Shi & Associates
Business and Individual Bankruptcy
Our lawyers are dedicated to helping companies and individuals recover from debilitating debt and helping you seek relief the ability to recapture their financial freedom and get a fresh start.
Our bankruptcy lawyers put clients’ needs first by providing personalized support and customized financial plans for the individual. By bankruptcy you can eliminate your debts and may keep your house, car and business.
If you or your business are suffering from debts and are considering filing for bankruptcy, the first step you should take is to consult a knowledgeable and experienced bankruptcy attorney. Debt settlement is also an option. Having an experienced bankruptcy attorney assist with your debt settlement will ensure that your rights remain protected from creditor abuse, allowing you to reach a fair and favorable settlement.
Our lawyers have been significantly involved in some of the most complex consumer and business bankruptcy proceedings in recent years, and we are committed to finding and executing the best solutions for every client. Once you file your bankruptcy petition, all creditor collection actions stop. Your creditors can no longer call you, send you collection notices, enforce judgments, garnish your wages, or take any other collection efforts against you or your assets. If you are facing foreclosure, we can save your home. Creditor harassment ends upon your decision to make a change and take control of your life.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy, also known as “fresh start” bankruptcy, is a form of debt relief intended to help individuals and families who are overwhelmed with unsecured debt, such as credit card debt, medical bills, and personal loans.
In a Chapter 7 personal bankruptcy you are wiping out your debts and getting a fresh start. Our clients who have worked with us to file chapter 7 bankruptcy no longer have to struggle to try to repay their crushing debt burdens.
If you work with us to wipe out your debts through chapter 7 bankruptcy, you will be able to rebuild your finances and focus on things that will make a positive difference in your life.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy, also known as “reorganization alternative” is used by individuals or businesses that believe they can pay off their debts by restructuring themselves.
In a chapter 11 personal bankruptcy you are not subject to the time limits of a chapter 13 case that is limited to a maximum of 5 years (60 months). In addition, unlike in Chapter 13 bankruptcy, in Chapter 11 bankruptcy there are no limits on the total amount of permissible debts.
In our experience a Chapter 11 personal bankruptcy case is great way in which our bankruptcy attorneys can assist entrepreneurs and high-net worth individuals restructure their financial affairs. In a Chapter 11 business bankruptcy the debtor company continues in operations and typically the existing management of the company remains in control as debtor-in-possession management. The company then can reorganize through a Chapter 11 plan process, or alternatively, can sell its assets through a bankruptcy sale.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy, also known as “reorganization” bankruptcy, is a form of debt relief intended to help individuals or married couples who are overwhelmed with debt, but make too much money to qualify for Chapter 7 bankruptcy, or who have substantial equity in real estate.
In a Chapter 13 personal bankruptcy you are using the bankruptcy process to cure defaults (past due amounts) and catch up with payments over time (over 3-5 years). For example, if your home is in foreclosure we can help you save your home through a chapter 13 repayment plan that will allow you to catch up over time (as long as 60 months). Similarly, if you are behind on rent and your landlord will not work with you to give you a workable repayment plan, we can help you make a plan that the landlord cannot refuse in a chapter 13 bankruptcy case.
Chapter 13 can also be used to deal with past due tax debts when the IRS or NY State Dept. of Taxation will not give you a workable payment plan.
Commercial and Corporate
Our law firm provides legal advice in all major business areas, including employment and benefits, environmental, intellectual property, finance, and tax law. This helps us cover the range of issues that may arise in a single corporate transaction, so that you can operate with confidence across jurisdictions and make the most of today’s business opportunities. We tailor expertise to suit your business needs, whether it involves completing a major transaction, starting a new venture, negotiating an important contract or expanding operations in a new region.
Our attorneys assist with the negotiating and drafting of contracts among business owners and between the business and its clients or vendors, when necessary. We also help our clients to draft complex corporate documents, including employment agreements, distribution agreement, license agreement, buy-sell agreements, shareholder agreements, operating agreements and other legal documents.
Our commercial litigation attorneys have the experience, knowledge and commitment to deliver the results our clients need. From defending complex, multi-plaintiff cases to prosecuting claims on behalf of our clients in state and federal courts across the United States, we have an excellent track record in every aspect of commercial litigation. Whether your company is being sued for an alleged breach of contract or you personally are facing legal action as a company executive, board member, partner, or corporate shareholder, we can use our extensive business litigation experience to help you make informed decisions focused on securing a cost-effective and favorable resolution.
Landlord Tenant Law
Landlord-Tenant disputes can be particularly sensitive and occur over a wide variety of issues, from failure to pay rent to failure to maintain the property in habitable condition. Our experienced landlord-tenant attorneys have an extensive track record of successfully resolving disputes between landlords and tenants in both the commercial and residential context, whether or not there are written leases.
We can assist you in understanding your rights and obligations under the law and explain what the terms of your lease agreement really mean. This analysis will help you better understand whether your rights have been violated and whether you are entitled to legal recovery. With the help of an experienced landlord-tenant attorney who can fight for your rights, you have a better chance of reaching a positive and speedy resolution.
Trust and Estate
Trust – the preservation and inheritance of property.
While trust is generally associated with the super-rich, trust is highly versatile instruments that can be used for various purpose to achieve specific goals.
What is a Trust?
A trust is a fiduciary relationship in which a trustor (the grantor) gives another party known as the trustee, the right to hold title to property or assets for the benefit of a third party (the beneficiary).
Common types of Trust
Revocable Living Trusts
Irrevocable Living Trusts
Assets Protection Trusts
Revocable Living Trusts created by the grantor during his or her lifetime, primarily used for 1.) Incapacity planning purposes; 2.) To avoid probate at the grantor’s death (providing privacy and reducing court proceeding time and costs.)
Revocable Living Trusts do not have creditor protection or tax savings benefits, but the grantor may change and terminate the trust at any time.
Irrevocable Living Trusts usually created by the grantor to benefit others (e.g., children/grandchildren), for the inheritance of property. It is primarily used to hold lifetime gifts for the beneficiaries and to receive assets following the grantor’s death. Asset protection and tax planning are two reasons these trusts may stay in place for multiple generations.
The grantor may have some control through the terms established in the trust document, generally, the grantor cannot change the trust in any meaningful way.
Assets Protection Trusts is essentially how is sounds. The primary goal of an asset protection trust is to protect assets from potential creditors, lawsuits, judgement against your estate etc. It is important to note that asset protection trusts are self-settled, which means you can be a designated beneficiary and access your assets at any time. When structured properly, grantors should be able to successfully prevent creditors from going after assets.