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 hold a status conference “to further the expeditious and economical...
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 small business election under Chapter 11 the debt limit is...
Sub-Chapter V of Chapter 11 of the United States Bankruptcy Code was signed into law in August 2019 and took effect in February 2020. The intent of the change to the Bankruptcy Code was to provide a more streamlined, less...
On March 27, 2020 the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law by President Trump. In addition to providing emergency assistance and health care responses to those affected by the 2020 coronavirus (COVID-19) pandemic,...
The Coronavirus outbreak has caused the unprecedented shutdown of businesses by the government. While this may be necessary to control the spread of the virus, the shutdown is having a devastating effect on businesses throughout the country. With New Jersey...
Even if you have have operated your business in the most prudent of manners, it is likely that you still have at best, enough reserve capital to operate your business for three months without bringing in any or very little...
As federal and state governments continue to seek responses to the Coronavirus (COVID-19) pandemic, the federal government announced relief measures for mortgage delinquencies and a moratorium on foreclosure activities for certain mortgages. With the implementation in New Jersey of Executive...
As we all deal with the health and public safety issues relating to the spread of Coronavirus (COVID-19), there is little doubt that the economic impact may include unemployment rates of 20% and a surge in delinquent consumer debt. Debt...
Bankruptcy Code Chapter 13 Debt Limits When considering a Chapter 13 Bankruptcy, an experienced attorney will review your debt to confirm they are within the debt limits. Section 109(e) of the Bankruptcy Code establishes debt limits for a debtor, or...
Congress has extended a valuable protection for New Jersey homeowners facing foreclosure by extending the Qualified Principal Residence Indebtedness (QPRI) exclusion for mortgage loan forgiveness. The QPRI may allow a homeowner who received a 1099 tax form for tax years...
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