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The new Subchapter V of Chapter 11 of legislation known as the Small Business Reorganization Act of 2019 became effective on February 19, 2020. Shortly after the act was passed, the COVID-19 pandemic began to impact the country. In recognition of the pandemic, the Coronavirus Aid Relief and Economic Security (CARES) Act was passed on […]

The bankruptcy process is available to both consumers as well as businesses that cannot pay their debts and want to find a way to regain control of financial obligations. Consumer bankruptcy often takes one of two forms. Chapter 7 bankruptcy involves the liquidation of a person’s non-exempt assets into funds that are used to pay […]

People who file for Chapter 7 bankruptcy must meet certain income qualifications. In most  cases, debtors who fail to meet income requirements do not qualify for Chapter 7. People with higher income levels often must pursue a repayment plan under Chapter 13 to take control of debt. People who are currently unemployed or who have […]

No two bankruptcies are the same. While there are some cases where the person or business pursuing bankruptcy must liquidate assets as in Chapter 7 bankruptcy, other times a person might end pursuing Chapter 13 bankruptcy which means they need not worry about selling anything. Instead, Chapter 13 bankruptcy involves restructuring and reducing the amount […]

In a recent poll conducted by TheTrackr.com, 29% of Americans reported that their home was their most valuable asset. Homeownership plays a critical role during the bankruptcy process. The role that homeownership plays in the bankruptcy, however, is about to change substantially due to legislation that has been passed by the California state legislature and […]

Facing a large amount of debt often feels overwhelming. Beside uncertainty about how you will make your monthly payments, it is also common to feel uncertain about what your future holds. While many people think that bankruptcy can help, they are afraid of undergoing the process when they are not sure if it is the […]

No business owner wants to file for bankruptcy. If you have to engage in this process, however, there are some critical pieces of information that you should know. Understand that in the right cases, bankruptcy can be invaluable. An experienced business bankruptcy lawyer can help you determine whether bankruptcy is the best option for your […]

Business owners have a lot to juggle, even in bankruptcy. If you are a business owner who rents business space and recently filed for bankruptcy, you are likely curious about how bankruptcy will impact your commercial lease. There are several critical issues to consider in this situation, and how your lease will be impacted depends […]

If you are navigating the bankruptcy process, you have likely heard multiple people refer to bankruptcy schedules. Overwhelmed debtors are often confused about exactly what role schedules play in their bankruptcy process. Schedules are the primary forms that debtors rely on to provide their financial details, which play a vital role in navigating the bankruptcy […]

Since amendments were made to the Bankruptcy Code in 2005, small business owners have struggled with how to effectively organize their debts under Chapter 11 of the Bankruptcy Code. In August 2019, however, President Trump signed the Small Business Reorganization Act of 2019, which was designed to help small business bankruptcies proceed more quickly and […]

While the COVID-19 quarantine is a historical and unprecedented event, it is important to be aware of the many tools available to you during this challenging time. We are all in the same storm, but we are all not necessarily in the same ship. You are not alone – COVID-19 has disrupted lives for everyone […]

Individuals in California who file for bankruptcy are often given a second chance at building a strong credit record. This does not come without a compromise, though. When Chapter 7 bankruptcy is involved, a person must often hand over a substantial amount of their estate in the process. A bankruptcy trustee then manages the estate […]

Many people in California and the rest of the United States view bankruptcy as a last choice option. Unfortunately, each year many people end up pursuing this option because they have accumulated a large amount of medical debt and are unable to pay it off. One study even found that greater than 66% of all […]

Whether or not to file for bankruptcy is a complex decision, and many factors influence whether it is a good idea for you. One area that many people ask questions about when filing for bankruptcy is credit scores. People are not just concerned about how bankruptcy will impact their credit score, but also if they […]

Financial difficulties can leave you uncertain about what to do next. While bankruptcy is one of the best ways to take control of your finances, the bankruptcy process can be complex and intimidating for many, which is why the assistance of an experienced bankruptcy lawyer is necessary.    There are several important questions to ask […]