Are SBA Loans Dischargeable in Bankruptcy?

Are SBA Loans Dischargeable in Bankruptcy?

During the COVID pandemic, many small business owners obtained loans from the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) program. Due to numerous factors, including but not limited, changes in the marketplace, inflation, supply chain issues, or simply the risks of running a small business, many of these businesses have failed […]

When Can I File for Bankruptcy Again?

When Can I File for Bankruptcy Again

One question, that we are receiving with increased frequency, is “can I file for bankruptcy again?” With the COVID pandemic over, and high inflation still affecting the economy, many debtors who have previously filed for bankruptcy have contemplated filing again. While wages have generally increased over the past few years, they have not kept up […]

What Are the Federal Bankruptcy Exemptions?

Bankruptcy Exemptions

When a debtor files for bankruptcy, they do not have to give up all their property and assets. The U.S. Bankruptcy Code contains a series of exemptions for different types of property that a debtor can keep when they file for bankruptcy. See 11 U.S.C. § 522. The property covered by these exemptions are referred […]

Can Chapter 13 Bankruptcy Save My Home from Foreclosure?

chapter 13 bankruptcy plan

Increased Foreclosure Filings With foreclosures on the rise, many homeowners are wondering what their options are. Getting served foreclosure papers can be a terrifying experience. While there has been some good economic news of late, and we are not in a recession due to post-COVID inflation, the prices for all sorts of necessities are still […]

Should I Refile My Chapter 13 Bankruptcy Case?

Chapter 13 bankruptcy

Not every Chapter 13 bankruptcy case is successful. The debtor’s case is sometimes dismissed or withdrawn before the plan is completed. Just because your case was dismissed, it does not mean you should not seek protection again in Chapter 13 bankruptcy again. There are numerous reasons why a Chapter 13 case may fail. Most commonly, […]

What are Schedules I & J in a Bankruptcy Petition?

Schedules I and J

When a debtor files for bankruptcy, they need to disclose details of their financial situation. This is accomplished by filing their petition and schedules with the Bankruptcy Court. Two of the most important schedules that a debtor files with their petition are Schedules I and J. These schedules document the debtor’s estimated monthly income and […]

Caselaw Update: Mortgage Foreclosure Cases & The Statute of Limitations

New York’s Civil Practice Law and Rules § 213 (4) sets forth a six-year statute of limitations for foreclosure lawsuits in New York. Once a mortgage is in default, the holder of the mortgage note (which is typically the lender or another party that was later assigned the note) may accelerate the debt. This means the entire […]

Caselaw Update: Determining the Statute of Limitations in Mortgage Foreclosure Cases

Pursuant to New York’s Civil Practice Law and Rule § 213 (4), a foreclosure lawsuit in New York is governed by six-year statute of limitations. However, determining the starting point for how to compute the statute of limitations can be challenging. Typically, the promissory note underlying a mortgage is payable in installments, and each installment […]

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