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Restaurants take a financial hit in the food chain

Since the beginning of the recession restaurant chains have started to become “zombie restaurants,” as reported by The New York Times in a December 27th, 2011 news article.

Consumers looking to cut back on their budget have resorted to not eating out which in turn has caused many restaurant chains to explore the option of Chapter 11 bankruptcy. Major chains that used to dominate across the country are now lining up at bankruptcy court.

Many of these chains were forced to close the doors on many of their “under performing” locations. Analysts explained that the only reason these chains have even been able to keep a large portion of their chains still open is because with the fall of demand came the fall of food supply prices, which allowed the restaurant chains to discount their meals.

Since 2008 the restaurant chain business has been attempting to adapt to the market changes. With the economy slowly coming out of the recession the chains are looking to the future in the hopes that they will be able to reopen in their old locations and expand.

We at the Law Office of Jayson Lutzky, P.C. are interested in informing our clients about current economic conditions to help them better handle personal debt. If you are struggling with debt, and you are in need of legal advice, please feel free to call us at 1-800-660-5299 or visit us at for a free initial consultation.

Consumer’s confidence leads to a stronger economy

Analysts are reporting that consumers appear to be gaining more confidence in the economy, as reported by The New York Times in a January 9th, 2012 news article. People borrowing money increased significantly in November, reaching the largest amount in the past decade. More consumers were obtaining loans and using their credit cards. Analysts explain…Continue Reading

Major American bus company files for bankruptcy

Numerous airlines have filed for bankruptcy and now the same troubles have reached ground transportation. In a January 3rd, 2012 New York Times article it was reported that Coach America filed for bankruptcy protection. The company, which is one of the country’s biggest bus operators, filed for a Chapter 11 protection in a Delaware bankruptcy…Continue Reading

Bronx bankruptcy lawyer comments on Lee Enterprises filing for bankruptcy

Bronx bankruptcy lawyer comments on Lee Enterprises filing for bankruptcy Bankruptcy protection hits the news. The New York Times reports in a December 12th, 2011 article that Lee Enterprises filed for Chapter 11 bankruptcy. Lee Enterprises the third-largest newspaper publisher, publishing 48 daily newspaper sought for the court’s protection to refinance nearly $1 billion in…Continue Reading

Mets bring in another player for financial support

New York Mets bring in another player for financial support The New York Mets baseball team announced that they have enlisted the help of CRG Partners, a company that assists in “special talents financial advisory work, restructuring and reorganization, and turnaround management.” The New York baseball team openly admitted that they were in need of…Continue Reading

Bronx bankruptcy lawyer comments on New York jurisdiction in Federal Housing cases

  An October 13th, 2011 New York Law Journal article reported that the Federal Housing Finance Agency filed 13 of their lawsuits against some of the world’s largest financial institutions in the New York federal court . The agency additionally filed four in the New York state court and one in the Connecticut court system.…Continue Reading

Pennsylvania’s state capital heads to bankruptcy court

  Harrisburg, the capital of Pennsylvania filed for bankruptcy against the wishes of both the mayor and Governor Tom Corbett, as reported by The New York Times in an October 12th, 2011 news article. Harrisburg’s City Council apparently held a meeting discussing whether or not to declare the city bankrupt and after a 4-to-3 vote,…Continue Reading

Bankruptcy court appoints new leader for solar energy company

  After filing for bankruptcy the California energy company, Solyndra, struggles to restructure itself, as reported in an October 13th, 2011 New York Times article. In an effort to help the company with its financial struggles the bankruptcy court handling the case approved the hiring of a new officer, R. Todd Neilson. Mr. Neilson previously…Continue Reading

Citibank Vice President pleads guilty to embezzlement

Citigroup’s vice president pleaded guilty to embezzlement charges as reported by the New York Law Journal in a September 7th, 2011 news article. The Vice President admitted to embezzling over $22 million and agreed to turn over majority of his estate which includes real estate in Brooklyn, Manhattan, and New Jersey, and numerous luxury cars.…Continue Reading

New York Attorney General declines to agree with large banks

  Large banks in New York are eager to reach a settlement agreement with Eric T. Schneiderman, New York’s Attorney General, as reported in an August 21st, 2011 New York Times article. Mr. Schneiderman, on the other hand, is dragging his feet in discussing the matter. Along with other state attorney generals, Mr. Schneiderman is…Continue Reading

Medical debt outranks other debt in bankruptcy survey

A new study has found that medical debt is the biggest contributing factor to people filing for a personal bankruptcy, as reported in an August 18th, 2011 New York Times article. The study reported that approximately 20% of people who filed for bankruptcy cited medical debt as the primary cause of their debt. This percentage…Continue Reading

Alabama County avoids bankruptcy but barely

  Alabama finally struck an agreement on how to deal with one of their county’s substantial debt, reported the New York Times in a September 16th, 2011 news article. The county’s debt was so high that if a bankruptcy would have been filed it would have gone down in American history as the biggest municipal…Continue Reading

Bronx bankruptcy attorney gives tips on freelancers applying for a mortgage

  With the job market still is not on stable ground many Americans have turned to freelance jobs to help pay the household bills. Unfortunately, income from freelance jobs can have a grave effect on a person getting or modifying their home mortgage, as reported in an August 26th 2011 article. For those freelancers looking…Continue Reading

Bronx bankruptcy lawyer comments on new discrimination affecting the unemployed

The unemployed face bigger troubles in finding a job. The New York Times reported on July 26th, 2011 that employers looking to hire are less likely to hire those who are currently unemployed. After reviewing many of the job placement websites it was found that many hiring employers are advertising that they “strongly prefer” or…Continue Reading

Bronx bankruptcy attorney discusses recession’s impact on the Hispanic community

A new study shows that the Hispanic population has been hit the hardest by the recession. A study conducted by the Pew Foundation and using data collected by the Census Bureau reported, that the average Hispanic household wealth has decreased the most during the recession then any other racial group. According to a July 26th,…Continue Reading

Bronx bankruptcy lawyer discusses settlement between credit card companies and government

Two major credit card companies have reached a settlement with the federal government in regards to a case filed against the companies back in October. The New York Law Journal reported in a July 21st, 2011, article that an Eastern District Judge had approved the settlement agreement reached between the federal government and Visa and…Continue Reading

Bronx bankruptcy lawyer comments on MERS legal problems

Mortgage Electronic Registry System faces more legal issues dealing with the company’s loan and foreclosure processes. According to a July 23rd, 2011 New York Times article, banking executives and state attorney generals have begun negotiating a settlement agreement to end the legal battles surrounding the company. As of now, it is unclear how much protection…Continue Reading

Bronx financial attorney comments on Thomas J. Curry to lead the Office of Comptroller of the Currency

  The New York Times reported in a July 2nd, 2011 article that President Barack Obama nominated Thomas J. Curry to lead the Office of Comptroller of the Currency. The job entails overseeing hundreds of national banks, both small and large. It is expected that the Republican Party will grill Mr. Curry on his commitment…Continue Reading

Bronx bankruptcy lawyer comments on new rule placed on creditors who deny consumer loans

As of July 21st, 2011, consumers will be entitled to have a better understanding to how the creditors view them, as reported in a July 9th, 2011 New York Times article. Consumers who are denied or do not receive the best interest rate on a loan by a creditor are now allowed to view the…Continue Reading

Bronx financial and property attorney comments on mortgage payment grace period

Unemployment numbers are still up and housing prices are still down, which has led to Obama’s administration having to go back to the drawing boards. The New York Times report in a July 8th, 2011 article, that Obama’s administration has implemented that all loans that are presently insured by the federal government will allow unemployed…Continue Reading


The new foreclosure policies placed on the 14 major banks have led to a significant decrease in the number of properties foreclosed on, reported The Wall Street Journal on May 28th, 2011. These new polices were placed into effect to prevent the banks from continuing the use of “robo-signing.” A method that sped up the…Continue Reading


An anonymous letter sent from a current employee sparked an investigation against Goldman Sachs, reported The New York Times in a May 26th, 2011, article. The Federal Reserve Bank of New York is currently conducting an investigation to see if Goldman Sachs company was systematically rejecting borrowers in an attempt to lower their loan payments…Continue Reading


The New York Times reported in a May 30th, 2011, article that the number of homeowners in America is dropping. Even with the economy slowly beginning to turn around since last year. The American public is not looking to buy their own home. Many Americans are simple are unable to because of unemployment, previous foreclosures,…Continue Reading


The New York Times reported on Sunday, November 28th, 2010, that government is starting to increase scrutiny on banks during foreclosure proceedings. When a bank attempts to start the foreclosure process against their borrower the courts are now requiring they show proof that the bank is in control of the loan and that it has…Continue Reading

Bronx attorney give subpoenas 101:

Many people have heard the legal term “subpoena” but do not fully understand what it is and how it works. To simply put it, the court system uses subpoenas to help obtain information needed to complete a trial case. There are two types of subpoenas; subpoenas ad testificandum and subpoenas duces tecum. A subpoena ad…Continue Reading

Bronx bankruptcy attorney comments on same-sex couple filing a bankruptcy

“In this court’s judgment, no legally married couple should be entitled to fewer bankruptcy rights than any other legally married couple,” declared Judge Thomas B. Donovan in his written opinion on June 13th, 2011. Judge Donovan was presiding over the bankruptcy case of Gene Douglas Balas and Carlos A. Morales, a legally married same-sex couple.…Continue Reading

Bronx financial attorney comments on foreclosure prevention programs and the issues they face

Unemployment is currently the biggest contributor to property foreclosures, reported The New York Times in a June 10th, 2011, article. Since President Obama took office he has been trying to stabilize the number of foreclosures. In 2009, Obama started the Home Affordable Modification Program as a primary foreclosure prevention tool. The program was designed to…Continue Reading

Bronx financial attorney discusses Elizabeth Warren’s Congressional hearing

Elizabeth Warren, the special advisor on the Consumer Financial Protection Bureau, faced heavy accusations at her May 24th, 2011, Congressional hearing regarding her possible misleading testimony that she gave at a hearing in March, as reported in a New York Times article published May 25th, 2011. Ms. Warren defended herself at the hearing against the…Continue Reading

Bronx Financial Lawyer blogs about Goldman Sachs getting subpoenaed by Manhattan District Attorney

Goldman Sachs’ luck doesn’t appear to be changing any time soon. As reported by The New York Times on June 3rd, 2011, the Manhattan District Attorney has issued a subpoena against the Wall Street investment bank. Currently, the Manhattan district attorney is conducting an investigation on the role Goldman Sachs potentially played in the financial…Continue Reading

Bronx attorney blog: The higher the mortgage the less governmental support

“For the last three years, federal agencies have backed new mortgages as large as $729,750 in desirable neighborhoods in high-cost states like California, New York, New Jersey, Connecticut and Massachusetts.” Stated an article from The New York Times on May 10th, 2011. But the federal government is starting to close up shop for those looking…Continue Reading

Bronx bankruptcy lawyer discusses American Express new prepaid card service

  American Express has joined the prepaid cards’ market and already redefined the rules. As reported in a New York Times article published June 18th, 2011, American Express has launched their prepaid card service that is free to use and has no hidden fees. “The prepaid market is synonymous with fees,” declared Dan Schulman, president…Continue Reading

Bronx bankruptcy attorney comments home buying classes to help avoid foreclosures

  It is a part of the American dream to own your own home but if that home is not in your budget it can quickly turn into a nightmare. That’s why more first time homebuyers have started using the resources offered by agencies like GreenPath Debt Solutions, before making the commitment to buy, reported…Continue Reading

Bronx bankruptcy attorney comments on the harassment debt collectors face

    Angry messages, insulting words, racial slurs, and physical threats these are just some of the things debt collectors have dealt with from the people they have to call on a daily basis. Generally, debt collectors have a bad reputation and stigma. People assume that debt collectors are the scum of the Earth, with…Continue Reading

A Bronx family lawyer explains how to obtain a real estate property deed or mortgage.

  Before purchasing a piece of property a person should always check the property’s deed and mortgage history. This information can be easily found online at Here is a step-by-step guide in finding this information. Step-by-Step: 1) Click on the website listed above. It should take you a website called ACRIS 2) Next, click…Continue Reading


        Celebrities, politicians, and other influential people get special treatment for just about everything, including their credit reports, reported the New York Times on May 15th, 2011. Many of these high profile people do not even realize that they are on the V.I.P. list for most credit rating bureaus. While other people…Continue Reading

Bronx Property Lawyer blogs about Goldman Sachs’ selling off their mortgage unit

Looks like Goldman Sachs’ is cashing in on their short-lived mortgage unit, as reported in a New York Times article on June 6th, 2011. Ocwen Financial Corporation and Goldman Sachs’ have been in negotiations over Litton Loan Servicing, Goldman’s mortgaging service unit. Goldman Sachs’ has owned the Litton unit since 2007 and attempted to get…Continue Reading

Bronx financial attorney comments on Citigroup’s lack of security

    Citigroup has joined the recently growing list of large companies that have fallen victim to hackers. But the public has been chastising Citigroup instead of giving sympathy, as reported in a June 10th, 2011 New York Times article “Citi Data Theft Points Up a Nagging Problem.” Citigroup’s failure to inform their clients until…Continue Reading


    Budget cuts in the courts has resulted in an overall slower court system. The New York Times reported on May 16th, 2011, that $170 million have been cut from the court’s funding. New York is not the only state to feel these cuts in their judicial system. States like Georgia, Maine, Nevada, Oklahoma,…Continue Reading