Taming the “Alligator” How Small Business Owners Can Get Rid of Their Debt The Covid-19 Pandemic has created more “Alligators” than any business needs. Small Business Owners especially have been saddled with this “monster alligator”. Many are struggling to survive, wondering if they even will survive. It is a frightening time to be faced with …
Save Your Small Business – SBRA / Subchapter 5 in Chapter 11
Save Your Small Business –SBRA / Subchapter 5 in Chapter 11 Help your Clients Get Relief from Personal Guarantees on Business Debt thru the SBRA. More and More Small Business Owners are struggling with debt not only on their business but personally as well. That’s because almost all small business debt is personally guaranteed by …
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Eliminate small business debt and personal liability
Eliminate small business debt and personal liability New Subchapter V Saves Local Trucking Company The case referred to above was filed shortly after the new law went into effect and was recently confirmed as a Consensual Plan resulting in cash flow savings of well over $7,500.00 per month which allows the family owned company to …
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What’s In It For Small Business Owners?
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 …
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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 …