Author Archives: Jay Butchko
Does Chapter 7 Impact Foreclosures?
You might have heard that you can file for bankruptcy in order to stop a foreclosure. If you are facing the possibility of foreclosure, you might be thinking that filing for bankruptcy is the right decision for you because it will allow you to stop your foreclosure while giving you a way to manage… Read More »
What Is Commercial Bankruptcy?
Many different types of bankruptcy exist under U.S. bankruptcy law, and various parties can be eligible for bankruptcy. The terms “consumer bankruptcy” and “personal bankruptcy” are often used to describe bankruptcy cases filed by individuals or married couples. Differently, the terms “business bankruptcy” or “commercial bankruptcy” or “corporate bankruptcy” can be used to describe… Read More »
What Is Subchapter V?
When you hear or read about a reference to Subchapter V bankruptcy, you should know that this term refers to Subchapter V of Chapter 11 under the U.S. Bankruptcy Code. This specific subchapter of Chapter 11 is quite new, and it is designed for small business debtors to make the process of reorganization bankruptcy… Read More »
What Is The Bankruptcy 180-Day Rule?
If you are planning to file for bankruptcy or have already filed, and you anticipate that you will be receiving a relatively large amount of money or a valuable asset, it is important to understand how the 180-day rule could apply to your bankruptcy case. The 180-day rule is relevant for consumer bankruptcy cases… Read More »
Divorce And Bankruptcy: Which Should Come First?
If you are considering consumer bankruptcy but you are also considering the possibility of filing for divorce, it can be extremely complicated to navigate both legal processes. In particular, you may be wondering about the order in which you should take action to file for bankruptcy and to file for divorce? Should bankruptcy come… Read More »
What You Should Know About Bankruptcy Discharges
What is a bankruptcy discharge and what do you need to know about them? According to the United States Courts, a bankruptcy discharge in general “releases the debtor from personal liability for certain specified types of debts,” which means that “the debtor is no longer legally required to pay any debts that are discharged.”… Read More »
Florida Vehicle Bankruptcy Exemptions Will Not Increase
South Florida residents who have been considering the possibility of filing for bankruptcy might have heard about legislation in the state that would have increased the vehicle exemption in consumer bankruptcy filings. That bill, HB 265, was passed by lawmakers in March and was sent to the desk of Florida Governor Ron DeSantis. However,… Read More »
What Does A Bankruptcy Trustee Do?
Anyone who is planning to file for bankruptcy, whether a consumer bankruptcy or commercial bankruptcy, should have a clear understanding of how the bankruptcy process will work and the roles of key figures in the bankruptcy case. The trustee is an important entity in bankruptcy proceedings, and it is important to understand the trustee’s… Read More »
The Debt Limit For Chapter 13 Has Been Raised To $2.75 Million
The debt limit for Chapter 13 has been raised to $2.75 million under the Bankruptcy Threshold Adjustment and Technical Corrections Act., effective June 21st. Section 109(e) now reads “[o]nly an individual with regular income that owes, on the date of the filing of the petition, non-contingent, liquidated debts of less than $2,750,000 or an… Read More »
Retirement And Bankruptcy: Three Things To Consider
Many residents of West Palm Beach are nearing retirement or have recently retired. After you have retired and are no longer thinking about work, the prospect of filing for consumer bankruptcy can be daunting. Yet for many older adults in South Florida, bankruptcy is an extremely helpful tool for those individuals who are struggling… Read More »
