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In a recent post about the status of the Sears bankruptcy, the efforts by the company’s CEO Eddie Lampert to secure financing for a purchase of the company’s assets received significant attention.

Most people in Rockland County are unlikely to be familiar with IRS Form 1099C or the term “cancellation of indebtedness income.” A Form 1099C is one of the many methods of reporting income that does not appear on a Form W-2 or a Form 1099MISC.

This blog has frequently considered the power given to companies who have filed a Chapter 11 bankruptcy petition to revoke real estate leases that still have many months left on the original term.

When a business files a petition in bankruptcy, it may have a number of employees who are owed payment for work performed prior to the filing of the petition.

For many people in Rockland County, bankruptcy looks like an expert ski hill – once you start down, you have almost no way to stop. In the process, creditors will seize assets that provide security for a loan that will be discharged, and valuable assets, such as a car or a house, will be lost forever.

Many factors can force a business into bankruptcy. The most common reasons for a business to seek bankruptcy protection is too many debts and insufficient revenue. Shoddy business practices can also be an underlying cause.

Many people in Rockland County view bankruptcy as, among other things, as a sure-fire way to lose their home to the bank that holds the mortgage.

The Time Hotel opened in Nyack in May 2016. The owners saw the property as a boutique hotel that would attract urban tourists and business travelers, but the plan has not succeeded.

A previous post here reviewed Chapter 7 bankruptcy, which usually results in the discharge of most of a debtor’s financial obligations, but does not necessarily protect a person’s home from foreclosure.

Most residents of Rockland County who have never filed a bankruptcy petition view the process as a long, dark journey during which they will be forced to sell most of their assets in exchange for having many of their debts declared uncollectible by the bankruptcy court.