankruptcy attorney serving Gilbert to understand how filing for bankruptcy may impact your assets and what your options may be. Every case is unique, so there is no one-size-fits-all answer for how your debts and your assets will be handled. Your bankruptcy attorney in Arizona will review all your financial circumstances and will offer detailed guidance about how bankruptcy may help you. Your attorney will help you determine the best strategy to get the maximum debt relief while also losing the least amount of assets (preferably none). Call My AZ Lawyers if you are in Arizona and are thinking of filing for bankruptcy. A bankruptcy attorney from our team will review your finances and help you understand your options under bankruptcy law. Our attorneys are experienced and committed to helping you get the maximum debt relief under bankruptcy law. They will answer all your questions and help you understand your full rights and responsibilities. We serve clients throughout the Phoenix area, including Mesa, Tucson, and Glendale. Call us today to schedule a time to meet with a bankruptcy lawyer. You’ll soon learn why we are the top bankruptcy law office in the area. Arizona Offices: Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: [email protected] Website: http://myazlawyers.com/ Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post Securing Your Assets When Filing for Bankruptcy appeared first on My AZ Lawyers.

Securing Your Assets When Filing for Bankruptcy Bankruptcy is a valuable legal tool that can help you get out from under the burden of rising debt. Some have a stereotypical notion of bankruptcy in their minds that includes only very poor people who are living paycheck to paycheck and who don’t have anything of value. But the truth is that many people have valuable assets like homes, cars, and more when they consider bankruptcy – and they are worried about losing it all when they unload their debt. Fortunately, there are ways that you can protect your assets when filing for bankruptcy in Glendale. Here are some options you should discuss with and experienced Phoenix bankruptcy attorney: Use Exemptions If you file for Chapter 7 bankruptcy in Mesa, you will get the maximum debt relief. All of your unsecured credit card debt can be discharged under Chapter 7 bankruptcy. However, this form of bankruptcy also allows the bankruptcy court to seize your assets and sell them to pay your creditors before those debts are discharged. The good news is that there are exceptions. Chapter 7 bankruptcy allows you to keep certain assets, so long as they fall under certain amounts. The exemption amount varies by state, and it can vary at the state and federal level. So long as your asset is not worth than the exemption, you can keep it. For example, the exemption for a homestead in Arizona is $150,000. Your home may be worth more than that, but if you still owe a lot of money, it won’t be worth that much to you. If the equity you own in the home is under $150,000, you will be able to keep it after filing for Chapter 7 bankruptcy in Phoenix. Know Values Bankruptcy law outlines exemptions for other types of property, including household furnishings, vehicles, and even insurance accounts. The value of your property will be assessed to determine whether it can be exempt under these rules. It is important to understand how value is assessed. Value is determined based on what an item can currently sell for – not what you paid for it. For example, your husband may have paid zero dollars to give you his grandmother’s wedding ring, but if that ring can fetch a price on the secondary market, it may not be exempt from your bankruptcy proceedings. You need to talk through your assets with your Avondale bankruptcy attorney to get an idea for how the bankruptcy court will value them. Value can be subjective, so you may be able to put up a fight for certain assets. File for Chapter 13 Bankruptcy If you have assets that won’t fall under the exemptions and you want to keep said assets, you may need to file for Chapter 13 bankruptcy in Mesa instead. Chapter 13 bankruptcy allows you to keep your assets while putting you on a debt restructuring plan with one monthly payment that you are determined to be able to afford. The payment plan lasts for three to five years, and any debt remaining at the end of the term may be discharged. You’ll need to talk with a bankruptcy attorney serving Gilbert to understand how filing for bankruptcy may impact your assets and what your options may be. Every case is unique, so there is no one-size-fits-all answer for how your debts and your assets will be handled. Your bankruptcy attorney in Arizona will review all your financial circumstances and will offer detailed guidance about how bankruptcy may help you. Your attorney will help you determine the best strategy to get the maximum debt relief while also losing the least amount of assets (preferably none). Call My AZ Lawyers if you are in Arizona and are thinking of filing for bankruptcy. A bankruptcy attorney from our team will review your finances and help you understand your options under bankruptcy law. Our attorneys are experienced and committed to helping you get the maximum debt relief under bankruptcy law. They will answer all your questions and help you understand your full rights and responsibilities. We serve clients throughout the Phoenix area, including Mesa, Tucson, and Glendale. Call us today to schedule a time to meet with a bankruptcy lawyer. You’ll soon learn why we are the top bankruptcy law office in the area. Arizona Offices: Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: [email protected] Website: https://myazlawyers.com/ Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post Securing Your Assets When Filing for Bankruptcy appeared first on My AZ Lawyers.