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Bankruptcy Relief Included In CARES ACT Emergency Legislation

Posted in General Bankruptcy

Bankruptcy Relief Included In CARES ACT Emergency Legislation

As a result of the Covid-19 Pandemic, Congress has emergently passed, and the President has signed legislation to provide for an economic stimulus and assist struggling Americans from the economic effects of this crisis. The CARES ACT (Coronavirus Aid, Relief and Economic Security Act)includes several provisions impacting existing and potential bankruptcy cases.

A Renewed Push Towards Chapter 13 Bankruptcy

Posted in General Bankruptcy , Chapter 13

A Renewed Push Towards Chapter 13 Bankruptcy

One of the stated purposes of the 2005 Bankruptcy Law revisions (BAPCPA) was to try to push more individuals into Chapter 13 repayment plans by compelling those with the “ability to pay” to do so. Congress adopted a “Means Test” Calculation whereby those with incomes above a certain level based on household size and the median income for the individual’s respective state would not automatically qualify to file basic Chapter 7 bankruptcy and such a filing would be deemed to be an “abuse.”

New Subchapter 5 of the U.S. Bankruptcy Code

Posted in General Bankruptcy , Chapter 11

New Subchapter 5 of the U.S. Bankruptcy Code

Effective February 19, 2020, the Bankruptcy Code will provide for a somewhat more compact and hopefully, easier version of Chapter 11 Reorganizations for Small Business Corporate and Individual Debtors. It is commonly referred to as a “Subchapter 5.”

Don't Be Fooled, Times Are Tough And You're NOT Alone!

Posted in General Bankruptcy

Don't Be Fooled, Times Are Tough And You're NOT Alone!

It can be quite disheartening to listen to political leaders, the media and other reports as to how well the economy has rebounded since 2008, with record employment and sky-high stock numbers – yet at the same time realize you are living from paycheck to paycheck and things have never been tighter for you and your family.

Bankruptcy vs Debt Settlement vs Debt Management

Posted in General Bankruptcy

Bankruptcy vs Debt Settlement vs Debt Management

In this firm, we pride ourselves on providing prospective debtors a fair and honest evaluation of the benefits and detriments of filing for Bankruptcy Protection. Most often, I encourage individuals to utilize bankruptcy when there is “no viable alternative that will result in the elimination of the debt over a finite and reasonable period of time at an affordable figure
per month."

What happens when you can’t afford to go bankrupt

Posted in General Bankruptcy

What happens when you can’t afford to go bankrupt

A ritual of spring in America is about to begin. Tens of thousands of people will soon get their tax refunds, and when they do, they will finally be able to afford the thing they’ve thought about for months, if not years: bankruptcy.

I Just Can’t Bring Myself To File….

Posted in General Bankruptcy

I Just Can’t Bring Myself To File….

As a consumer Bankruptcy attorney, I cannot recount how many times over my career I have heard these words, even though the need for Bankruptcy relief is compelling – if not overwhelming.

The Necessity For Counsel Should Be Ipso Facto In Bankruptcy

Posted in General Bankruptcy

The Necessity For Counsel Should Be Ipso Facto In Bankruptcy

Ipso facto literally means "by that very fact" in Latin. It is an extremely important concept in Bankruptcy which if not recognized and enforced, could undermine the very protection of Bankruptcy itself.

Delaying A Necessary Bankruptcy Can Have Extreme Consequences

Posted in General Bankruptcy

Delaying A Necessary Bankruptcy Can Have Extreme Consequences

Certainly a visit to a bankruptcy attorney would rank up there with one of the least anticipated appointments on a calendar.  However, like many type of medical visits, needless delay can be extremely costly or worse to the bankruptcy process.  As I say so often, it rarely gets better with time. 

Tax Debts are an Important Element of Proper Bankruptcy Planning

Posted in General Bankruptcy

Tax Debts are an Important Element of Proper Bankruptcy Planning

The author of the expression that “nothing is certain but death and taxes” never spoke to a bankruptcy lawyer.  Contrary to what many think, taxes under certain circumstances can be discharged and eliminated in a bankruptcy filing.

Happy Holidays from a Bankruptcy Point of View

Posted in General Bankruptcy

Happy Holidays from a Bankruptcy Point of View

This season brings out the best - and regrettably sometimes the worst in individuals. For example, in the effort to "enjoy the season" we often go overboard and spend well beyond our means which can create havoc just a few short months from now.

Bankruptcy Issues Can Be Affected By The Election

Posted in General Bankruptcy

Bankruptcy Issues Can Be Affected By The Election

A Presidential election may have more impact on one’s daily life than you might guess. Look no farther than the 2004 Presidential election which returned George W. Bush to the White House with a sufficient Republican majority to pass through the 2005 Bankruptcy “Reform” Legislation which had been vetoed (pocket vetoed to be exact) by President Clinton in 1998 and stalled by the Democrats in the Senate during President Bush’s first term.

Reaffirming your Debts in Bankruptcy. Does it make any sense?

Posted in General Bankruptcy

Reaffirming your Debts in Bankruptcy. Does it make any sense?

Why would someone voluntarily agree to repay a debt just discharged in Bankruptcy? Isn’t bankruptcy designed to eliminate debts? This concept of reaffirmation of debts, as permitted by 11 U.S.C. §524 (c) of the Bankruptcy Code has become one of the more vexing issues faced by bankruptcy counsel and debtors.

Be Careful In Your Chapter 13 Bankruptcy Plan

Posted in Chapter 13

Be Careful In Your Chapter 13 Bankruptcy Plan

2+2 may not always equal 4. 

Depending on the type of plan, events may transpire post petition which could increase the amount necessary to satisfy the Chapter 13 obligations.  There may be additional administrative claims (for legal fees on application to the Court) or post petition creditor claims which could increase the amount necessary to fund the plan.

13 Myths About Chapter 13 Bankruptcy

Posted in General Bankruptcy , Chapter 13

13 Myths About Chapter 13 Bankruptcy

13 Myths About Chapter 13 Bankruptcy

So much is written and put out on the internet about the “Individual Repayment” option contained in the Bankruptcy Code under Chapter 13 that it probably is not surprising that much of it is either skewed for one reason or another - or is outright misinformation. This article includes some of the fairly constant refrains we as bankruptcy lawyers hear from clients to explain their hesitancy to consider Chapter 13. It is further an attempt to clarify and/or reassure individuals who may be considering Chapter 13 or desperately need its enhanced protections under the Bankruptcy Code.

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