By Jeff Field | Published May 27, 2024 | Posted in 19COVID-, Bankruptcy, Chapter 13 | Tagged Tags: bankruptcy protection, coronavirus, debt limits | Leave a comment
Responding to the COVID-19 pandemic, Congress in 2022 passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (BTATCA). This legislation greatly expanded the scope of relief granted to debtors under the Small Business Reorganization Act (SBRA) and Chapter 13 of the Bankruptcy Code. Specifically, the law raised debt limits for filers, expanding eligibility for bankruptcy Read More
Read MoreFiling for bankruptcy is a financial decision that can provide relief for individuals overwhelmed by debt. However, it’s natural to wonder about the long-term consequences, particularly regarding credit status. One of the most common questions asked is: how long does bankruptcy stay on your credit report, and how does it impact your ability to obtain Read More
Read MoreDebt can feel like a heavy weight, dragging you down and making it difficult to see a way out. When considering financial options, many people considering bankruptcy are held back by common misconceptions about eligibility for the relief and about possible negative economic repercussions. To be clear, the purpose of bankruptcy is to give debtors Read More
Read MoreChapter 13 bankruptcy offers a path for debtors to repay creditors over time and avoid asset liquidation. Although debtors create their own plans and propose them to the court for approval, creditors themselves have a say in the process. They can file objections to a proposed repayment plan that they believe doesn’t treat them fairly Read More
Read MoreWhen debt becomes overwhelming, filing for bankruptcy can offer the debtor a fresh start. One of the most powerful aspects of bankruptcy is the automatic stay that immediately takes effect upon filing a bankruptcy petition. The stay acts as a shield against creditors, giving the debtor a much-needed refuge. These are the principal benefits of Read More
Read MoreFor individuals struggling with overwhelming debt, Chapter 13 bankruptcy offers a path to financial rehabilitation, giving them protection from creditors while they pay off a reduced portion of their unsecured debt over time. Secured debts still need to be repaid, but there is a powerful tool known as a “cram down” that can offer relief Read More
Read MoreChapter 13 is a type of bankruptcy that allows you to gain protection from creditors while repaying a portion of your outstanding debt monthly over an extended period of time. For the three- or five-year duration of the repayment plan, the court allows you a set amount to live on and a court-appointed trustee divides Read More
Read MoreA Chapter 7 bankruptcy offers a fresh start by relieving a debtor of most or all financial obligations to creditors. Although non-exempt property can be liquidated during the process, there may be some property the debtor wants to keep, such as real estate or a vehicle. Reaffirming a debt on such property can be a Read More
Read MoreChapter 13 is a type of bankruptcy relief that affords individuals protection from creditors as long as they pay off a portion of their outstanding debts over time according to a court-approved plan. The plan is supervised by a trustee, who acts as the court’s overseer throughout the process. The trustee plays a pivotal role Read More
Read MoreWhen you file for bankruptcy, the outstanding balances on your credit cards are treated as unsecured debts. That means they are usually discharged completely in a Chapter 7 and only partially repaid in a Chapter 13. However, there are circumstances in which credit card debt is ineligible for discharge, depending on the amount and why Read More
Read MorePlease fill out the form below and one of our attorneys will contact you.