NY Sports Club latest chain to seek bankruptcy protection Gold’s Gym sought bankruptcy protection in May 2020. 24 Hour Fitness Worldwide filed for bankruptcy in June 2020. Other gyms, including Planet Fitness, have furloughed workers in order to conserve cash. New York Sports Club and Lucille Roberts are also now in bankruptcy. Town Sports International…

File a Proof of Claim You May Need to File a Proof of Claim Form if You Are a Creditor in a Bankruptcy If you need help filing your proof of claim, contact our law firm for assistance. CLICK HERE to contact the law firm. Are you a creditor in a bankruptcy case? You are…

CARES Act Mortgage Forbearance CARES Act Mortgage Forbearance. Financial hardships due to the coronavirus are likely to make you a candidate for a forbearance as an option. Relief for all federally or GSE-backed mortgages Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the recent announcements by federal agencies and the GSEs, there…

If bankruptcy MIGHT be in your future, here is what you should do now: If you’ve lost your job or struggle to pay your debt, you may need to file for bankruptcy. If that’s the case, you should ignore some common financial advice and start thinking defensively. The coronavirus pandemic that upended the economy is…

So many job layoffs There have been many layoffs and furloughs lately; Macy’s is furloughing 125,000 employees Walt Disney World is furloughing 43,000 employees Airbnb laid off 25% of its workforce which was 1,900 employees. Uber recently laid off 3,700 employees. Virgin Atlantic laid off  3,150 employees. United Airlines is talking about 3,400 layoffs by this fall. Lyft laid…

Governor Cuomo issued another Executive Order: 🟥Our ability to notarize and witness documents (including wills, trusts, powers of attorney, health care proxies, living wills) REMOTELY has been extended (again) to June 6th. 🟥Since many RESIDENTIAL tenants cannot afford to pay their rent, a tenant can request to or otherwise consent to (but cannot be forced…

Chapter 13 plans can be extended up to 7 years 7 year Chapter 13. An existing chapter 13 plan can be extended to 7 years if the case had been confirmed and then the covid-19 virus caused payment issues. On March 27, 2020, the President signed into law the historic Coronavirus Aid, Relief, and Economic…

Loan modifications under CARES Act. The law firm assists with loan modifications and mortgage relief for those impacted by the coronavirus pandemic. This blog post discusses loan modifications and mortgage relief for those impacted by the coronavirus pandemic. Federal and state governments, and financial institutions and loan servicers, have announced plans to help struggling homeowners…

Small Business Reorganization Act.  This is a chapter 5 bankruptcy designed to make the process easier for a business than a Chapter 11 reorganization Small businesses now have an alternative to a chapter 11 bankruptcy called the chapter 5 bankruptcy. This statute, Chapter 5 is designed to ease some of the burdens that certain mechanical processes in…

Breach of Contract Coronavirus. Given the economic disruption, some contracting parties may seek to be excused from performance under their contracts. How to get out of a contract? There are many ways in which contractual performance has become and could become even more challenging. What COVID-19 coronavirus issues are complicating your contract? government-mandated quarantines travel…

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