Quick Answer: Pennsylvania Courts Are Not Prepared For The Wave Of Bankruptcies That Will Result From The Coronavirus It is no secret that the coronavirus outbreak has crippled Pennsylvania’s economy. Unemployment in the state is sky-high and businesses that were doing well before the outbreak have suddenly found themselves in the red. One of the…
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.
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…
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…
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.
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…
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.
You may be eligible for lien stripping if the value of your property is worth less than your mortgage.
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…
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.…
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