Monthly Archives: June 2024
Chapter 7 Bankruptcy Eligibility: Businesses Versus Individuals
There are many different types of bankruptcy. Certain types of reorganization bankruptcy are designed solely for businesses, and can be filed only by businesses in some cases. For example, Chapter 12 bankruptcy is solely for specific types of businesses (businesses of family farmers and fishermen). At the same time, certain types of reorganization bankruptcy… Read More »
Upcoming Change to Affect Subchapter V Eligibility
If you have been considering a Subchapter V bankruptcy filing for your business, it is critical to speak with a West Palm Beach bankruptcy lawyer as soon as possible about your eligibility in advance of an upcoming change to the Subchapter V debt ceiling. In short, if your eligibility is likely to be affected… Read More »
Exemptions to the Means Test
Any individual (or married couple, in a joint filing) who wants to file for Chapter 7 bankruptcy will typically need to plan to take and pass the “means test.” The idea is that, in order to be eligible for a liquidation bankruptcy, you will need to show that you have sufficiently limited income and… Read More »
Can My Business Discharge Debts in Chapter 7 Bankruptcy?
When individuals and businesses alike are considering the possibility of bankruptcy due to financial difficulties, they are often thinking about a liquidation bankruptcy under Chapter 7. While there are many different types of bankruptcy, including a wide range of reorganization bankruptcies that do not require the liquidation of non-exempt assets, Chapter 7 bankruptcies tend… Read More »
Chapter 13 Debt Limit Change Will Impact Eligibility
The debt limit for Chapter 13 bankruptcy cases is soon set to change, and it could limit the number of individual debtors who are eligible to file for Chapter 13 bankruptcy. In short, the debt threshold is currently at $2,750,000 (or $2.75 million) of combined secured and unsecured debt. However, unless Congress takes action,… Read More »
What is the Difference Between Credit Counseling and Debtor Education Courses for Bankruptcy?
When an individual debtor is planning to file for any type of bankruptcy — Chapter 7, Chapter 13, or even Chapter 11 or Chapter 12 bankruptcy — that individual will need to familiarize themselves with the terms “credit counseling” and “debtor education” if they want to be eligible for the benefits provided by a… Read More »
Should I File for Business or Personal Bankruptcy?
The question of whether a person or entity should file for business or personal bankruptcy might seem straightforward in cases where an individual without a business wants to file for bankruptcy, or when a large corporation is considering a Chapter 11 reorganization bankruptcy to restructure business debts. However, the question can be more complicated… Read More »
Changes to Student Loan Discharges Are “Life Changing”
If you have student loans and are struggling to make payments, you should find out more about the new process for having student loans discharged in bankruptcy. While the process for having student debt discharged used to be time-consuming, complex, and costly for many debtors, the US Department of Justice and US Department of… Read More »
What You Can Do as Government Seeks to Collect Unpaid EIDL Loans
Did your business receive a loan from the US Small Business Administration (SBA) through a pandemic stimulus program such as the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) program? If so, and particularly if you owe money on an EIDL loan, your loan could be past-due or your Hardship Accommodation… Read More »
How Can a Lawyer Help with My Business’s SBA EIDL Loan?
When the COVID-19 pandemic began in the United States, small businesses in Florida and across the country suffered immensely. Recognizing the risk of closure and significant losses that many businesses were facing, the US Small Business Administration (SBA) made certain stimulus payments and loans available to a wide range of small businesses in varying… Read More »
