Small Business Administration Economic Injury Disaster Loan and Bankruptcy
What is an SBA EIDL Loan? Starting in 2020, the Small Business Administration offered Economic Injury Disaster Loans to businesses around the United States to help them survive the economic downturn caused by the COVID pandemic. There were almost 4 million EIDL small business loans approved, totaling $378,410,624,804. These loans helped keep many businesses afloat […]
Bankruptcy Filings Are Up, But Are Lower Than Pre-COVID
According to statistics from the Administrative Office of the U.S. Courts, total bankruptcy filings rose marginally by 2 percent during the 12-month period ending March 31, 2023, but continue to remain lower than they were prior to the COVID pandemic. There was a total of 42,368 new bankruptcies filed in March 2023. This is an […]
Valid Reasons for the Dismissal or Conversion of a Chapter 13 Case
Unfortunately, not every Chapter 13 Bankruptcy plan that is filed succeeds. In fact, nationwide, only approximately 58 percent of Chapter 13 cases that are filed are successful (See 2021 BAPTCA Report). This is an average and it hides the fact that success rates vary considerably from state to state and district to district. Here in […]
What’s In a Chapter 13 Plan?
When filing for bankruptcy, depending on a debtor’s particular circumstances (income, non-exempt assets etc.) some debtors’ best option may be Chapter 13 bankruptcy. Any individual who is earning regular income may be eligible for chapter 13 relief as long as the individual’s combined total secured and unsecured debts are less than $2.75 million. See 11 […]
New Means Test Figures For New York Bankruptcy Cases
Since the bankruptcy code was revised under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a debtor must determine if they are subject to the Means Test (11 U.S.C. § 707) before they can file for Chapter 7 Bankruptcy. The Office of the United States Trustee periodically releases median household income figures […]
EZ Pass Debt and Bankruptcy
One type of debt that is becoming more prevalent is EZ-Pass related debt. Now that many bridges and tunnels in and around New York City have become toll-less and tolls are enforced by camera, more drivers have been accumulating EZ-Pass debt issued by the Metropolitan Transit Authority or the Port Authority of NY & NJ. […]
Medical Debt and Bankruptcy
Medical debt is a significant issue for many American households. According to a report by the Census Bureau, in 2021, over 27 million Americans are uninsured. This number is likely to go up as COIVD era Medicaid auto-enrollment rules have been rolled back. In the United States, out of pocket spending for medical services reached […]
The U.S. Trustee’s Means Test Figures
Updated Effective April 1, 2021 The U.S. Trustee Program, the division of the Department of Justice that oversees the bankruptcy process in the United States Federal Court, recently released updated median income data for each state. These income figures apply to all bankruptcy petitions filed on or after April 1, 2021. They are used to […]
6 Bankruptcy Myths
At the Law Offices of David Pankin P.C., we have helped well over 10,000 clients file for bankruptcy in New York. We have heard many different incorrect conceptions about bankruptcy from our clients over the years. Here are the six most common myths that we have encountered: 1. My credit will be permanently damaged – […]
Should I File Bankruptcy Without a Lawyer?
Are You Struggling Financially And Considering Bankruptcy? Many people who are struggling financially and overwhelmed by debt are often not sure where to turn for help. One option, which is often the best option, is bankruptcy. In contemplating whether to file for bankruptcy in New York, we strongly recommend consulting with an experienced bankruptcy attorney. […]