Author Archives: Jay Butchko
Will My Small Business Bankruptcy Affect Personal Assets?
When a business is considering bankruptcy, the business owner or owners often want to find out more about how the business bankruptcy will affect their personal assets. Indeed, many business owners are concerned that they will be personally liable for business debts, or that a business bankruptcy will have an impact on their personal… Read More »
Reasons Your Business Should Consider Chapter 11 Bankruptcy
Chapter 11 bankruptcy is among the most common types of bankruptcy for businesses in South Florida. It is a type of reorganization bankruptcy, which means that your business will go through a process of filing the bankruptcy petition, proposing a debt reorganization plan, having that plan approved by the court, making regular payments on… Read More »
How Does Bankruptcy Affect Debt Collection?
Are you currently being contacted with frequency by debt collectors? If you are also considering the possibility of filing for bankruptcy, you may be wondering about how a bankruptcy filing will affect debt collectors’ efforts to collect on what you owe. In short, if you file for personal bankruptcy, debt collectors must stop contacting… Read More »
Are Insurance Policies Considered Assets in a Bankruptcy Case?
Filing for personal bankruptcy in South Florida means that you will need to identify all of your assets and debts for the bankruptcy court. Regardless of whether you are filing for a liquidation bankruptcy under Chapter 7 or a reorganization bankruptcy under Chapter 13, the bankruptcy court will need to receive various forms from… Read More »
Are Federal Bankruptcy Exemptions Relevant to My Case?
If you are considering a personal bankruptcy filing in South Florida, and especially if you are planning to file for Chapter 7 bankruptcy, you may already know a little bit about exemptions. Exemptions serve different purposes in Chapter 13 and Chapter 7 cases. In Chapter 7 bankruptcies, exemptions allow the debtor to classify certain… Read More »
Exemption of Pensions in Florida Bankruptcies
Anyone who is considering a personal bankruptcy filing in South Florida may be concerned about their retirement accounts or pensions. This is particularly true for adults who have been working for many years or decades and are now making the decision to file for bankruptcy. Whether you are considering a Chapter 7 bankruptcy and… Read More »
Certain Types of Savings Accounts Are Exempt in Bankruptcy
Planning ahead with particular kinds of savings accounts can allow Florida residents to be prepared for major financial expenditures in the future. For example, health savings accounts (HSAs) can allow Floridians to be prepared in the event of a medical emergency, while educational savings accounts can allow parents in Florida to ensure that they… Read More »
Pros and Cons of Filing Bankruptcy Jointly with Your Spouse
While personal bankruptcy often involves an individual person filing for a Chapter 7 or Chapter 13 bankruptcy, bankruptcy cases can also be filed jointly by spouses. Indeed, a married couple can decide to both file for bankruptcy, in which case they would file a joint bankruptcy petition. There are pros and cons associated with… Read More »
Surge in Florida Bankruptcy Filings
Debt is rising for individuals and businesses across the country, and many states have seen a substantial increase in both personal and business bankruptcy filings. According to a recent report in Newsweek, “personal and business bankruptcy filings surged 11.5 percent over the 12 months ending June 30,” totaling nearly 543,000 bankruptcies compared with about… Read More »
How Can Trusts Protect Assets in a Bankruptcy Case?
Trusts are legal tools that are commonly used in estate planning, but they also have relevance to bankruptcy cases in South Florida. Depending on the timing of when a trust is established, or the type of trust created, a trust may be able to protect assets in a bankruptcy case. Our West Palm Beach… Read More »
