Chapter 13 plans can be extended up to 7 years 7 year Chapter 13. An existing chapter 13 plan can be extended to 7 years if the case had been confirmed and then the covid-19 virus caused payment issues. On March 27, 2020, the President signed into law the historic Coronavirus Aid, Relief, and Economic…
Loan modifications under CARES Act. The law firm assists with loan modifications and mortgage relief for those impacted by the coronavirus pandemic. This blog post discusses loan modifications and mortgage relief for those impacted by the coronavirus pandemic. Federal and state governments, and financial institutions and loan servicers, have announced plans to help struggling homeowners…
Small Business Reorganization Act. This is a chapter 5 bankruptcy designed to make the process easier for a business than a Chapter 11 reorganization Small businesses now have an alternative to a chapter 11 bankruptcy called the chapter 5 bankruptcy. This statute, Chapter 5 is designed to ease some of the burdens that certain mechanical processes in…
Small business owners qualify for chapter 7 bankruptcy. The Coronavirus aftermath is destroying small businesses. The small business debt is typically debt which has been co-signed by the business owner. That makes the owner liable. The creditors will look to collect from the business owners which means dealing with creditors, lawsuits, wage garnishment, judgments, liens,…
Convert a Chapter 13 to a Chapter 7 A chapter 13 client (currently in a payment plan with a confirmed case) has had a significant revenue loss due to the virus. They told me they wanted to apply for a SBA loan under the CARES act. However, in reading through the application guidelines, these loans…
How to file a bankruptcy book. This book discusses the “nuts and bolts” of getting a bankruptcy petition completed with or without an attorney. I previously published a book titled: “Should I file a bankruptcy?” That book was written specifically for the person CONSIDERING filing for a bankruptcy. That book was designed to be an aid…
Bankruptcy Terms Glossary Adversary proceeding – A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. A nonexclusive list of adversary proceedings is set forth in Fed. R. Bankr. P. 7001. Annuity — A contract for the periodic payment of money to you, either for…
