The Basic Differences Between Chapter 7 and 11 Bankruptcy

A graduate of New York University School of Law, Nancy L. Kourland practices at Rosen & Associates, PC, in New York. Nancy L. Kourland has largely focused her career on bankruptcy litigation, and she often represents banks, debtors, and distressed companies dealing with Chapter 11 bankruptcy.

In the United States, there are several types of bankruptcy, including Chapter 7 and Chapter 11. These may seem somewhat similar, but there are actually significant differences between them. Both can be filed by individuals, businesses, or married couples, but the average person tends to use Chapter 7, while businesses often use Chapter 11.

Chapter 7 is also called liquidation bankruptcy. The debtor does not have any additional obligation to most debts by the end of the process. However, it will typically not eliminate mortgages or car loans, school loans, child support, or tax debts, though there are some exceptions. During the legal process for this type, a trustee is given the responsibility of securing any assets and selling those that are not exempt.

When it comes to Chapter 11 bankruptcy, a debtor’s assets are not sold, nor is any of the debt wiped out. Sometimes called rehabilitation or reorganization bankruptcy, this type is often more involved than Chapter 7, resulting in debts being restructured so that a company or individual can stay afloat while paying back any loans. While a trustee is also assigned during Chapter 11 processes, the trustee simply helps debtors create a manageable repayment plan instead of selling their assets.


Central Park Conservancy Features Birding Basics Event

Since 2009, Nancy L. Kourland has served as an associate at Rosen & Associates, PC, based out of New York City. In this position, she represents debtors and creditors found in chapter 11 cases. She also partakes in bankruptcy and district court appearances. Active within her community, Nancy L. Kourland regularly donates her time to several nonprofit endeavors, one of which is the Central Park Conservancy (CPC).

Established in 1980 by a group of concerned individuals, the CPC works to preserve, and maintain the integrity of, Central Park. With 40 million annual visitors, the park remains the most frequently visited urban park in the country. As a result, the Conservancy provides crew members to aerate lawns, rake leaves, plant shrubs, maintain the drainage system, and protect the lakes and streams from pollution and algae.

Throughout the year, the CPC hosts events at Central Park for individuals and families to attend. One event, Birding Basics for Families, is scheduled to be held on May 31, 2015, at the Charles A. Dana Discovery Center inside Central Park. Geared toward those ages five and older, this free event features members of the New York City Audubon Society, who will teach attendees how to spot birds that migrate to the area.

Are Workouts a Viable Alternative to Filing for Bankruptcy?

An associate with Rosen & Associates, PC, Nancy L. Kourland concentrates on chapter 11 bankruptcy and workouts, representing debtors, secured and unsecured creditors, corporations, banks and vendors in cases that require workouts. Nancy L. Kourland has an extensive background in complex research and writing and all aspects of chapter 11 reorganizations.

Navigating bankruptcy is no easy task. Sound legal representation is often the best way to manage bankruptcy. Out-of-court workouts are almost always preferred to filing bankruptcy, but they require that creditors agree with the conditions of the workout. In cases where there is more than one creditor, those that do not agree with the conditions of the workout are not subject to it, and can pursue other avenues for recovering debts.

Workouts involve negotiations that must conclude in an amenable solution for both the debtor and the creditor(s). A workout is a financial plan for repayment of debts to creditors. If a firm is capable of generating enough cash in the future to pay back their debts while sustaining their operations, a workout may be a viable alternative to filing for bankruptcy.

The Proceedings of Chapter 11 Bankruptcy, by Nancy L. Kourland

Chapter 11 bankruptcy, or the production of a plan to allow a business to reorganize for the purpose of paying off its creditors, is often a better option for businesses experiencing difficulties than liquidation because it produces higher revenue overall than the immediate sale of all assets.

A business that has declared Chapter 11 bankruptcy has a complicated task ahead. It must produce a comprehensive list of both its assets and debts, which is made available to creditors. A plan of repayment must be created and then voted on by the creditors. If both the list and plan are approved by the court, the bankruptcy is confirmed and the plan must be carried out.

Chapter 11 bankruptcy can often be a difficult process, and there are many finer details including restrictions on the functions of the business, potential mismanagement, and details of further actions open to the business. For anyone considering filing for bankruptcy, it is advisable to contact a lawyer for detailed advice.

About the Author: An Associate at Rosen & Associates, P.C., Nancy L. Kourland specializes in the representation of both debtors and creditors in Chapter 11 cases. Nancy L. Kourland has an extensive background in in-depth legal research as well as all practical aspects of Chapter 11 cases.

Rutgers University Expands to Serve More Students, by Nancy L. Kourland

On September 28, 2012, Rutgers University formally opened its Lifelong Learning Center at Atlantic Cape Community College (ACCC) in Mays Landing, New Jersey. The University has maintained a productive relationship with ACCC for several years, and the new facility greatly increases educational opportunities for area students.

This expansion follows closely on the heels of the New Jersey Medical and Health Science Education Restructuring Act, which was signed into law in August by New Jersey Governor Chris Christie. This legislation allowed the absorption of most of the University of Medicine and Dentistry of New Jersey (UMDNJ) into the Rutgers system.

Rutgers University is a highly ranked national research university with a student body of nearly 60,000 students from all over the world. The new additions augment an already extensive network of campus locations in Camden, New Brunswick, and Newark as well as existing partnerships with community colleges across the state.

About the Author: Nancy L. Kourland is an alumna of the Rutgers University School of Communications, Information, and Library Studies, from which she earned her MLIS in 2004.

Being Time in Kenya: A Photo Essay


Global Sojourns Photography

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The concept of time is fascinating. From physics to philosophy, the notion of time is difficult to define.

From our normal existence in the world, we often define time as ‘fleeting’ in the sense there is never enough. Frustration builds as the majority of time is spent catching up on work…work that is always running further and further away.

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The more worry about time, the less there is.

This has been the script for me this year.  Just as I am ready to celebrate and enjoy autumn, this great season is fading fast.

Back in September, I noticed the leaves turning color. But instead of picking up my coat and heading out, I dropped my head for a quick analysis of work and business only to look up a couple of months later to find winter staring me in the face.

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Pushing open the window, a gust of cold wind…

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Nancy L. Kourland on American Novelist Philip Roth

Award-winning novelist Philip Roth has created some of literature’s most compelling and memorable characters. Garnering initial fame with the novella Goodbye, Columbus, Roth solidified his place as a bold, humorous writer who could create deep, rich portraits of Jewish-American families.

After earning the National Book Award in 1960, Roth followed Goodbye, Columbus with the controversial and uproarious Portnoy’s Complaint, an explicit, semi-autobiographical novel that chronicles the life of a young Jewish bachelor in New York attempting to find his own identity despite his mother’s neurotic pressures.

Many of Roth’s characters reappear in his stories, either as influential figures in the plot or as stand-ins for the audience. In particular, readers may be familiar with Nathan Zuckerman, a family man and author living in the Weequahic neighborhood of Newark, New Jersey, who has taken on both personae in several novels. In American Pastoral, Zuckerman’s troubled home life is detailed as he and his wife face the possibility that their daughter is a domestic terrorist; in The Human Stain, Zuckerman serves as a reader surrogate, listening to the mysterious and unexpected life story of his neighbor, Coleman Silk, a college professor who has been wrongly accused of using racist terms in front of his students.

Critics have theorized that Roth created Zuckerman as an alter-ego. The fictional author’s novel, Carnovsky, which appears in Zuckerman Unbound, is often seen as a meta version of Portnoy’s Complaint. The character also serves as a vital protagonist in the novels The Ghost Writer, The Anatomy Lesson, and The Prague Orgy. These four books comprise the collection Zuckerman Bound. Other novels featuring the character include The Counterlife, I Married a Communist, and Exit Ghost.

Utilizing his own life for inspiration, Philip Roth also created many characters based on his family and friends. Margaret Martinson, Roth’s first wife, served as the basis for many of his female characters after her death in a car crash in 1968. Martinson’s memory helped Roth create Maureen Tarnopol in My Life as a Man and Lucy Nelson in When She Was Good. 

In addition to his writing career, Philip Roth also taught creative writing at The University of Iowa and Princeton University, as well as comparative literature at the University of Pennsylvania. Roth earned his Bachelor of Arts in English from Bucknell University and a Master of Arts in English Literature at The University of Chicago, where he complemented his studies with a position as an instructor in the school’s writing program. Beyond writing novels, Roth also wrote for The New Republic and served for two years in the United States Army.

Over the course of his career, Philip Roth has accumulated numerous honors from prestigious literary sources. Roth received three PEN/Faulkner Awards for Operation Shylock, The Human Stain, and Everyman, as well as a Pulitzer Prize for Fiction for American Pastoral. The Human Stain later also won the United Kingdom’s WH Smith Literary Award for best book of the year. The Plot Against America, which follows several years in the life of the Roth family during the Lindbergh presidency and details the growing forces of anti-Semitism in America, garnered the Sidewise Award for Alternate History and the Society of American Historians’ James Fenimore Cooper Prize for Best Historical Fiction.

About the Author:

Nancy L. Kourland is a  Senior Associate at Rosen & Associates, P.C. In her free time, she enjoys reading classic literature from authors such as Jane Austen and Charles Dickens.