Press Release

Brooklyn, NY ( connect2business.co.uk ) June 7, 2013 - Does a geographically focused law practice offer any advantages in today's crowded and hyper-competitive New York legal industry?

Apparently it does.

From major real estate transactions to bankruptcy law, and multiple legal specializations, in between, Brooklyn attorney Michael F. Kanzer of Kanzer & Associates does it all.

The volatility of the economy in recent years has compelled even attorneys to examine their strengths and assets. After all, a viewing of attorney listings in any major metropolitan area, including New York, reveals just how crowded the industry is. So, has location specialization helped?

Michael F. Kanzer feels it definitely has.

In addition to legal bankruptcy relief, Michael J. Kanzer's Brooklyn New York legal focus has been especially noticeable with real estate law. His firm recently represented the sellers for a 13 million dollar property in the resurging Bowery/NoHo area of Manhattan. Kanzer is definitely plugged in to activity that demonstrates the booming commercial and retail real estate New York.

Celebrating his 25th year as an attorney, Mr. Kanzer has found that the need for legal bankruptcy relief is becoming more needed than ever.

Is Chapter 13 Bankruptcy A Viable Option?

Mr. Kanzer believes it is.

Often, individuals overwhelmed with debt feel that total liquidation of their debts and starting with a clean slate is the best way to go. But if they have real estate, a Chapter 13 is a more viable alternative.

Enter Chapter 13.

Chapter 13 is essentially a form of debt consolidation. Chapter 13 of the United States Bankruptcy Code, codified under Title 11 of the United States Code, governs a form of bankruptcy in the United States that allows individuals to undergo a financial reorganization supervised by a federal bankruptcy court. The goal of Chapter 13 is to enable income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan. This is in contrast to the goals of Chapter 7, which offers immediate and complete relief of many oppressive debts.

It's always a conceivable option that an individual who is badly in debt can file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy), under Chapter 13 (reorganization), Chapter 12 (family farmer reorganization), or under Chapter 11 (reorganization of a company, or an individual debtor whose unsecured debt exceeds $360,475.00 and/or whose secured debt exceeds $1,081,400.00).

Debtors may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances the debtor may choose under which chapter to file. The debtor may also choose to convert to another chapter from a 7 or 11 when forced into an involuntary bankruptcy

Mr. Kanzer is quick to point out that a debtor's financial situation and the type of relief sought plays a significant part in the selection of chapters. Unfortunately, in some cases, the debtor can't file under Chapter 13 since they might fall short of the disposable income necessary to back a viable Chapter 13 plan. Section 109(e) of Title 11, United States Code sets debt limits for individuals to be eligible to file under Chapter 13. The debt limits for filing Chapter 13 of unsecured debts are less than $360,475.00 and secured debts of less than $1,081,400.00.

Under Chapter 13, the debtor proposes a plan to pay creditors over a 3- to 5-year period. The written plan details all of the transactions, with time durations that will occur, and repayment according to the plan must begin within thirty to forty-five days after the case has begun. During this period, creditors can't collect on the individual's previously incurred debt except through bankruptcy court. Generally, the individual can still keep his or her property.

Michael F. Kanzer & Associates knows the best legal options to pursue, based on the individual's financial situation and the potential outcome of the existing remedies that are available.

For more details visit http://www.kanzerlaw.com/

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Michael F. Kanzer & Associates knows the best legal options to pursue, based on the individual’s financial situation and the potential outcome of the existing remedies that are available. For more details visit http://www.kanzerlaw.com/

Organisation Profile:
Under Chapter 13, the debtor proposes a plan to pay creditors over a 3- to 5-year period. The written plan details all of the transactions, with time durations that will occur, and repayment according to the plan must begin within thirty to forty-five days after the case has begun. During this period, creditors can't collect on the individual's previously incurred debt except through bankruptcy court. Generally, the individual can still keep his or her property. Michael F. Kanzer & Associates knows the best legal options to pursue, based on the individual’s financial situation and the potential outcome of the existing remedies that are available. For more details visit http://www.kanzerlaw.com/