On June 7, 2022, the U.S. House of Representatives passed bill S.3823, which is now expected to be signed by President Biden. This bill will increase the debt limits that a debtor – individual, married couple, or business – to...
New Jersey median income changes effective November 1, 2020, will impact bankruptcy cases. The U.S. Trustee Program announced updated information on New Jersey median incomes. The changes are important for Chapter 7 Bankruptcy cases and Chapter 13 bankruptcy repayments. New...
In Chapter 11 Bankruptcy, there is what is known as a Subchapter V. There are significant benefits for a small business to file Subchapter V instead of a typical Chapter 11. This includes two (2) complicated but important concepts: “Absolute Priority”...
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 Americans to maintain current in their household expenses. The historically low COLA...
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 Americans to maintain current in their household expenses. The historically...
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 passed H.R. 2648, the Student Borrower Bankruptcy Relief Act of 2019...
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 step is fraught with risks. This is especially true given...
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 for an emergency loan designed to aid employees of small...
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 Court for taking prompt and reasonable steps to ensure the...
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 business of owning single asset real estate) that has aggregate non-contingent liquidated...
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