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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

David L. Stevens

David L. Stevens
I have a passion for what I do. There are few things I enjoy more than helping good people and viable businesses find solutions to overwhelming debt.

Recent Posts

Filing for Bankruptcy is Exciting!

I am often asked how I can be so optimistic when my job is working with people going through perhaps the most difficult time in their lives. It’s easy: my job is to make things better.  I am a professional problem solver. Not only do I get to unburden my clients from overwhelming debt, but I get to them how to get the most out of the fresh start bankruptcy provides.  Who hasn’t wanted a do-over? This time, with right mindset, wisdom earned from their experience, and God willing no unfortunate circumstancesthe future is cheery.  

Not All Taxes Are Treated Equally in a Bankruptcy in New Jersey

People often think of taxes simply as money owed to the government and don’t put anymore thought into the unpleasant topic.  There are many different kinds of taxes, most of which fall into a few basic categories: taxes on income, taxes on property, and taxes on goods and services.  The government is creative on ways it can collect revenue and have found ways to exact a fee from most every aspect of our lives.  For someone contemplating bankruptcy, what kind of tax one may owe, when it was first due, whether a return was filed, or when a return was filed, all make a big difference in how the tax is treated. 

Operating Guidelines for Small Businesses in Chapter 11 Bankruptcy Cases

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Chapter 11 cases are more complicated bankruptcy cases in many ways and much more is required of a debtor in Chapter 11 than in a chapter 7 or chapter 13 case. The debtor's failure to comply with the operating and reporting requirements set forth below may result in the dismissal or conversion of a chapter 11 case to a case under chapter 7 of the Bankruptcy Code.  Perhaps the most important early decision a business can make when contemplating bankruptcy, is selecting bankruptcy counsel that is experienced with successfully navigating a debtor through a chapter 11 case.

Money is Fungible:  Safeguard the Character of Exempt Assets

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A bankruptcy case begins when a debtor files a bankruptcy petition in a bankruptcy court. The start of the case creates a bankruptcy estate, which contains “all legal or equitable interests of the debtor in property as of the commencement of the case.” 11 U.S.C. § 541(a)(1). However, specific property of a debtor is excluded from the bankruptcy estate via statutorily created safe harbors known as exemptions. 11 U.S.C. § 522. An exemption withdraws an interest from the bankruptcy estate, and consequently from the creditors, for the benefit of the debtors.

Business Owners Beware – You Can’t Simply Shut the Doors of a Failing Company and Walk Away

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 Every day new companies open their doors, employ a workforce, and provide valuable services and products to help sustain our economy.  Clearly, not all businesses are successful, particularly small businesses.  Most businesses in operation in the United States are defined as a small business, which the U.S. Small Business Administration defines as an independent business having fewer than 500 employees. Small businesses, which each are commonly undercapitalized and lacking the necessary skills to operate a business, are particularly vulnerable to the incumbent risks that all businesses face. Only about half of small businesses will survive past the five-year mark.  So, what does a business owner do when the business no longer can pay its debts as they come do?

Alternative Solutions to Bankruptcy

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Chapter 11 bankruptcy reorganization has and remains a viable option for companies in distress.  The Bankruptcy Court provides a singular judicial forum where all creditors are required to participate.  The Bankruptcy Court also has enormous powers and its procedures are well-oiled and generally predictable.

However, and particularly with respect to smaller companies, bankruptcies have become relatively expensive, making the process inefficient and costly for such debtors.  For these “smaller” companies, therefore, other non-bankruptcy alternatives should be considered.  One alternative solution to a Chapter 11 reorganization is known as an Assignment for the Benefit of Creditors, commonly referred to as an “ABC”.

Do I 'Qualify' for a Chapter 7 Bankruptcy in New Jersey?

Clients often ask if they qualify for a Chapter 7 bankruptcy.  People may not know much about bankruptcy before calling my office, but there is a general anxiety as to whether they will be "forced" into repaying some of their debt.

Conversion of a Chapter 7 Case to a Chapter 13 Case

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It may seem odd at first thought why someone would want to be in a chapter 13 case if he or she qualified for a chapter 7. In recent weeks however, I have noticed that chapter 7 trustees are getting more aggressive about pursuing possible equity in a home

Can I File Bankruptcy if I Own a Business? [Video]

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[David Stevens, Esq. answers your questions about owning a business and filing for bankruptcy ]

That's a question I'm asked very often, and the answer is of course you can. The issue is not whether you own a business. The question is does the business have such value that it's a concern for us, and even if it did, how do we treat that value in a bankruptcy context?
 

Overview of the Bankruptcy Process [Video]

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[David Stevens, Esq. walks you through the bankruptcy filing process to help put you at ease]

Hi. So we've probably already spoken once. Perhaps you called my office and set up an appointment, or you emailed me, or you went online and set an appointment, that's all great.

What should I expect when I file bankruptcy?

Provide your Financial Information

When you come in, I'm going to give you an intake form to help me fill out some information, or perhaps you're going online and doing it now. Don't worry about not being able to provide all the information to me, that's fine. I used to do this face- to-face, and it would take at least an hour just to fill out this worksheet. So, the more you give me now, the better off we'll be, and we'll have more time to spend talking about things that really concern you.

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