What To Know If Coronavirus Has You Considering Bankruptcy

7 points About Bankruptcy During The Coronavirus Pandemic

BankruptcyBy Michael Siddons May 30, 2020

With the coronavirus pandemic taking place at the moment, a lot of people feel lost on what they should be doing currently. This is because they don’t know when they will be back to work, they don’t know when things will open back up, where they will be getting their next money from, and so much more. With all of these worries being real problems Americans are dealing with daily, a lot of people may need to consider bankruptcy as their only option.

Details

Debt Consolidation in Media, PA During Coronavirus Pandemic

Bankruptcy, DebtBy Michael Siddons May 28, 2020

Quick Answer: The American economy has taken a striking blow due to the COVID-19 pandemic. The shutdown of business across numerous industries has been felt across the spectrum. Unemployment rates are reaching astronomical highs with over 30 million Americans having to register for unemployment compensation within the past few weeks alone. With financial devastation at…

Details

small business reorganization act of 2019 coronavirus COVID-19

Small Business Reorganization Act of 2019 (SBRA) seeks to make bankruptcy more affordable for small business

BankruptcyBy Michael Siddons May 4, 2020

Update, October 2026: This article was written when the Small Business Reorganization Act first took effect. The figures below are historical. The Subchapter V debt limit is now $3,424,000 (the temporary $7,500,000 limit expired on June 21, 2024). For current rules, see our Subchapter V page. Quick Answer: The Small Business Reorganization Act of 2019…

Details

Coronavirus Related Bankruptcies Expected To Spike to Record Numbers

Bankruptcy, NewsBy Michael Siddons April 28, 2020

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.

Details

CARES act stimulus bill and bankruptcy Across PA, NJ, NY, MD & DC

How the CARES Act Impacts Bankruptcy Filers

Bankruptcy, NewsBy Michael Siddons April 22, 2020

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…

Details

Are Taxes Dischargeable In Pennsylvania Bankruptcy?

Bankruptcy, Tax AppealBy Michael Siddons February 11, 2020

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.

Details

What Is Lien Stripping?

BankruptcyBy Michael Siddons September 21, 2016

You may be eligible for lien stripping if the value of your property is worth less than your mortgage.

Details

3 Things You Should NOT Do Before Filing For Bankruptcy

BankruptcyBy Michael Siddons September 13, 2016

Quick Answer: Bankruptcy involves many different rules, procedures, and requirements throughout the process. You must be careful to meet all of the requirements and follow the rules in order to ensure you are granted a discharge by the bankruptcy court at the end of your case. Having the guidance of a skilled bankruptcy attorney is…

Details

Buying a Home After Bankruptcy

BankruptcyBy Michael Siddons September 7, 2016

Quick Answer: Many people hesitate to even consider filing for bankruptcy because they fear a bankruptcy on their credit report will destroy their future credit and financing prospects. Specifically, many people believe that it will be impossible to be approved for a mortgage to purchase a home if they have a bankruptcy in their past.…

Details

What Is An Involuntary Bankruptcy

BankruptcyBy Michael Siddons August 30, 2016

Quick Answer: Involuntary Bankruptcy Explained Like all bankruptcy laws, the language surrounding the idea of an involuntary bankruptcy can be convoluted, and to many consumers, the fact that this concept even exists is a novel one. We hear an awful lot these days about individuals and groups filing bankruptcy, but very little about the idea…

Details

Practice Areas We Handle

Siddons Law Assistant