Super Lawyers Rising Stars
Thomas Frank was selected to Super Lawyers Rising Stars from 2021 through 2025, with business bankruptcy among his practice areas.
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71 New Street Huntington, NY 11743, NY
You built this business. Our Subchapter V bankruptcy lawyers on Long Island help you keep it running while you restructure the debt that's crushing it.
Subchapter V Bankruptcy Long Island
Subchapter V is a faster track inside Chapter 11, built for small businesses buried in debt but still generating income. You keep running the company. A trustee helps you and your creditors reach a deal, and you propose a plan that pays what you can from your income over three to five years.
For a restaurant in Oceanside, a contractor in Hauppauge, or a medical practice in Rockville Centre, Subchapter V is the small business bankruptcy option that can let you stay open and operating. As a Subchapter V bankruptcy lawyer on Long Island, we'll tell you plainly whether it fits your situation.
Small Business Bankruptcy Long Island
The Frank Law Firm provided me with legal advice and guidance during a difficult situation. I came to them to review and explain a legal contract I had signed. Amanda was very knowledgeable and explained the document thoroughly. She was very reassuring, and honest in answering all my questions. I would highly recommend to anyone seeking legal representation to reach out to this firm.
Thomas Frank came highly recommended by an attorney I trust and represented me in a complex matter against a large business entity represented by a large NYC firm. He immediately grasped the nature and scope of my case and came up with a brilliant, linear strategy in short order. Just as swiftly, Thomas strategically executed on each step. I have worked with white glove law firms and have never found the level of consistency and professionalism that Thomas provided in his capacity of counsel. He literally made zero mistakes, even in the moments of game time decisions in the courtroom. Not only that, his creativity and judgement led to an outcome that exceeded my expectations, and, as a human being, he was an absolute pleasure to work with. I cannot recommend Thomas Frank highly enough!
We came to Frank Law Firm because our original attorney put us in a scenario where everything was mismanaged. Amanda quickly cleaned up our previous attorneys mess and put us back on track. From day one they were very transparent about their process and fees. They provided fantastic guidance for us as new home owners. The team was highly responsive and often took time to ensure we fully understood potential outcomes and next steps. Overall we would work with them again and recommend to friends.
Amanda was a pleasure to work with!!! Selling and buying a home at the same time is very stressful too begin with and my experience was very difficult and stressful to say the least. Amanda was so patient, always available, and very knowledgeable to every question and concern that I had. I was truly blessed to have her represent me with both of my transactions. I would definitely recommend The Frank Law Firm to anyone that is looking for the best lawyers out there!!!
Amanda was extremely attentive and followed up on everything promptly. The law firm was professional and courteous and I highly recommend it.
Top of the line customer service. Helped me get my moving violation dismissed and I didn't have to do anything ! Was certain I would get in some trouble but was completely shocked when I received the news that it was completely dismissed. In the past with other law firms I paid a lot of money to only get the penalty months later. The Frank Law Firm dealt with my situation in the most kind and professional way. Very nice people.
Top of the line customer service. Helped me get my moving violation dismissed and I didn't have to do anything ! Was certain I would get in some trouble but was completely shocked when I received the news that it was completely dismissed. In the past with other law firms I paid a lot of money to only get the penalty months later. The Frank Law Firm dealt with my situation in the most kind and professional way. Very nice people.
Thomas Frank was a pleasure to work with. The experience was nothing but a professional one. Mr. Frank guided me through the whole process of Chapter 7 bankruptcy. He was always available to reach by email or texting at any time that I contacted him. He never failed to get back to me within hours. I highly recommend Mr. Frank for all of your legal issues. Also, you'll find their price for their legal services to be more than fair. Again, a great big thank you to a professional and knowledgeable team.
I needed an attorney quick fast and in a hurry. My girlfriend recommended this firm. I called and Amanda got back to me quickly. She researched my issue and gave me good guidance. She is a former prosecutor but able to explain convoluted legal concepts in a very straight forward way. We didn't wind up retaining the firm due to the time contraints of our case, but I know we will be working with them in the future. Give them a call, I think you will like what you hear.
I would like to thank Thomas in handling my first time home buying experience with his law firm. He was very polite and very professional. He even took the time to explain to me page by page about some documents I received from the seller, which by the way it was on his spare time to answer all of my concerns about those documents. He responded on every email and text that I had questions and concerns and I got answers. Thomas made himself accessible and told me if I have any other closing related issues pertaining any documents to give him a call. Thank you once again on doing a great job. I would highly recommend Thomas Frank and his law firm.
I retained Frank Law Firm when I received a warrant for an unpaid ticket. Not knowing the severity of this issue, I called and consulted Amanda. Before giving me any direction, she took the time to make some calls and figure out what exactly was going on. She then guided me through the process. She was very comforting and explained everything in a manor that I understood. I would like to send a sincere thank you to her and Frank Law Firm. The amount of attention and guidance I received was refreshing. I would recommend them to anyone!
The Frank Law firm has helped me and my family tremendously. Amanda has been nothing but a blessing with her vast knowledge and resources, Me and My family were very satisfied with their service. Would definitely recommended them.
I'm a real estate investor in NY and I honestly could not ask to partner up with any firm better than the incredible people at Frank Law Firm. There passion, love and dedication for what they do is evident. I can't thank them enough for everything they have helped me with so far and we are only going to grow from here...
Subchapter V Reorganization Long Island
Subchapter V eligibility depends on a debt ceiling that has changed several times since 2020. It started near $2.7 million, went to $7.5 million under the CARES Act, dropped back, and has been $3,424,000 since April 1, 2025. Congress has since passed a bill to set it at $7.5 million for cases filed after it becomes law, pending the President's signature as of early October 2026.
Many Long Island owners, with commercial leases, equipment loans, SBA or EIDL debt, and merchant cash advances piling up, sit right near that line. For a Subchapter V reorganization on Long Island, we confirm where the limit stands on the day you file and tell you plainly if you're on the wrong side of it.
Subchapter V Attorney Long Island
A struggling Long Island business rarely has just one problem. There's the commercial lease, the mortgage on the building, the vendor lawsuit, and the loan you personally guaranteed. We also handle real estate, foreclosure, commercial litigation, and creditor's rights, so we look at all of it before anything gets filed.
Here's the honest part: Subchapter V restructures your company's debts, but it doesn't automatically release you from a personal guarantee, and results vary. A Subchapter V attorney on Long Island should map out your personal exposure first, so nothing surprises you after you've filed.
Subchapter V Process Long Island
Have a question about your situation? Start with a conversation.
Ask our teamSubchapter V is a part of Chapter 11 designed for small business debtors. It was created by the Small Business Reorganization Act and has been in effect since February 2020. To qualify, you need to be engaged in business activity, with combined secured and unsecured debt under the current limit and at least half of it coming from that business. Public companies and single-asset real estate debtors are generally excluded. Corporations, LLCs, and even sole proprietors can qualify. For small business bankruptcy on Long Island, cases are filed in the U.S. Bankruptcy Court for the Eastern District of New York, and we'll check your numbers against the limit before recommending anything.
Not automatically, and anyone who tells you otherwise is overselling. Subchapter V restructures your company's debts. If you signed a personal guarantee on a lease, an SBA or EIDL loan, or equipment financing, the lender may still come after you personally. Some courts have temporarily protected guarantors during a case, but results vary. That's why a small business bankruptcy attorney on Long Island should look at your personal exposure before anything is filed. We map out what you've guaranteed, what it could cost you, and which options make sense for you and your family.
Once your case is filed, the automatic stay generally halts collection activity, including lawsuits, levies, and ACH debits. For a Long Island owner watching daily withdrawals drain the account before payroll, that pause can give you room to build a plan. What it doesn't do is undo what already happened before you filed, and how a merchant cash advance is treated depends on the contract and the facts. We read the agreements first. If you're running a Subchapter V bankruptcy case on Long Island, or thinking about it, and the debits are hitting every morning, don't wait for the account to hit zero before you call.
There's a status conference within 60 days of filing, and your plan is due within 90 days, so the case moves quickly. The plan commits your projected disposable income for three to five years. Because those deadlines come fast, we get your paperwork ready before you file. That generally means a recent balance sheet, statement of operations, cash-flow statement, and federal tax return, or a sworn explanation if there isn't one. A Subchapter V bankruptcy attorney on Long Island who preps early keeps you out of the scramble. The total length depends on your creditors and how complicated your case is, and we'll give you a realistic picture up front.
As of early October 2026, Congress had passed a bill to raise the limit to $7.5 million, pending the President's signature. If it becomes law, it applies only to cases filed after that date. The current limit before that change is $3,424,000. A larger business may be tempted to wait, but creditors don't. Lawsuits, levies, and debits keep moving while you hold off. Long Island owners near the line should talk to us now. We'll confirm where the limit stands today, look at your debts, and tell you whether waiting is realistic or risky.
No, and we'll tell you when it isn't. Sometimes a negotiated workout with your lender and landlord costs less, but only if every key creditor agrees and your guarantees are handled. Sometimes winding down under Chapter 7 is the honest answer. A sole proprietor may be better served by Chapter 13. Subchapter V fits best when you want to keep the business, still have income, and can fund a real plan. Whether you're in Hauppauge, Oceanside, Rockville Centre, or anywhere across Nassau County and Suffolk County, a small business bankruptcy lawyer on Long Island should help you pick the right road, not sell you one. Call our Old Brookville office at (516) 246-5577 and talk it through with a Subchapter V bankruptcy lawyer on Long Island.