GBC REOPENING Policy – JUNE 2021
As New Jersey has announced the loosening of restrictions in response to the Coronavirus (COVID-19) pandemic, Gillman, Bruton & Capone, LLC (“GBC”), is happy that we are able to reopen…
Social Security Benefits will have record low increase in 2021
The Social Security Administration (SSA) announced that benefits will increase by 1.3% in 2021 for the annual cost of living allowance (COLA). Obviously, social security benefits are essential for older…
Bankruptcy Law Changes Approved by House Committee
The U.S. House Judiciary Committee has approved two (2) important potential changes to the Bankruptcy Code to protect consumers who are faced with overwhelming debt. Student Loan Debt The Committee…
Cover Your Assets: Asset Protection for New Jersey Business Owners
Going into business for yourself is a risky endeavor. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each…
Bankruptcy Courts rule SBA must consider Bankrupt Applicants for loans
Judge Cynthia C. Jackson of the U.S. Bankruptcy Court for the Middle District of Florida became the latest judge to rule that the Small Business Administration cannot reject an applicant…
Impact of COVID-19 on Chapter 7 Bankruptcy Discharges
The Coronavirus (COVID-19) pandemic has affected even the New Jersey Bankruptcy Court normal process of entering a discharge in a Chapter 7 Bankruptcy case. We applaud the New Jersey Bankruptcy…
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recent case liberally interprets sub-chapter V eligibility
The Small Business Reform Act defines small business debtor as a person engaged in commercial or business activities (including any affiliate of such person that is also a debtor under this title and excluding a person whose primary activity is the…
sub-chapter v small business debtors and confirmation of a plan of reorganization
The goals of Sub-chapter V are to minimize the time and expense of small business reorganization. status conference Within 60 days of the filing, the bankruptcy court is expected to…
Sub-chapter v: makes it easier for small businesses to reorganize
ELIGIBILITY FOR SUB-CHAPTER V ELECTION Sub-chapter V election by a small business requires that the debtor have non-contingent, liquidated debts (secured and unsecured) totally not more than $2,725,625..00 (presently for…
