A practice of
NYBusiness.Law
NYBusiness.Law
NYBusiness.Law
RESET.LAW advises creditors, businesses, and individuals on Chapter 11 matters, claims strategy, filings, workouts, and practical restructuring guidance across New York.
Financial distress does not present the same way in every case. Some clients need to protect a business through a filing. Some need strategic Chapter 11 guidance. Some need help asserting creditor rights and preserving recoveries. Others need individual relief under Chapters 7 or 13. RESET.LAW is built to advise across that spectrum.
This practice is not limited to consumer filings. We advise creditors with claims, businesses facing distress, and individuals seeking a workable path forward. The goal is to bring disciplined legal judgment, strategic clarity, and practical next steps whether the right answer is Chapter 11, Chapter 7, Chapter 13, a negotiated workout, or a broader restructuring plan.
Strategic guidance for businesses, individuals, and creditors in complex situations
We assist creditors in Chapter 11 matters with claims review and filing, strategy on recoveries, monitoring case developments, and practical guidance on protecting rights throughout the process.
We advise businesses and individuals evaluating Chapter 11, restructuring alternatives, and related strategic options where a more tailored reorganization framework may be appropriate than a standard Chapter 7 or 13 filing.
You are a creditor with a meaningful claim • your business needs a reorganization path • your situation involves more than straightforward consumer debt relief • or you need strategic legal guidance before deciding whether a filing should occur at all.
"Fresh Start" Liquidation Bankruptcy
Chapter 7 remains an important option where a faster liquidation-based structured path forward is the right fit. It eliminates most unsecured debts quickly. A trustee reviews your finances; non-exempt assets may be sold. Most cases are "no-asset"—you keep everything protected by exemptions.
Income below median • Little home/car equity • Mostly credit card or medical debt • Want quickest structured path forward • Current on mortgage
"Wage Earner's Plan" Repayment Bankruptcy
Chapter 13 remains a valuable tool where a repayment structure is needed to preserve assets or cure arrears. It allows you to keep all your property while repaying some or all of your debts over 3-5 years. You make monthly payments to a trustee who distributes funds to creditors. At the end, remaining qualifying debts are discharged.
Income too high for Chapter 7 • Behind on mortgage & want to keep home • Have significant assets to protect • Have co-signers to protect • Stable income for 3-5 years
Chapter 7 and Chapter 13 remain important tools, but they are not the only focus of this practice. RESET.LAW also advises on Chapter 11, creditor claims, and broader restructuring strategy.
| CHAPTER 7 | CHAPTER 13 | |
|---|---|---|
| Timeline | 4-6 months | 3-5 years |
| Credit Report | 10 years | 7 years |
| Income Test | Must pass means test | Regular income required |
| Property | May lose non-exempt | Keep all property |
| Mortgage Arrears | Cannot cure | Can catch up over plan |
Married couples filing jointly may double these amounts.
Child support & alimony • Most tax debts • Student loans (limited exceptions) • Criminal fines & restitution • Debts from fraud • Debts from DUI injuries
Every situation is unique. Arrange a consultation to discuss creditor claims, Chapter 11 strategy, business distress, restructurings, or individual bankruptcy options.
Michael S. Baker, P.C.
A practice of
Helping creditors, businesses, and individuals across New York State