A recent bankruptcy court decision out of Ohio is important in view of the possibly significant medical expenses incurred by some patients receiving emergency hospital care during the COVID-19 pandemic. In an apparent case of first impression, the court addressed the question of whether medical bills should always be treated as “consumer debts”, which the…Read more
What Happens To A Personal Injury Award In Chapter 13 Bankruptcy?
Colorado Bankruptcy Court Holds That Personal Injury Suit Proceeds May Be Includable In a Chapter 13 Debtor’s Disposable Income In the recently decided case of In re: Adamson, the Bankruptcy Court for Colorado considered for the first time whether a Chapter 13 debtor’s “disposable income” should include the potential proceeds of a personal injury claim.…Read more
How To Avoid Bankruptcy After COVID-19
I’ve put together some thoughts on steps you can take to deal with your finances and debts during this period of financial uncertainty and hopefully avoid bankruptcy altogether. If you have questions about whether or not bankruptcy might be a good option to help you deal with the aftermath of COVID-19, I’d be happy to…Read more
The COVID-19 Pandemic And How It Could Affect Prospective And Current Bankruptcy Filers
We have gotten a flurry of phone calls from people who are concerned about the impact of current health crisis on the financial well being. We will try our best to stay up to date on developments as they relate to financial recovery. On March 27, 2020, President Donald Trump signed into law the…Read more
Creditors’ Lien “Perfection” Requires Accuracy
What is a Lien? If you operate a small business and have outstanding loans, you probably gave a creditor a mortgage lien on real estate assets of the business. Possibly, your personal residence as well. You may not recall, however, that you probably also gave one or more lenders a lien on non-real estate assets…Read more
What Not To Do If You Are Considering Business Bankruptcy
There are many reasons a small business may wish to file for bankruptcy protection. Economic downturns, natural disasters and many other events beyond an owner’s control may cause a small business to fall into insolvency. Other events – for example, a wrongful firing suit by a disgruntled employee – can be just as devastating financially…Read more
Forgiveness of Student Loans – A Possible Alternative to Bankruptcy?
The Student Loan Crisis Many would say that calling the current student loan situation in the United States a crisis is an understatement. In 2019, the total of outstanding student loans is approaching $1 trillion. To put that number in some perspective, it’s near twice the current mount of U.S. military spending. The average debt…Read more
How Can Bankruptcy Help With Small Business Administration Loans?
Bankruptcy And Small Business Administration Loans If you are the owner of a catering, local courier or other small service business, you probably already understand that you have a better chance of success than your counterparts in sales-based enterprises. Not to slam online sellers, but if you have a niche trade in books, cosmetics or…Read more
How Are Claims Of Fraud Treated In Bankruptcy?
Treatment of Fraudulent Debts in Bankruptcy We have written in a previous article about the risk of revocation of a bankruptcy discharge if the debtor is found to have committed bankruptcy fraud. The most frequent type involves the debtor’s deliberate hiding of assets or filing bankruptcy forms that contain willfully false information or are intentionally…Read more
New Law Allows Veterans To Exclude Disability Benefits On Bankruptcy Means Test
According to the most recent 2018 Veterans Administration Benefits Report, 5.2 million veterans and dependents receive some type of VA disability or survivors benefits. The average annual payment of between $12,000 and $17,000 is considered poverty level income for a family of two or more. Small wonder then that the percentage of veterans filing for…Read more
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