Quick Answer: The Small Business Reorganization Act of 2019 (the “SBRA”), enacts a new Subchapter V (Sub V) of Chapter 11 of the Bankruptcy Code. The SBRA seeks to address problems encountered by small business debtors in reorganizing under the provisions of the United States Bankruptcy Code. The existence of two sets of provisions in…
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Experts are predicting that the flood of bankruptcies that will result from the current economic crisis will be as bad as what we saw during the Great Recession, if not worse.
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Quick Answer: Due to the COVID-19 pandemic, the federal government passed the “Coronavirus Aid, Relief and Economic Security Act” (aka the “CARES Act”) into law with provisions to provide financially distressed consumers and small businesses greater access to bankruptcy relief. Key provisions within the CARES Act • Amending the definition of “income” in the Bankruptcy…
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Many Pennsylvania residents are unaware filing for Chapter 7 bankruptcy affords them the opportunity to discharge income tax debt, in addition to other common forms of debt. In order to discharge income debt, filers must meet certain criteria before qualifying under Chapter 7 bankruptcy.
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You may be eligible for lien stripping if the value of your property is worth less than your mortgage.
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