BANKRUPTCY FAQ: MEDIAN INCOME FIGURES FOR NEW JERSEY BANKRUPTCY CASES EFFECTIVE NOVEMBER 1, 2020 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...
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 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...
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...
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...
In Ritzen Group, Inc. v. Jackson Masonry, , 589 U.S. ___ (2020), the United States Supreme Court unanimously ruled that where a creditor seeks "relief" from the "automatic stay" in a bankruptcy case and is denied that relief, the creditor...
How a Chapter 7 Trustee may settle (or not settle) claims of a Chapter 7 Bankruptcy Debtor A recent case out of a Bankruptcy Court in Massachusetts highlights some important rights and restraints of a Chapter 7 Bankruptcy Trustee. In...
The U.S. Trustee Program announces Means Testing Data for Bankruptcy Cases. The median income for each family size for a Debtor (or married Debtors) to qualify for a Chapter 7 New Jersey Bankruptcy Case for cases filed on or after...
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