What small businesses and their owners need to know about the new Chapter 11 Sub-chapter 5
What is Sub-chapter 5 The Sub-chapter 5 of Chapter 11 Bankruptcy is a legal mechanism that allows companies and owners in financial duress to reorganize their finances and operations into a repayment plan that will allow for all debts to be paid, in part or in whole, to the creditors who are owed money. It […]
4 Signs you are headed towards bankruptcy
People think that filling for bankruptcy is abrupt. One day you are living your life as usual, the next you are selling everything you ever owned so your debtors won’t sue you into oblivion. Yet, that’s not at all what happens. There are, in fact, several warning signs that someone is heading towards bankruptcy, and […]
Debunking 6 Myths About Bankruptcy
Bankruptcy is often misunderstood, leading many to shy away from this valuable financial tool out of fear and confusion. In reality, bankruptcy can provide a fresh start for individuals overwhelmed by debt. Unfortunately, myths about bankruptcy persist, keeping people from seeking the relief they need. In this post, we’ll debunk six common misconceptions, offering clarity […]
Jensen Beach Bankruptcy Lawyer for Your Legal Needs
Are you overwhelmed by debt and struggling to make ends meet? If you’re facing financial challenges in Jensen Beach, Florida, it may be time to consider bankruptcy as a viable solution. Filing for bankruptcy can provide you with the opportunity to eliminate or restructure your debts, giving you a fresh start and the chance to […]
Finding the Right Port St. Lucie Bankruptcy Lawyer
Navigating the complex world of bankruptcy law in Florida’s Treasure Coast can be overwhelming, but with Jon L. Martin, Attorney at Law by your side, you can find a way out of financial turmoil. Here are some key steps to help you find the perfect legal representation for your needs. Understanding Bankruptcy in Florida Bankruptcy […]
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 the owners, either on bank loans, or personal credit cards they […]
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 maintain necessary rolling stock and equipment; eliminate […]
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 Panel […]
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 (especially small business owners and […]
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 to 2.1% […]
