Now is not an easy time to run a business. The pandemic has badly hurt small businesses across America, and many have understandably fallen behind on their debts as a result. Fortunately, Chapter 11 bankruptcy creates a mechanism that businesses can use to restructure and establish a payment plan while they continue to operate.

WHAT IS CHAPTER 11?

Chapter 11 is a bankruptcy proceeding that allows a business to establish a repayment plan for its debts without liquidating its assets and without the owner losing control of the business. Under Chapter 11, the business’s creditors are subject to an automatic stay on collections while the business establishes a repayment plan.

Any business filing for Chapter 11 in New Jersey must pay a filing fee; undergo credit counseling to develop a repayment plan; file a disclosure form listing assets, liabilities, and its business plan; and propose a repayment plan. Once the business has proposed a repayment plan, creditors are allowed to analyze it and propose their own plans.

WHAT ARE THE MAIN DIFFICULTIES IN A CHAPTER 11 BANKRUPTCY?

First, the business’s disclosure statement must be accurate. The disclosure statement must describe the nature of the business as well as include a detailed financial analysis of assets, liabilities, the potential effects of liquidation, and the possibility of repaying debts under a payment plan. A proceeding can be dismissed if the disclosure is inadequate, so it’s important to have an experienced attorney help you prepare it.

Second, the repayment plan must be feasible, proposed in good faith, and be in accordance with the bankruptcy code. Feasibility means the business must be able to make the payments. Good faith means the plan can’t rely on illegal activity. Finally, the plan must pay creditors back fully before equity holders receive anything. The plan must also show that the creditors will receive at least as much as they would if the business were liquidated, and at least one creditor who will receive less than fully owed must approve the plan.

If you’re considering Chapter 11 bankruptcy for your business, contact Rosenblum Law for a free consultation today. Our experienced attorneys can help you decide if Chapter 11 is the best option for you, and if it is, they can make sure the process goes as smoothly as possible, so that you can get your life back on track.

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Reckless driving is driving a motor vehicle in a way that either unreasonably interferes with other people’s use of public roads or unreasonably endangers other drivers. A few factors that typically characterize a reckless driving offense are:

• Multiple traffic violations
• Causing a danger on the road
• Showing disregard for others

New York law punishes reckless driving more harshly than other moving violations. This misdemeanor offense carries serious penalties, like a real risk of jail time, fines and surcharges, points on your license, and possible license suspension.  It is also treated more seriously by judges and prosecutors.

Penalties include:

• Possible jail time (up to 30 days for 1st offense)
• Fines & surcharges
• 5 points on your license
• Possible license suspension

DEFENDING AGAINST A RECKLESS DRIVING CHARGE

Most people charged with reckless driving feel the officer was wrong. And some of them may have a point. The reckless driving offense leaves officers with a lot of discretion to decide what sort of driving they think falls within the offense, and sometimes they are wrong. 

There are two main defenses against a reckless driving charge. One is to claim there are no aggravating factors; that the driver did nothing more than commit a traffic violation. Remember that reckless driving is something more than a simple traffic violation. The prosecution might say something like, “the defendant purposely sped through the intersection, running a red light and barely missing several cars.” The defense will paint a different picture. For example, I might say, “my client misjudged his stopping distance and crossed the intersection just as the light turned red.” The first version sounds reckless. My version sounds like a simple traffic violation.

A second defense is that the driver didn’t endanger anyone else and was driving reasonably under the circumstances. This argument focuses on the letter of the law. You’re saying to the court, my driving didn’t endanger anyone, didn’t interfere with anyone’s use of the road, and wasn’t unreasonable, so how could I have violated the statute?

With the right representation, it’s possible to convince the court that your conduct doesn’t amount to reckless driving. If you’ve been charged with this offense in New York, contact Rosenblum Law for a consultation. Our expert attorneys are skilled at swaying the court and helping drivers avoid the consequences of a reckless driving conviction.