Wayne Greenwald, P.C.

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Wayne Greenwald, P.C. Wayne Greenwald, P.C., offers creative solutions to debt and business problems.

Debtors, creditors, trustees, investors, landlords and other interested parties in debtor-creditor matters. Debtors, creditors, trustees, investors, landlords and other interested parties in debtor-creditor matters have relied on us to provide effective solutions to complex legal and financial challenges. We are an innovative debtor-creditor practice, offering a unique knowledge of the interplay between bankruptcy and commercial, business, domestic, criminal problems, and other interrelated legal issues.

Are There Any Tax Implications Or Benefits Associated With Debt Resolutions For Entrepreneurs?Yes, there are tax implica...
10/15/2026

Are There Any Tax Implications Or Benefits Associated With Debt Resolutions For Entrepreneurs?

Yes, there are tax implications associated with debt resolutions. Often overlooked by debtors, the forgiveness of debt is considered a form of taxable income. The tax implications usually depend on your solvency at the time of the debt deal. If you’re solvent, the debt forgiveness is taxable. If you’re insolvent, the tax applies only to the extent that you’re rendered solvent by debt forgiveness.

Learn more here: https://www.bankruptcystrategies.com/resolution-of-business-debt-issues-in-ny/

What Are Some Mistakes Entrepreneurs Should Avoid When Attempting To Resolve Business Debt?While resolving business debt...
10/07/2026

What Are Some Mistakes Entrepreneurs Should Avoid When Attempting To Resolve Business Debt?

While resolving business debts, ensure you’re not throwing good money after bad. Entrepreneurs often hold an optimistic outlook, believing that additional funds and hard work will resolve their financial woes. However, this isn’t always the case. Further investment in a failing business could potentially be a waste of resources that might otherwise be utilized for a new venture or addressing non-dischargeable debts. It’s crucial to determine whether the business can truly be revived – knowing when to step away is critical.

Learn more here: https://www.bankruptcystrategies.com/entrepreneurs-with-serious-debt-problems-in-ny/

What Is Chapter 13 Bankruptcy?Unlike Chapter 7, which is a liquidation bankruptcy, Chapter 13 Bankruptcy is what is refe...
10/01/2026

What Is Chapter 13 Bankruptcy?

Unlike Chapter 7, which is a liquidation bankruptcy, Chapter 13 Bankruptcy is what is referred to as a “reorganization bankruptcy.” It is designed for debtors who have a substantial, regular source of income, but have gotten overwhelmed with unmanageable debt. It puts a stay in place, ceasing collections actions and fees as well as wage garnishment, litigation, and foreclosure.

Learn more here: https://www.bankruptcystrategies.com/practice-areas/chapter-7-bankruptcy-and-chapter-13-bankruptcy/

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Diligence and Discharge - Bankruptcy relief is not a sign of failure. It expresses hope. There is life after bankruptcy....
09/16/2026

Diligence and Discharge - Bankruptcy relief is not a sign of failure. It expresses hope. There is life after bankruptcy. Potentially, a better life. Bankruptcy discharges are “fresh starts” for individuals to build futures, where their pasts are not repairable.

Learn more here: https://www.bankruptcystrategies.com/diligence-and-discharge/

What Is Chapter 7 Bankruptcy?Chapter 7 Bankruptcy allows filers to discharge qualifying debts (including most forms of u...
09/08/2026

What Is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy allows filers to discharge qualifying debts (including most forms of unsecured debt, such as medical bills, credit card bills, and personal loans). In exchange, the filer’s non-exempt property is liquidated to pay off their creditors. In New York, many types of property may be exempted from liquidation, such that some filers are able to keep their homes, cars, and most if not all of their property.

Learn more here: https://www.bankruptcystrategies.com/.../chapter-7.../

How Long Can A Creditor Attempt To Collect A Debt From Me?In New York State, creditors have 20 years before a debt is de...
08/27/2026

How Long Can A Creditor Attempt To Collect A Debt From Me?

In New York State, creditors have 20 years before a debt is deemed to be satisfied. However, that creditor can move to extend it for another 20 years. They can do that continuously. If, however, you have a debtor who goes into bankruptcy and gets the debts discharged, the debt cannot be collected anymore. The creditor can only get what is available through the bankruptcy case. However, if that debt is deemed non-dischargeable because the debtor has committed a fraud on the creditor, that debt can go on forever.

Learn more here: https://www.bankruptcystrategies.com/what-are-the-laws-that-protect-debtors-in-new-york/

What Is The Statute Of Limitations For Filing A Judgment Against A Debtor In The Areas That You Practice In?The statute ...
08/12/2026

What Is The Statute Of Limitations For Filing A Judgment Against A Debtor In The Areas That You Practice In?

The statute of limitations generally depends on the nature of the claim. In New York, the statute of limitations for most commercial type claims is six years. For fraud it is six years. If the fraud was hidden, add two years from the date of discovery or when the discovery could have been made. The statute of limitations for the taking of property with the intent to keep, or conversion is one year.

Learn more here: https://www.bankruptcystrategies.com/what-services-does-your-firm-provide-creditors-attempting-to-collect-on-a-debt/

Can Individuals Convert Their Chapter 11 Bankruptcy Case To Another Bankruptcy Chapter If Needed, And What Factors Might...
08/05/2026

Can Individuals Convert Their Chapter 11 Bankruptcy Case To Another Bankruptcy Chapter If Needed, And What Factors Might Influence That?

Yes, individuals can convert their Chapter 11 bankruptcy case to Chapter 7 or 13 at their discretion. The decision to convert is usually influenced by their ability to manage the demands of a Chapter 11 case, which can be resource-intensive. If during reorganization they realize that they’re unable to handle it, they might opt for liquidation under Chapter 7. In some cases, it makes more sense to convert to Chapter 7 to preserve assets and resources when it’s uncertain if certain claims can be discharged.

Learn more here: https://www.bankruptcystrategies.com/alternatives-for-chapter-11-bankruptcy/

What Legal Considerations Should Entrepreneurs Be Aware Of When Pursuing Debt Resolutions, Such As Personal Liability On...
07/21/2026

What Legal Considerations Should Entrepreneurs Be Aware Of When Pursuing Debt Resolutions, Such As Personal Liability On Credit Score?

Credit scores should not be a primary concern. Despite popular belief, a high credit score doesn’t necessarily guarantee favorable loans from banks. Many individuals with impressive credit scores fail to secure loans due to insufficient income. Banks and lenders consider the assets securing the loan and the available income to repay the loan.

Learn more here: https://www.bankruptcystrategies.com/resolution-of-business-debt-issues-in-ny/

How Can Entrepreneurs Prioritize Their Debts And Create A Repayment Plan That Aligns With Their Business Goals?Debt prio...
07/14/2026

How Can Entrepreneurs Prioritize Their Debts And Create A Repayment Plan That Aligns With Their Business Goals?

Debt prioritization should be driven by urgency. This “hottest fire first” approach involves dealing with the most pressing debts first. However, when planning a business debt resolution, ensure that the debts for which you are personally liable, like guarantees, non-dischargeable debts, and taxes, are addressed by the business. This way, the debts directly linked to you get prioritized in the business’s workout plan.
Learn more here: https://www.bankruptcystrategies.com/entrepreneurs-with-serious-debt-problems-in-ny/

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