Struggling with an SBA EIDL Loan? What Are Your Options?

At the peak of the coronavirus pandemic, one of the generous stimulus programs that Congress created to help struggling businesses stay open was the Covid-19 Economic Injury Disaster Loan (EIDL) program through the Small Business Administration (SBA). Over the life span of the EIDL program, the lending initiative provided more than $390 billion in assistance […]

What Is Consumer Debt in Bankruptcy?

Consumer Debt

When someone is struggling with debt, filing for bankruptcy may be the best option to get a financial fresh start. However, the type of debt that a person has may affect what bankruptcy chapter they are qualified to file for. Title 11 U.S.C. § 101(8) defines consumer debt as “debt incurred by an individual, primarily […]

How Long Does Bankruptcy Stay on a Credit Report?

How Long Does Bankruptcy Stay on a Credit Report

One common question we often receive from our clients is how long does a bankruptcy stay on a credit report? The answer depends upon which chapter of bankruptcy a debtor files. A Chapter 7 bankruptcy typically falls off a credit report within ten years, while a Chapter 13 bankruptcy is generally removed from a credit […]

Can I Keep a Credit Card When Filing for Bankruptcy?

Keeping a Credit Card

When someone is struggling with credit card debt or personal loans, one of their best options is to seek advice from an experienced bankruptcy attorney. Bankruptcy can provide debtors with an opportunity to eliminate their debt, get a fresh financial start and still allow them to rebuild their credit. One of the most frequently asked […]

Small Business Debt in Personal Bankruptcy

Small Business Debt

Running a small business can be extremely challenging, especially when there is economic turmoil. According to the U.S. Small Business Administration, approximately 50 percent of U.S. small businesses fail within their first five years. This can be due to insufficient capital, poor credit arrangements, or having an unmanageable amount of debt. Just like individual debtors, […]

Are Student Loans Dischargeable in Bankruptcy?

Are Student Loans Dischargeable in Bankruptcy?

Student Loans are Presumed to be Non-Dischargeable in Bankruptcy According to EducationData.org, over 43 million student loan borrowers now owe more than $1.77 trillion in student loan debt. Unfortunately for debtors struggling with student loans, § 523(a)(8) of the U.S. Bankruptcy Code makes federal and private student loans, or loans made for an “educational benefit,” […]

What is the Automatic Stay in Bankruptcy?

Automatic Stay in Bankruptcy

An Introduction to the Automatic Stay The automatic stay is one of the most important protections provided to a debtor by the Bankruptcy Code. It is provided for in section 362 of the Bankruptcy Code and is triggered immediately upon the filing of a bankruptcy petition. It automatically prohibits most acts and proceedings against the […]

Is My Car Protected in Chapter 7 Bankruptcy?

Is My Car Protected in Chapter 7 Bankruptcy?

One of the most common questions we receive from debtors who are potentially looking to file for Chapter 7 bankruptcy is whether they can keep a car. The quick and short answer is yes depending upon the facts of the particular bankruptcy case.  When filing for Chapter 7 bankruptcy, there are bankruptcy exemptions debtors can […]

New Means Test Figures Released by US Trustee (of as November 1, 2023)

New Means Test Figures Released by US Trustee

When considering filing for bankruptcy, if a debtor earns over the median income for the state in which they live and the majority of debt at issue is consumer-related debt, a means test analysis typically must be performed. The means test is a two-part calculation that determines whether a debtor is eligible to determine if they […]

Are Retirement Accounts Exempt When Filing for Bankruptcy?

Retirement Accounts

When filing for bankruptcy, debtors often ask “what property of mine do I get to keep”? The good news is that in most cases, 100% of a debtor’s property is protected by available bankruptcy exemptions. This will typically include a debtor’s retirement accounts. In this article, we will take a closer look at what is […]

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