Welcome to Michael F. Kanzer & Associates, P.C
COVID-19 and its Impact on the Economy
The Coronavirus is not only affecting our physical and mental health, but it is also wreaking havoc on our economic livelihood. With businesses being forced to close across the country (except for those deemed essential), millions of Americans are struggling to make ends meet. Over the past month, the stock market has dropped significantly; hardworking people are witnessing their retirement savings and IRAs significantly deplete, while their debt increases. Recently, unemployment filings have hit a record high, evidencing the impact this crisis has had on Americans.
This economic devastation is resulting in the loss of employment, financial stress, reduced income, illness, etc. These are all issues that Michael F. Kanzer & Associates, P.C. has been helping its clients resolve for the last 23 years.
When my clients are threatened by creditor actions, lawsuits, garnishments, repossessions and/or bank account levies, we fight back. During this pandemic, you should not need to carry the financial and emotional stress of paying your debts. You should be focused on your health and well-being, to the extent possible.
Please be advised that the New York State legislature has temporarily suspended debt collection for money owed to New York State.
Effective immediately, New York residents can defer their state-referred student debt payments, state-referred medical debt payments and other forms of state-referred debt payments for at least 30 days. The suspension also pauses accrual of interest and collection of fees on all outstanding New York State debt. In addition, mortgage foreclosures will be suspended for a 90-day period.
This action by Governor Cuomo does NOT defer the payment of debts owed to private entities or the federal government.
Consequently, debt collectors are still attempting to collect from individuals that owe judgments. This global crisis has not even stopped the Nassau County Sheriff’s office from attempting to garnish one of our client’s wages.
COVID-19 and Bankruptcy
As New York is the epicenter of the virus, residents are looking for a viable solution to eliminate or minimize their crushing debt. Filings for consumer bankruptcy will be a major part of the resolve.
None of us have ever experienced a national emergency like this, nor did we prepare for a complete shutdown of businesses. Consequently, our financial situations are likely worse off than they were just a few months ago. The government’s “Stimulus Package” will provide some relief to Americans earning less than $99,000 (for single filers), but such relief will not be sufficient for most. A $1,200 check may help a low-earning individual stay afloat for a few weeks, but it will likely be a solution in the grand scheme of things.
Individuals that currently do not have a steady source of income will likely need to rely on borrowed funds, credit cards/lines and personal loans to pay bills. In addition, the historically low interest rates may make borrowing an even more attractive option for those without cash flow. It is foreseeable that debt will become overwhelming for many.
Bankruptcy is a way to cancel your debt and all of the baggage that comes along with your debt – the stress, the harassing collection agencies, the feeling of being suffocated by creditors. BANKRUPTCY IS A FRESH START. It is a tool that will be essential in helping individuals and businesses recover during this difficult time.
There are different types of Bankruptcies and our firm will conduct an analysis to determine which type of bankruptcy makes sense for you based upon your specific situation.
For an individual overloaded with medical bills or credit card bills, Chapter 7 Bankruptcy may be a viable option, as it allows you to eliminate all of your unsecured debt, if you qualify. It is inevitable that small business owners will not be able to recover from the shutdown of the economy. As such, Chapter 7 may be the only tool to alleviate the debt of restaurant owners, waiters, bartenders and other individuals who have been laid off.
Chapter 13 Bankruptcy will provide relief for individuals that fall behind on their car and/or mortgage payments, as it is a great tool to reorganize your debt. For example, let’s say a person is laid off and does not have a steady stream of income for at least three months. With Chapter 13, we can create an installment plan, over the span of 60 months, to help you pay your arrears. This will let you keep your house and prevent the possibility of foreclosure.
In addition, we can use the same process for auto loans arrears. If a person is being threatened with car repossession, a Chapter 13 can stop the repossession and allow the individual to pay their arrears over an extended period of time.
Chapter 11 Bankruptcy may be a practical option for small businesses. In New York, many small businesses will be provided loans from the SBA, which may help the business, recover. However, these loans will still need to be paid back, and it may take time to receive such assistance. . Chapter 11 will help assist small businesses stay open while they focus on reorganizing their debt.
COVID – 19 and Bankruptcy Courts
The United States Bankruptcy Courts for the Eastern District of New York and Southern District of New York are open, although they are not holding “in-person” hearings. Our firm can still continue to file petitions on your behalf and ultimately obtain what is known as an “automatic stay”. An automatic stay is essentially an injunction that prevents creditors from collecting debts you owe to them.
We can process your entire case from our initial telephone consultation, through the case preparation, signing and filing.
WE WILL RECOVER, RELIEF IS COMING.
We want you to know that Michael F. Kanzer & Associates, P.C. is still working and continuing to protect our client’s rights during this pandemic. Many of you have suffered loss of income and employment because of the coronavirus outbreak, and we are available to discuss your options.
We have helped hundreds of New Yorkers protect their assets from creditors in the last 23 years. We will evaluate your current situation and determine the right solution for you. We are experienced in bankruptcy, mortgage modifications, defense of foreclosures, defense of lawsuits and debt negotiation.
Although our physical office is closed, we are still able to operating remotely and have the means to connect with our clients via Skype, Facetime, email and telephone calls.
We are offering a free initial phone consultation during the Coronavirus epidemic. To discuss your options, please contact us by phone at 718-769-200 or by email at email@example.com.
Brooklyn Attorney at Law
Michael F. Kanzer, Esq., founder of MFKPC, has helped more than 5,000 clients meet their objectives in over 25 years of practice in the Brooklyn community. By enlisting the help of a professional, you can rest assured that the case is going to be handled properly right from the start. Instead of struggling to figure out the confines of the law, you can trust in a professional to handle the case with care and professionalism. Since we offer an array of different legal services, you don’t have to worry about needing multiple lawyers to address your specific situation.
Real Estate Law
In the event you are selling your home, you want someone to look over all of the important documents for you to make sure you are not being swindled on the deal. An attorney from Michael F. Kanzer & Associates, P.C will make sure everything is in order throughout the duration of the real estate sale to protect all parties involved.
Wills and Estate Planning
When it comes to wills and estate planning, four essential documents need to be considered. Regardless of how old you are, everyone should have a will in place to protect your assets and loved ones in the event of your passing. You don’t want your assets being turned over to the state because you didn’t have a will in place beforehand. A living will lets you make your wishes known in regards to any medical care to prolong your life.
A health care proxy lets someone in the family make the necessary decisions for you when you are unable to make them on your own. In the same regard, a power of attorney lets someone handle your personal affairs when you cannot do so for yourself. You can limit what the individual has control over to cater it to your specifications.
Divorces are painful enough, so you don’t want to spend more time fighting over issues that can easily be resolved. When you have a dedicated attorney working for you, they will take care of filing the necessary paperwork and making sure you are not being taken advantage of by the other party. One of our associates from Michael F. Kanzer & Associates, P.C can handle all of your Divorce Law issues including child support, visitation time, division of assets and more.
If you need help resolving a Family Law issue with a relationship or family matter, an attorney from Michael F. Kanzer & Associates, P.C can help you reach a settlement. Regardless of whether you are dealing with paternity issues, child support, divorce or other complex matters, we have a qualified attorney at Michael F. Kanzer & Associates, P.C who can help you along the way.
Personal Injury Law
For those who have suffered an injury from the workplace or elsewhere, you need someone who is going to work hard for you and your case. One of our associates from Michael F. Kanzer & Associates, P.C will address your Personal Injury case and make sure you get the settlement you deserve. From an automobile collision to burns, wrongful death, hit and run, broken bones and more, you can rest assured you are going to be taken care of for your case at Michael F. Kanzer & Associates, P.C.
If you are feeling overwhelmed by debt, there are alternatives to help you and regain control of your life. From a Chapter 7 Bankruptcy to eliminate virtually all of your debt to a Chapter 13 Bankruptcy to reorganize your debt and pay a fraction of it over the next few years, options are waiting from which you can choose. Michael F. Kanzer & Associates, P.C can help stop creditor calls, lawsuits, foreclosures, repossessions and more all by filing for Bankruptcy that suits your needs. You have the option to start anew and regain control of your finances.