Recent Blog Posts
What is Debt Reorganization Versus Restructuring?
When a business or an individual is struggling with debt in South Florida, the possibility of debt reorganization or debt restructuring can often be a promising solution to financial difficulties. Yet it is extremely important to be clear about distinctions between debt reorganization in a bankruptcy case and different forms of debt restructuring that… Read More »
How Does the “Undue Hardship” Requirement Apply to Student Loans in Bankruptcy?
If you have considered filing for bankruptcy in order to have your student loans discharged, you may know that you must be able to prove that continuing to pay your loans would impose an “undue hardship” on you. The US Bankruptcy Code says, in its “exceptions to discharge” section, that “unless excepting [educational debt]… Read More »
Can I File for Bankruptcy to Avoid a Debt Collection Lawsuit?
Being contacted with frequency by creditors or debt collectors can be frustrating, and it can be extremely stressful to learn that a creditor or debt collector is threatening to sue you to recover the money you owe if you do not make payments. If you have been contacted by a creditor or debt collector… Read More »
Obtaining SBA Loan Payment Extensions
The COVID-19 pandemic was extremely difficult on businesses throughout South Florida, and many business owners applied for loans through the US Small Business Administration (SBA), including loans through the Economic Injury Disaster Loan (EIDL) program. Based on data from the SBA, approximately four million small businesses across the country received EIDL loans up to… Read More »
What is a Bankruptcy Filing?
Whether you are struggling with personal debt, or your business is struggling financially, you might have considered bankruptcy because a colleague, family member, or other trusted party recommended it. Yet for parties without experience in bankruptcy cases, understanding what is involved in a bankruptcy case, and in a bankruptcy filing specifically, can be complicated…. Read More »
Student Loan Debt and Bankruptcy in 2024
It is a new year, and many borrowers in South Florida are struggling with student loan debt. For quite some time, there has been a common misconception circulating that student loans cannot be discharged in a consumer or personal bankruptcy case. This myth arose because of the complexity in having student loans discharged in… Read More »
Best Interests of Creditors in Chapter 11 Bankruptcy: What Does It Mean?
Chapter 11 bankruptcy is a type of reorganization bankruptcy that is typically filed by businesses, but in some cases, an individual will also file for personal bankruptcy under Chapter 11. In general, Chapter 11 bankruptcy is similar to Chapter 13 bankruptcy, but it has more requirements and complications. Since businesses are not eligible for… Read More »
Steps to Take Before You File for Personal Bankruptcy
Planning to file for personal bankruptcy can be a relief when you are struggling with substantial debts, but it can also be a stressful time as you work to determine precisely what you must do prior to filing your bankruptcy petition. Given that US bankruptcy law is incredibly complex, it is easy for an… Read More »
Will High Corporate Bankruptcy Rates Continue in 2024?
Business bankruptcies increased throughout 2023, and commentators regularly remarked on the rising rates of corporate bankruptcy filings under both Chapter 7 and Chapter 11. According to a recent report from NPR, consumers have been surprised to learn about recent business bankruptcies given that the economy has shown signs of improvement. Many of the 2023… Read More »
New Requirements Under the Corporate Transparency Act
What does your business need to know about the new requirements under the Corporate Transparency Act (CTA)? In addition to learning about the new requirements and how they will impact your business, it is also important to know that the experienced West Palm Beach business lawyers at Kelley Kaplan & Eller, PLLC are here… Read More »
