T echnically, citizenship, immigration status, lack of documentation, or even the lack of a social security number does not determine a person’s eligibility to file personal bankruptcy, or for them to seek bankruptcy protection for their company. The Bankruptcy Code specifically defines who can file bankruptcy, i.e., who can be a “debtor.” Section 109(a) [...]
Last year Congress passed the Small Business Reorganization Act of 2019 (SBRA), which amended the Bankruptcy Code to make it easier for small business to reorganize. The SBRA went into effect in February 2020, which was timely considering the coronavirus pandemic which began damaging the economy and squeezing small businesses in March 2020. Until February, [...]
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Section 1113 of the CARES Act includes notable, temporary changes to the Bankruptcy Code. The Small Business Reorganization Act On February 19, 2020, the Small Business Reorganization Act of 2019 (SBRA) became effective and added a new subchapter [...]
A successful bankruptcy case generally results in the entry of a discharge order by a Bankruptcy Court eliminating a debtor's liability on many debts. This includes a discharge of debts held by creditors who obtained court judgments, such as from the Superior Court of New Jersey. It is common, however, that these creditors’ judgments [...]
The Bankruptcy Code sets specific limits on the amount of debt that a person can reorganize in a Chapter 13 bankruptcy. There are separate limits for both secured debts and unsecured debts. These debt limits are calculated per each debtor where a married couple files a joint chapter 13 bankruptcy case. These "debt limits" [...]
