What’s In It For Small Business Owners? Covid 19 Coronavirus Pandemic Bankruptcy Help – Subchapter 5 Chapter 11 Florida The New Subchapter V of Chapter 11 Small Business Bankruptcy Florida protection became effective on February 19, 2020. More than just lip service to small business owners, the program was temporarily expanded from $2,725,625 to $7,500,000 …
Will the Supreme Court Overrule “Dewsnup?”
Debtors in Bankruptcy can strip away 2nd Mortgages on their homes in Chapter 11, 12 and 13, under 11 U.S.C. § 506, as long as the Balance owed on the 1st Mortgage is greater than the value of the home. Not so in chapter 7 because of “Dewsnup v.Timm, 502 U.S. 410 (1992)” However now, …
Retirement Funds “Safe” in Bankruptcy? Not so fast!
Everyone “knows” 401K funds, IRA’s and other Retirement funds are exempt in bankruptcy, “. . . to the extent that those funds are in a fund or account that is exempt from taxation under section 401,403,408,414,457 or 501(a) of the Internal Revenue Code of 1986. 11 U.S.C. §522(d)(12)(2018)” … until now! Recently, the Bankruptcy Appellate …
Retirement Funds “Safe” in Bankruptcy? Not so fast!Read More
Chapter 12?
Most people think Bankruptcy falls under either Chapter 7 or Chapter 13. These are the basic consumer formats. Chapter 7 is basically a straight liquidation of non-exempt assets; while Chapter 13 supposedly allows a debtor to retain non-exempt assets through what is essentially a “buy-back” plan over a 3 to 5 years period. Some people …
Seniors: The Next Wave of Bankruptcies?
The rate of people over the age of sixty-five who are filing bankruptcy has more than tripled since 1991, according to recent study done by the “Consumer Bankruptcy Project”. Continuing at the current rate, Bankruptcy Courts will soon be overrun with the financially devastated elderly. 12.2% of filers are now 65 or order, as opposed …
What Does A Bankruptcy Attorney Actually Do Besides File Bankruptcies?
I recently had a client come to me seeking bankruptcy help because she could no longer pay her bills due to an accident injury that left her unable to work. The wife of a retired Police Officer, she was mortified by the thought of having to file bankruptcy, but didn’t know what else to do. …
What Does A Bankruptcy Attorney Actually Do Besides File Bankruptcies?Read More
How Do I Value My Possessions When I File?
Most people tend to grossly overvalue their possessions for Bankruptcy valuation purposes. It’s not how much you paid for them. It’s not how much you would have to spend to buy new or replace them. Nor is it what someone has listed similar items for in the paper or online. (Bear in mind, asking price …
What to do If You Can’t Afford a Chapter 7 Bankruptcy Lawyer
People sometimes think they can’t afford an attorney to file Chapter 7 bankruptcy. They might consider the following alternatives. File on your own Obtain assistance from a free clinic or legal aid society in your area Find a pro bono attorney File for Chapter 13 bankruptcy to pay attorney fees through your repayment plan Filing …
What to do If You Can’t Afford a Chapter 7 Bankruptcy LawyerRead More