Non-Bankruptcy Litigation in Bankruptcy Court

PBWT

related to [bankruptcy] cases,” [1] bankruptcy courts see “related to” civil litigation of almost every type and flavor. There should be no fear that bankruptcy judges are categorically incapable of resolving such disputes correctly under non-bankruptcy law.

COVID-19 Bankruptcies

Debt

American consumers will be filing personal bankruptcies in record numbers by the end of 2020. That is the projection from bankruptcy attorneys, bankers and other experts who project that the COVID-19 era will lead to a historic financial tsunami. The post COVID-19 Bankruptcies appeared first on Debt.org. Bankruptcy COVID-19The storm is coming.

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When Is the Right Time to Be Thinking About Bankruptcy?

Sawin & Shea

If you have been hit hard by the economic upheaval of the coronavirus, filing for bankruptcy may be your best option. At What Point Should I Start Thinking About Bankruptcy? However, selling your possessions may be better left for later if you see bankruptcy at all in your future.

How Can I Eliminate Tax Debts In Bankruptcy?

Sawin & Shea

One of the things that people hear about bankruptcy is that it usually doesn’t discharge some debts owed to the government, like taxes. Even if you have a large burden of tax debt that is making it extremely difficult to reconcile your finances, bankruptcy can’t always help.

iQor Files for Bankruptcy Protection

Account Recovery

Collection operation and contact center business-process outsourcing provider iQor filed for Chapter 11 bankruptcy protection yesterday, seeking approval of a pre-packaged plan that would provide the company with $130 million of funding to reorganize itself and continue operating.

The 6 Stages of Bankruptcy

Luftman, Heck & Associates.

While most people know that bankruptcy is a way to discharge or eliminate debt, few know how it happens. Not knowing what to expect during the bankruptcy process can make the idea more intimidating than it has to be. In reality, the filing for bankruptcy protection is not overly burdensome. And with help from an experienced and committed Cleveland bankruptcy law firm, you can usually go through the whole process Read More. Bankruptcy

How to File Bankruptcy When You’re Self-Employed

Luftman, Heck & Associates.

The post How to File Bankruptcy When You’re Self-Employed appeared first on Cleveland Ohio Bankruptcy Attorneys. BankruptcyIt can be incredibly rewarding to own your own business.

Ohio Bankruptcy FAQ: What Is a Means Test?

Luftman, Heck & Associates.

There are two types of personal bankruptcy available – Chapter 7 and Chapter 13. The post Ohio Bankruptcy FAQ: What Is a Means Test? appeared first on Cleveland Ohio Bankruptcy Attorneys. Bankruptcy

Will Everyone Know If I File for Bankruptcy?

Sawin & Shea

If you are worried that people will know you’re filing for bankruptcy, let’s put your mind at ease. The widespread publishing of bankruptcy filings in local newspapers is a thing of the past. In fact, look closely at any bankruptcy notices that do appear in your local newspaper. If anything appears at all they are usually just business bankruptcies. The average person’s personal bankruptcy isn’t listed there. Who Will be Notified About My Bankruptcy?

How Often Can You File for Bankruptcy in Ohio?

Luftman, Heck & Associates.

People suffering under too much debt often choose to file for bankruptcy to get a fresh start. Can you file for bankruptcy more than once in Ohio? The post How Often Can You File for Bankruptcy in Ohio? appeared first on Cleveland Ohio Bankruptcy Attorneys. Bankruptcy

Court Ruling Favors Student Loan Bankruptcy Discharge

Debt

Thanks to a recent court ruling, you might be able to get out of that debt through bankruptcy!! The post Court Ruling Favors Student Loan Bankruptcy Discharge appeared first on Debt.org. Bankruptcy

Filing a Proof of Claim in Bankruptcy: What You Need to Know

Fraser

When a company files for bankruptcy and it owes you money, it means you have a “claim” in the debtor’s bankruptcy proceedings. The bankruptcy court will establish a deadline, or “bar date,” by which claims must be filed.

What Are My Repayment Obligations Under Chapter 13 Bankruptcy?

Sawin & Shea

When you’re considering Chapter 13 bankruptcy, you’re also wondering how much of your debt you’d be obligated to pay back. Let’s take a look at a debtor’s obligations under Chapter 13 bankruptcy. What Is A Chapter 13 Bankruptcy Plan? Chapter 13, also known as personal reorganization bankruptcy, helps you create an affordable repayment plan to settle your debts. There will also be some attorney fees and a bankruptcy filing fee.

Bankruptcy for Married Couples

Matthew Alden

Among the options available is bankruptcy for married couples. The post Bankruptcy for Married Couples appeared first on Cleveland Ohio Bankruptcy Attorneys. Bankruptcy Chapter 13 Chapter 7When there is consistently more month than money and your financial situation continues to deteriorate due to job loss, medical bills, or consumer debt, it may be time to consider your legal alternatives.

Is Student Loan Discharge in Bankruptcy Now Within Reach?

Nerd Wallet

Student loan borrowers who seek to have their debt canceled in bankruptcy — what’s known as discharge — typically find it an expensive process with standards that can be difficult to meet. The article Is Student Loan Discharge in Bankruptcy Now Within Reach?

The number of US bankruptcies passes the 500-mark as coronavirus takes toll

Collection Industry News

Corporate bankruptcies in the U.S. continue to grow amid the coronavirus pandemic as 22 new companies added their names to a growing list of bankruptcies in 2020 in the last two weeks, an S&P Global Market Intelligence analysis shows. Bankruptcy News

Can I Protect My Home and Personal Property in Bankruptcy?

Sawin & Shea

If you’re filing for bankruptcy, you might be assuming that you’ll lose your house and personal property. Many people keep control over their assets through the use of bankruptcy exemptions, which are special rules that allow people who are filing for a Chapter 7 bankruptcy to keep certain property if its value is less than the amount of the exemption. How Do I Protect My Home During Bankruptcy? During your bankruptcy, you can protect your home in two main ways.

Recent Amendments Place Creditors in a Stronger Position to Defend Against Chapter 11 Bankruptcy Preference Lawsuits

Fraser

As the bankruptcy wave continues to build, more businesses are being forced to deal with bankrupt customers. With more companies filing for bankruptcy, the likelihood that businesses will face preference lawsuits is growing.

Will Bankruptcy Protect Me from a Lawsuit?

Luftman, Heck & Associates.

No one likes the idea of having to file bankruptcy. The only viable choice may be to seek bankruptcy protection. Not only can you get a financial fresh start, but there can be a positive effect of bankruptcy on lawsuits, including those filed by your creditors or debt collectors. Depending on your circumstances, bankruptcy can eliminate your debts through liquidation of most Read More. The post Will Bankruptcy Protect Me from a Lawsuit?

Moving Up: Bankruptcy Code Dollar Amounts Will Increase On April 1, 2019

In the Red

An official notice from the Judicial Conference of the United States was just published announcing that certain dollar amounts in the Bankruptcy Code will be increased about 6.2% For example, the debt limit for an individual to qualify for a Chapter 13 bankruptcy case will rise to $1,257,850 of secured debt, and certain exemption amounts will also increase. Official bankruptcy forms will likely be updated as April 1st draws near.

“Bankruptcies rise as COVID-19 impact persists,” Birmingham Business Journal

Burr Forman

As COVID-19 exacerbates the rise in commercial bankruptcies that predate the pandemic, Derek Meek lent insight on the state of local bankruptcy filings in the August 7, 2020, Birmingham Business Journal. While consumer bankruptcies are down compared to last year thanks to the government stimulus, commercial filings continue to rise, especially in Birmingham’s energy sector and restaurant and food services industries.

Delaware Bankruptcy Court Rejects Late Filings of Asbestos Claims

PBWT

The Third Circuit approved a process for resolving asbestos claims in which a bar date was imposed on filing the claims, but late claimants who were unaware of their asbestos claims would be allowed to have the bar date excused through Bankruptcy Rule 3003(c)(3). (A

Official Bankruptcy Forms Revised To Reflect April 1, 2019 Dollar Amount Adjustments Now In Effect

In the Red

As discussed in an earlier post called “ Moving Up: Bankruptcy Code Dollar Amounts Will Increase On April 1, 2019 ,” various dollar amounts in the Bankruptcy Code and related statutory provisions were increased for cases filed on or after today, April 1, 2019. The official bankruptcy forms have also been revised to reflect these new dollar amounts. Follow the link in this sentence for information about, and access to, all newly revised official bankruptcy forms.

Five steps you must take in Chapter 11 bankruptcy

Albuquerque Law

When business owners decide to file Chapter 11 bankruptcy, they suddenly have a lot on their plate. It is often beneficial to speak with a lawyer to understand all of the steps required of you when filing Chapter 11 bankruptcy, but here are five critical steps you must remember: 1. Like in other chapters of bankruptcy, you must take inventory and assemble a list of the company’s property, such as: The business’s assets.

How long could my Chapter 7 bankruptcy take?

Albuquerque Law

To do this, many people consider filing bankruptcy, but they often wonder: how long will it take for their debt to be discharged if they file bankruptcy? How long does it take to obtain a bankruptcy discharge? The duration of your Chapter 7 bankruptcy case often depends on the details of your case. Could my bankruptcy last longer than six months? There are some situations that could prolong a bankruptcy case.

Chapter 13 Bankruptcy: Can You Buy Or Sell A House ?

Luftman, Heck & Associates.

After filing for Chapter 13 bankruptcy, you give up a lot of financial control to your bankruptcy trustee. Even though you keep possession of your property, like a home, it becomes part of your Chapter 13 bankruptcy estate. The post Chapter 13 Bankruptcy: Can You Buy Or Sell A House ? appeared first on Cleveland Ohio Bankruptcy Attorneys. Bankruptcy Chapter 13 Personal Finance

Fear of Bankruptcy Holds Too Many People Back

Nerd Wallet

The mystery isn’t why so many people file for bankruptcy each year. Each year, only a fraction of the Americans who could benefit financially from bankruptcy actually seek relief. Economists say some don’t file because collectors aren’t aggressively pursuing them, while others may strategically delay filing because bankruptcy could benefit. The article Fear of Bankruptcy Holds Too Many People Back originally appeared on NerdWallet.

Bankruptcy Options for the Self Employed

Matthew Alden

Facing the prospect of filing bankruptcy can be daunting. Filing bankruptcy shouldn’t Read More. The post Bankruptcy Options for the Self Employed appeared first on Cleveland Ohio Bankruptcy Attorneys. Bankruptcy Chapter 13 Chapter 7At a time when you’re under serious financial stress, you have to figure out if seeking legal protection from your creditors is the right move and what are the long term effects of doing so.

Liability Insurance Proceeds and Coverage Considerations When Insureds File for Bankruptcy

Burr Forman

Cheese’s parent), many prominent companies have filed for bankruptcy protection in recent months. Most practitioners with no real exposure to bankruptcy law may be aware of the general ramifications of bankruptcy proceedings.

JUST IN TIME: NEW BANKRUPTCY RELIEF FOR SMALL BUSINESSES – NEW YORK LAW JOURNAL

Collection Industry News

Just in Time: New Bankruptcy Relief for Small Businesses. million) to take advantage of a new way to restructure under chapter 11 of the Bankruptcy Code. The CARES Act special bankruptcy relief increased the debt limit under the Small Business Reorganization Act of 2019 (SBRA) from about $2.7 The Bankruptcy Court retains discretion to extend these deadlines for “circumstances for which the debtor should not justly be held accountable.”. Bankruptcy News

VA Disability No Longer Income for Bankruptcy Means Test

Debt Free Colorado

House Resolution 2938, the Honoring American Veterans in Extreme Need Act of 2019 or the HAVEN Act, was written to “exempt from the calculation of monthly income certain benefits paid by the Department of Veterans Affairs and the Department of Defense” Previously, VA disability was counted toward total income under the bankruptcy means test. The post VA Disability No Longer Income for Bankruptcy Means Test appeared first on Denver Lawyer Clark Daniel Dray.

Will my bankruptcy discharge be public record?

Albuquerque Law

The thought of filing bankruptcy can leave individuals feeling trepidation. On top of the financial stress they face, it is a tough decision to move forward with bankruptcy considering the myths and stigma that surround this form of debt relief. One concern that many people have if they are considering bankruptcy is that the records of bankruptcy discharges are public. What does it mean that a bankruptcy is p ublic record?

Does bankruptcy have a debt limit?

Albuquerque Law

However, the amount of debt they have could influence which chapter of bankruptcy they file. Chapter 7 does not have a debt cap Individuals must be eligible to file Chapter 7 bankruptcy – however, none of the eligibility requirements relate to how much debt someone owes. While individuals must pass the means test to file Chapter 7 bankruptcy, this type of bankruptcy does not have a cap on the amount of debt someone owes.

As Chapter 11 Bankruptcy Filings Surge, Here’s What Creditors Need to Know to Protect and Enforce Their Rights

Fraser

It should come as no surprise, therefore, that the economic downturn has led to a surge in corporate bankruptcy filings. According to data from Epiq Global, 722 companies sought bankruptcy protection around the U.S. As chapter 11 bankruptcies continue to increase (many analysts are forecasting the “ wave ” of filings to grow), more businesses and individuals will be impacted by the fallout. Chapter 11 bankruptcy is a complex process.

What happens to a cosigner in bankruptcy?

Albuquerque Law

Cosigned loans are very common – but what happens to cosigners if individuals file bankruptcy? Cosigners are still responsible for the debts In most cases, most personal bankruptcies involve one person – the individual who files for debt relief. Therefore, the bankruptcy discharge eliminates that individual’s responsibility to pay the debts discharged. Applying for a loan can be a complicated matter if an individual already has debt.

Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2019

Bob Eisenbach

Each year amendments are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The amendments address issues identified by an Advisory Committee made up of federal judges, bankruptcy attorneys, and others. A Bonus: Federal Rule Of Appellate Procedure Change Impacting Bankruptcy Cases. In addition, although not a Federal Rule of Bankruptcy Procedure change, Rule 26.1(c)

Still Getting Collection Calls After Bankruptcy? Here’s What to Do

Luftman, Heck & Associates.

After filing for bankruptcy protection, creditors should immediately cease their collection efforts. If you are frustrated by creditors calling despite an active bankruptcy or even after a debt has been discharged, you should reach out to a Cleveland bankruptcy lawyer at Luftman, Heck & Associates. We can help protect your life after bankruptcy. The post Still Getting Collection Calls After Bankruptcy? Bankruptcy Debt Collections