The Effects Of Bankruptcy On Your Credit Report

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Your credit score is more important than ever before, affecting everything from your job prospects to your credit card interest rates. Many people use their energy to acquire and keep the best credit score possible, but sometimes this isn’t possible due to an unforeseen event. When this happens, you may need to file for liquidation. How the Bankruptcy Process Works When you take out a credit card or loan, it’ll be listed on your credit report. If you can’t pay, the information will fall off Read More +

Treatment Of Auto Accident That Occurred After The Filing Of Bankruptcy

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If a Debtor files Bankruptcy and following the filing of the Bankruptcy, the Debtor is in an auto accident, then how such accident is treated by the bankruptcy trustee depends heavily upon whether the Debtor filed a Chapter 7 or a Chapter 13 Bankruptcy. Bankruptcy Code Section 541(a) states that the commencement or filing of the bankruptcy case creates an estate. This is referred to as the bankruptcy estate. The bankruptcy estate, according to Bankruptcy Code Section 541(a)(1) consists of all legal and equitable interests Read More +

Terms Of Bankruptcy Bill Addressing Student Loans

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A bill, currently in Committee before the Senate may permit many debtors encumbered with student loan debt to achieve a discharge of such debts through the process of bankruptcy.  Currently, the primary avenue for the discharge of student loans in bankruptcy is through establishing such debts constitute an undue hardship. The bill, titled the “Fostering Responsible Education Starts with Helping Students Through Accountability, Relief, and Taxpayer Protection Through Bankruptcy Act of 2021” or the “FRESH START Through Bankruptcy Act” additionally provides that certain student loans, Read More +

Contemplating Small Business Bankruptcy In Tampa, Fl

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For a long period, there was just a single small business bankruptcy alternative available and that was chapter 7 liquidation. If these small businesses were keen on operations they had to file for their chapter 11 protections that had numerous paperwork necessities. Luckily congress stepped up to this plate and in 2019 passed Small Business Reorganization Act that is known as subchapter V. These bankruptcies became more streamlined. The concerned small business got all those advantages of chapter 11 such as restructuring of loans without Read More +

Bankruptcy Considerations For Small Business Owners

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Chapter 7 liquidation use to be the only type of bankruptcy a small business could file for. If they wanted to remain in business they’d need to file for Chapter 11 protection and fill out a lot of paperwork. However, in 2019 Congress passed a Reorganization Act entitled Subchapter V. With Subchapter V bankruptcy is streamlined. A business will get a lot of benefits for filing Chapter 11 (e.g. the ability to restructure its loans). There also aren’t as many hoops there as exist for Read More +

Procedures For Potential Clients Seeking To File Bankruptcy

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PHONE OR IN PERSON CONSULTATION (DEPENDING UPON AVAILABILITY) WITH JAY WELLER IS MANDATORY. MR. WELLER WILL DISCUSS WITH THE POTENTIAL CLIENT ALL OF THE ISSUES, TYPICALLY RELATED TO BANKRUPTCY, HOW THOSE ISSUES ARE ADDRESSED IN BANKRUPTCY, THE DIFFERENT CHAPTERS OF BANKRUPTCY, AND REMEDIES OTHER THAN FILING BANKRUPTCY, AND THEIR FEASIBILITY, AND EFFECTIVENESS. MR. WELLER WILL DEMONSTRATE HOW BANKRUPTCY RELATES TO THE SPECIFIC ISSUES CONFRONTING THE POTENTIAL CLIENT. UPON A FULL ANALYSIS OF THE POTENTIAL CLIENT’S ISSUES AND CIRCUMSTANCES, THE POTENTIAL CLIENT CAN THEN MAKE AN Read More +

The Benefits Of Chapter 13 Bankruptcy For Businesses

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Unfortunately as a business, you can’t file for protection under Chapter 13 bankruptcy unless you’re a sole proprietor who’s worried about losing your property. In this case, you’ll want a lawyer on your side who’s helped other small businesses analyze their options for bankruptcy. They can help you determine if a Chapter 7 liquidation is appropriate for you or if you should be pursuing a Chapter 13 instead. Sole Proprietors It’s important to understand who a sole proprietor is. According to the law, they’re someone Read More +

Tampa Bankruptcy

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Will there be more bankruptcy filings in Tampa? Perhaps. The Covid-19 or Coronavirus event, or more specifically, the response to what is described by some as the Coronavirus Pandemic, has resulted in the closure of many Tampa businesses, and the loss of employment for many thousands of persons living in Tampa, and its surrounding environs. Most destructive is the restrictions on small restaurant owners. The small restaurants were the first target of the shutdowns. Those without a strong takeout clientele or a drive through service Read More +

Acceleration Of Business Bankruptcy Filings

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Running a profitable business is always hard work, and unfortunately, the coronavirus pandemic has made it even harder. The number of businesses that have filed for bankruptcy has skyrocketed since lockdowns began, and the rate has shown few signs of slowing. Business bankruptcy filing rates this year have been the highest since 2013 and surging cases of Covid-19 across America point to the elevated rates remaining high for the foreseeable future. If you own a business that is struggling with debt due to the coronavirus Read More +

Bankruptcy Treatment Of Private School Expenses

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INTRODUCTION Parents may seek to matriculate their minor children in private schools for various reasons, including religious purposes, lack of confidence in the available public schools, and alternatively, the belief that the available private school offers a better education than the pertinent public school. The question in arises, in Bankruptcy, as to whether the debtor may deduct his or her expenses related to the debtor’s child or children’s private school enrollment. The ability to deduct such expenses may determine whether the debtor is able to Read More +