Author Archives: Jay Butchko
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 »
Getting Student Loan Forgiveness in a Bankruptcy Filing?
Despite a lengthy pause on federal student loan payments, those payments restarted in fall 2023, and many borrowers in South Florida have been struggling to make payments after becoming accustomed to the pause. During the pause, President Biden initially indicated that anywhere from $10,000 to $20,000 of an individual’s federal student loans would be… Read More »
My Business Cannot Pay an SBA Loan: What Are the Options?
At the beginning of the COVID-19 pandemic, businesses in South Florida and across the country could not afford to remain in business with public health lockdowns in place. In response to the growing need for funding from small businesses, the US Small Business Administration (SBA) made a range of funding sources available. Some of… Read More »
Differences Among Types of SBA Pandemic Funding and What Your Business Owes Now
The US Small Business Administration (SBA) has provided a range of funding options to small businesses in Florida, especially during the COVID-19 pandemic. Some businesses received loans, some received money that was akin to a grant, and others received a combination of the two. Now that many of the loans are due, businesses should… Read More »
American Consumer Debt and Bankruptcy Options
How common is it for consumers in Florida and throughout the country to struggle with debt? And how often do those consumers who are struggling to repay their debt decide to file for bankruptcy? When bankruptcy is an option, what types are most common for consumers? A recent article in Business Insider Reported that… Read More »
