Recent Blog Posts
What Happens to a Personal Guarantee in a Business Bankruptcy?
Most business owners sign personal guarantees without much thought. The bank will not lend without one, the landlord insists on it, the equipment vendor requires it. Years later, when the company is considering a Chapter 11 reorganization, that signature can become the most important document in the file. The short answer to what happens… Read More »
What Is a Preference Payment and Can a Trustee Recover It?
Picture a business owner who, a few weeks before a Chapter 11 filing, finally pays the one supplier who has been calling every morning. Or an individual who repays a $10,000 loan from a sibling a few months before filing a Chapter 7 case. Both payments feel responsible. Both may be clawed back. That… Read More »
Is My 403(b) Protected If I File for Bankruptcy?
Are you currently considering a personal bankruptcy filing but concerned about how a bankruptcy case will affect your 403(b) retirement account funds? More specifically, are you concerned about whether or not your 403(b) money will be protected if you file for bankruptcy? Our Florida bankruptcy attorneys can assure you that employer-sponsored retirement accounts, including… Read More »
Is My 401(k) Protected If I File for Bankruptcy?
If you are considering the possibility of filing for personal bankruptcy and you currently have an employer-sponsored or solo 401(k) retirement account, you may have concerns about those assets and whether you may be required to turn them over to the bankruptcy trustee if you file for bankruptcy. Generally speaking, retirement assets are largely… Read More »
Can I Exclude Any of My Debt in a Chapter 13 Case?
If you are filing for Chapter 13 bankruptcy and planning to repay all of certain debts as part of your repayment plan, do those debts need to be included in your bankruptcy filing? Or, if you have concerns about the Chapter 13 debt ceiling, is it possible to include the debt from a single… Read More »
Losing Your Job and Personal Bankruptcy: What You Should Consider
More Americans have filed for personal bankruptcy over the last several years at rising rates, suggesting that more consumers are struggling with debt. Many of those debtors who file for bankruptcy have lost their jobs and have been unable to find new employment that allows them to cover their debts. Indeed, according to a… Read More »
Will My Traditional IRA Be Protected If I File for Chapter 7 Bankruptcy?
If you are considering a Chapter 7 bankruptcy filing in South Florida, either as an individual or jointly with your spouse, it is important to talk with a lawyer in detail about the bankruptcy exemptions that will be relevant to your case. Specifically, if you have a traditional individual retirement account (IRA) or any… Read More »
Is My Roth IRA Protected If I File for Chapter 7 Bankruptcy?
Do you currently have retirement money put aside in a Roth individual retirement account (IRA)? If you have a Roth IRA and you are considering a Chapter 7 bankruptcy filing, you may have concerns about whether these funds that you have saved during many working years will be protected for your future retirement, or… Read More »
Chapter 13 Debt Threshold May Soon Increase
Are you currently considering a Chapter 13 bankruptcy filing but concerned that you have too much debt to qualify? While Chapter 13 bankruptcy can be a lifeline for many individuals and married couples who are struggling with debt and who want to stop a foreclosure, or who do not want to file for a… Read More »
Congress Takes Steps to Raise Debt Limits for Subchapter V
Subchapter V bankruptcy — which is a subchapter of a traditional Chapter 11 bankruptcy — has only been in existence for a relatively short amount of time. This particular type of bankruptcy, aimed specifically at smaller businesses seeking a reorganization bankruptcy, was created through the Small Business Reorganization Act of 2019 and became effective… Read More »
